Lodha 23

June 30, 2023
BSE Limited
Scrip Code: 543287
Debt Segment – 974163, 974199, 974473, 974511
National Stock Exchange of India Limited

Trading Symbol: LODHA
Dear Sirs,
Sub: Submission of the 2nd Integrated Annual Report for FY 2023 under Regulation 34 and
53(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(‘SEBI Listing Regulations’)
Pursuant to Regulation 34(1) and 53(2) of the SEBI Listing Regulations, we are submitting herewith
the 2nd Integrated Annual Report for FY 2023 of the Company including the Notice of 28th Annual
General Meeting for the financial year ended March 31, 2023.
The said 2nd Integrated Annual Report containing the 28th AGM Notice is also being uploaded on the
Company’s website and can be accessed at www.lodhagroup.in.
This is for your information and record please.
Thanking you,
Yours truly,
For Macrotech Developers Limited

Digitally signed by SANJYOT NILESH
SANJYOT
RANGNEKAR
DN: c=IN, o=PERSONAL,
pseudonym=b1d10321a77149cb82e525a9
132188e8,
NILESH 2.5.4.20=c7812c81ae26d822a965b197d51
95bdf6d50f8443987a023df50fd6bef4c502
1, postalCode=400607, st=MAHARASHTRA,
RANGNEKAR
serialNumber=d7712af3da22c028adfaa23
a93cc85029417e4c3cba448af2f6d982f997
22a49, cn=SANJYOT NILESH RANGNEKAR
Date: 2023.06.30 23:14:11 +05'30'
Sanjyot Rangnekar
Company Secretary & Compliance Officer
Membership No. F4154
Encl: As above
Macrotech Developers Limited: Lodha Excelus , NM Joshi Marg, Mahalaxmi, Mumbai 400 011, India • T + 91 22 6773 7373
Regd. Office : 412, Floor-4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai 400 001, India
CIN: L45200MH1995PLC093041 www.lodhagroup.in
INTEGRATED REPORT
2022-23
BUILDING
A BETTER LIFE
WHAT’S
INSIDE
Corporate Overview
About the Report
Corporate Portrait Leadership & Governance Sustainable Value Creation

04 Building A Better Life 16 Governance 24 Operating Environment
08 About Us 18 Board of Directors 30 Business Strategy
12 Geographic Footprint 20 Managing Director and 34 Business Model

CEO’s Message 36 Stakeholder Engagement
13 Awards and Recognition
42 Materiality Assessment
14 Portfolio of Developments
44 Risk Management
Sustainable Growth Statutory Reports Financial Statements

54 Sustainable Growth
62 Financial Capital 183 Directors’ Report 283 Standalone Financial
208 Management Discussion and Statements
70 Manufactured Capital
Analysis 366 Consolidated Financial
96 Natural Capital
219 Business Responsibility and Statements
118 Intellectual Capital
Sustainability Report 447 Annual General Meeting
136 Human Capital
251 Corporate Governance Notice
158 Social and Relationship
Report 462 Independent Assurance
Capital
Statement
176 GRI Content Index
Scan the QR code to Reference to another Reference to further

know more about us page in the report reading online
You can also find this report online:

https://www.lodhagroup.in/investor-relations/financials.php
LODHA MALABAR
Macrotech Developers Limited Company Overview
About the Report Integrated Report 2022-23
Our 2nd Integrated Annual Report provides a and other words of similar meaning in
connection with a discussion of future
Chartered Accountants. The Company
has obtained certificates from Shravan
COMMUNICATION
holistic view of our strategic vision, performance,

operational or financial performance. Gupta & Associates, Practicing Company Registered Office
Secretary and our Secretarial auditor
Forward-looking statements are necessarily 412, Floor 4,
governance and value creation. It demonstrates how
confirming compliance with conditions
dependent on assumptions, data or of Corporate Governance as stipulated 17G Vardhaman Chamber,
methods that may be incorrect or imprecise under the Act and the Listing Regulations. Cawasji Patel Road, Horniman
we live up to our purpose of creating meaningful and that may be incapable of being
realised, and as such, are not intended
The Certificates form part of this Report. Circle, Fort, Mumbai - 400001
impact on the economy, the environment, and the to be a guarantee of future results, but
constitute our current expectations based
The assurance of the Company’s
sustainability parameters is carried
Corporate office
Lodha Excelus, L2, N M Joshi Marg,
communities we touch. on reasonable assumptions. Actual results
could differ materially from those projected
out as per Assurance Standard
AA1000 AS v3 and has been provided
Mahalaxmi, Mumbai 400 011
in any forward-looking statements due by DNV Business Assurance Private Telephone

to various events, risks, uncertainties and Limited, an independent expert in
+91 22 6773 7373
It provides a concise overview of our overall other factors. We neither assume any assurance and risk management, whose
performance and prospects to assist the obligation nor intend to update or revise
any forward-looking statements, whether
statement forms part of this Report. Website
reader in making an informed decision as a result of new information, future

ACCOUNTABILITY STATEMENT
www.lodhagroup.in
on our ability to create value in the short, events or otherwise. Queries/ feedback on this
This Report has been reviewed by the report
medium and long term. ASSURANCE BY Board of Directors and the Senior
[email protected]
Management of the Company. The Board
INDEPENDENT AGENCIES
confirms that this Integrated Annual Report Sustainability
The enclosed standalone and provides fair and necessary information
consolidated Financial Statements of on the Company’s performance, business [email protected]
REPORTING FRAMEWORK AND (‘IND AS’), SEBI (Listing Obligations and listed in the BRSR, disclosed through six the Company have been audited by our model and strategy.
GUIDELINES Disclosure Requirements) Regulations, capitals as defined by IIRC. The report statutory auditors M S K A & Associates,
2015 (‘Listing Regulations’) and other primarily focuses on our performance
This Report is prepared in accordance relevant SEBI Regulations and the for the reporting period between April 1,
with the Integrated Reporting <IR> Secretarial Standards issued by the 2022 and March 31, 2023, however,
framework of the International Integrated Institute of Company Secretaries of India. some sections of the Report present
Reporting Council (IIRC) (now known facts and figures from previous years or
as Value Reporting Foundation) and information as of the date of approval of
discloses our performance against SCOPE AND REPORTING
the Report to provide a holistic view to
relevant Key Performance Indicators BOUNDARY the stakeholders.
(‘KPIs’), which are aligned with the
This Report describes our business model,
Global Reporting Initiative Standards
strategy, significant risks, opportunities FORWARD LOOKING
2021 (‘GRI’), the United Nations
and issues, our overall performance STATEMENTS
Sustainable Development Goals (‘UN
and related outcomes and prospects
SDGs’), the recommendations set out
for the year under review. In addition Certain statements in this Report
by the Task Force on Climate-related
to our financial performance, we also regarding our business operations may
Financial Disclosures (‘TCFD’) and the
present information relating to our non- constitute forward-looking statements.
requirements of Business Responsibility
financial (social and environmental) and These include all statements other than
and Sustainability Reporting (‘BRSR’)
governance performance. statements of historical facts, including
mandated by the Securities and
those regarding the financial position,
Exchange Board of India (‘SEBI’). The Integrated Annual Report provides business strategy, management plans
information on the business operations and objectives for future operations.
The financial and statutory data in
(operational and under-construction
this report is in accordance with the
assets) and sustainability performance of Forward-looking statements can be
requirements of the Companies Act,
Macrotech Developers Limited (herein identified by words such as ‘believes’,
2013 (‘Act’) and the rules made under
referred to as ‘Lodha’ or ‘Company’ or estimates’, ‘anticipates’, ‘expects’,
the Act, Indian Accounting Standards
‘we’ or ‘us’ or ‘our’) and its subsidiaries ‘intends’, ‘may’, ‘will’, ‘plans’, ‘outlook’
Shot at PALAVA CITY
(GRI 2-1, 2-2, 2-3, 2-4, 2-5,3-1)
02 03
Building a Better Life Integrated Report 2022-23
We are driven by a
powerful vision of
BUILDING
A BETTER LIFE
Building a Better Life is
an overarching guiding
principle behind everything
we do. Through our finest
developments, which adhere to
best-in-class global standards,
we help transform the way
people live and work.
Shot at LODHA AMARA
04 05
World’s finest developments that enrich life Integrated Report 2022-23
Powered by four decades of experience, We are supporting Unnati – an initiative aimed at

we have carved a niche for ourselves empowering and enabling women to participate
by providing experiences that enable in the formal labour force and achieve their
our brand patrons to live a truly aspirations. We have also launched the Lodha
flourishing life. Genius Programme in partnership with Ashoka
University, a leading educational institution in India,
We look at homes, commercial spaces to identify and nurture academically-capable young
or industrial facilities beyond their four Received an exceptional score in S&P Global Corporate
adults to achieve their full potential and inculcate
walls, and believe they are a springboard spirit of societal/national service in them.
Sustainability Assessment 2022.
to fulfil dreams and aspirations of
individuals, communities or the nation at Achieved a score of 75 (out of 100), the highest
large. Our developments are recognised among all real estate companies in India.
for their self-contained sustainable eco-
systems, exclusive services, like-minded
communities, great outdoor spaces and
world-class robust infrastructure.
Across geographies and price points, we

have been able to bring alive our vision
of ‘Building a Better Life’ and truly enrich Received a 5-star rating in the 2022 GRESB Benchmark
lives. Our commitment to creating a Development with a score of 95/100.
better life extends beyond our customers.
We have imbibed the philosophy of ‘Do 4-star rating in the 2022 GRESB Standing Investment
Good, Do Well’ and strive to act in the Benchmark with a score of 83/100 in our first year of
larger interests of our community and participation.
planet. We view sustainability as not just
a business goal, but as our responsibility
to leave a liveable and healthier planet
for our future generations.
Sustainability has been at the core of all

that we do at Lodha. We are committed
to become carbon neutral in Scope 3 by
2050 and be at the apex in the leading
global sustainability benchmarks. Received an overall ESG risk rating of 13.8 by
Sustainalytics, placing us in the ‘Low-Risk’ category.
With initiatives like the Lodha Net Zero
Urban Accelerator in partnership with Ranked 9th globally among 282 companies in the real estate
Rocky Mountain Institute (RMI) and
collaborations like the ‘Build Ahead’
development sub-industry.
coalition with Xynteo, we aim to create
a roadmap for sustainable development
for the real estate industry.
As India’s No.1 real estate developer,*

we understand our responsibility towards
building a stronger nation. Through our
initiatives, we have been able to make
a meaningful difference to the lives of Became a member of FTSE4Good Index Series in the June
over 2,00,000 people. This gives us the
2023 review
impetus to aim even higher.
LODHA STERLING
* By cumulative residential sales since 2014
(GRI 2-1, 2-6)
06 07
About us Integrated Report 2022-23
Creators of World’s Finest Developments
Our passion is to
create landmarks CULTURE THAT WE NURTURE
that meet global The exceptional growth, realisation of aspirations and positive impact we have on numerous lives can be attributed to our culture.
standards, epitomise
family values and
are built on a legacy Exceptional Forthright Customer-
centric
Economic value
creators
Nimble
We are an We believe in We are nimble in
of trust spanning exceptional forthright and direct We are unwavering We care about our planning and
company and we will communication with in our commitment making profit in a execution.
four decades. achieve exceptional all our stakeholders. to being world-class sustainable way.
outcomes. in all touchpoints.
We have the experience and

skills to deliver both quality and
scale, at a pace unmatched Learning-focused Empowered Meritocratic Collaborative
in the country. By forging the We learn from our We empower our We invest in our We expect
finest global partnerships, and mistakes and strive employees to people and reward collaboration and
not to repeat them in make a difference. for value creation. high-performance from
deploying the best people and the future. all our employees.
processes, we create the best
value for our customers across
geographies, markets, price
points and consumer segments. VALUES THAT WE CHERISH
We have been able to create

landmark developments across We will We will We will We will We exist
residential, retail and office wholeheartedly go the last mile to work with the best behave with honesty, to exceed the
spaces, winning the trust and contribute to our do things right and people, treat them integrity and ethics expectations of our
appreciation of our patrons time nation’s communities seek excellence in all well, expect a lot and with all stakeholders customers through
and again. and its environment. that we undertake. the rest will follow. of our organisation. innovative, world
class solutions.
LODHA ALTAMOUNT
(GRI 2-23)
08 09
About us Integrated Report 2022-23
BRANDS THAT EPITOMISE EXCELLENCE KEY HIGHLIGHTS
Pre-sales Collections Business Development Adjusted EBITDA^ PAT*

(in H Bn) (in H Bn) (in H Bn) (in H Bn) (in H Bn)
120.6
106.1
198.0
32.4
17.7
29.7
86.0
146.0
90.2
12.6
59.7
50.5
15.4
3.4
FY21
FY22
FY23
FY21
FY22
FY23
FY22
FY23
FY21
FY22
FY23
FY21
FY22
FY23
42% 45% 39% 128%
CAGR 34% CAGR 23% 36% CAGR (8%) CAGR 40%
YoY growth YoY growth YoY growth YoY growth YoY growth
Completions (msf) Homes Delivered Revenue Adjusted EBITDA^ margin PAT* Margin
(in units) (in H Bn) (in %) (in %)
9,205
94.7
9.3
35
92.3
18
31
5,924
13
54.5
5.3
28
2,269
2.7
6
FY21
FY22
FY23
FY21
FY22
FY23
FY21
FY22
FY23
FY21
FY22
FY23
FY21
FY22
FY23
86% 101% 32%
CAGR 75% CAGR 55% CAGR 3%
YoY growth YoY growth YoY growth
^ Adjusted EBITDA = EBITDA after Grossing up of Finance cost included in cost of project
* PAT before the impact of forex and exceptional items
10 11
Geographic Footprint | Awards and Recognition Integrated Report 2022-23
Our Presence across Key Locations Sustaining our Winning Streak
TIMES ICONIC BRANDS THE ECONOMIC TIMES ASCENT

OF INDIA TIMES AWARD AWARD
Sustainable National Best

Iconic Brands of
Organisations, Employer Brands
India 2022
2022 2022
THE ECONOMIC TIMES TIMES ASCENT THE GREAT MANAGER

AWARD AWARD AWARDS
Best Organisation for

Women 2023 at Top 50 Happy Company with
ET Best Organisations Companies to Great Managers,
for Women Conclave Work For 2022 2022
2023
LOGISTICS PARK OF GREEN WAREHOUSE

THE YEAR INITIATIVE OF THE YEAR
14th Express,
Logistics & Supply Green Warehouse
Chain Leadership Initiative of the Year
Award, 2022
(GRI 2-6)
12 13
Portfolio of Developments Integrated Report 2022-23
Built to Last
Our customer-centric business

model focuses on designing and
developing ‘branded products’ to
address consumer needs across
locations and price points.
Our core business is residential real estate

development with focus on creating premium and
luxury developments across different price points,
which we believe will see significant growth as India
moves from a low-income to middle-income economy
over the course of this decade. We forayed into the
development of digital infrastructure parks in 2019,
and have also entered into a joint venture with funds
managed by Bain Capital, Ivanhoe Cambridge, and
global investment firms to develop a pan India green
digital infrastructure platform.
We also develop commercial real estate, largely as

part of mixed-use developments in and around our
core residential projects. Additionally, we have a
growing facilities management business which helps
us generate steady fee income. Our core competency
lies in professionally managing the real estate value
chain as we have in-house capabilities to deliver
a project from conceptualisation to completion.
We have a strong focus on de-risking projects
and improving our return on investment with fast
turnaround time from land acquisition to launch to
completion. We believe one of the reasons for our
success has been the strength of our brand and our
ability to convert the surroundings of a location into
attractive destinations for people across income
groups. Shot at LODHA WORLD TOWERS
14 15
Governance Integrated Report 2022-23
Building Ethically
We are guided by our vision of Building a Better Life OUR GOVERNANCE PILLARS OF GOVERNANCE
Philosophy Governance Goals
and our commitment to transparent and ethical business
practices is deeply embedded in our corporate culture.
We believe that a high standard of corporate

governance is vital for creating and enhancing
long-term stakeholder value.
1
Ensuring transparency
and integrity in business
dealings
1
Diverse Board which
plays a crucial role
in overseeing and
safeguarding long term
Responsible business
conduct
Taking ethical business

interests of stakeholders decisions in compliance
with applicable legislation
i to
cr
at
ic
Exceptional
Fo
rt h
ri
gh
2
Taking ethical business
decisions in compliance
with applicable
legislations
2
Transparent procedures
and practices and
informed decisions Fairness
Clear and fair

er
t
M
3
communication with
stakeholders
3 Compliance with relevant

ed
Custo
laws in letter and

Empower
centric
Our Clear and fair substance

mer-
philosophy communication with all

flows from stakeholders Integrity and
4
our core Transparency
values
Ensuring transparency
Well defined corporate and integrity in our
business dealings
e c mic
s
structure that establishes

tor
Nim
checks and balances

o
re a
va con
ble
and delegates decision-

E
lu
making to appropriate
levels in the organisation
Co g-
llab nin
o ra Lear Accountability
5
tive se d
f oc u
Board and the
management are
Strong senior accountable to
management team stakeholders
which provides support
to the Board in ensuring
Governance across the
organisation through
policies and procedures
(GRI 2-6, 2-9, 2-10, 2,11, 2-12, 2-13, 2-14, 2-17)
16 17
Board of Directors Integrated Report 2022-23
Board of Directors
of Technology. He has 21 years of commercial and corporate office
experience in design, sustainability, buildings and is widely regarded for
financial stewardship, business pushing boundaries and bringing
development, strategy and strategic innovation to the sector. Many of his
communication, risk management, projects have received prestigious
awards from institutions as varied
leadership, public affairs and
as the Urban Land Institute and the
governance among others. Prior
British Council for Offices. Prior to
to joining the Company, he was co-founding PLP Architecture, he
working as a business analyst with was a global partner at KPF, and
MUKUND MANOHAR CHITALE RAJENDRA LODHA ASHWANI KUMAR HARITA GUPTA
McKinsey & Company, Atlanta, co-founded the KPF London office in
Chairman & Independent Director Whole time Director Independent Director Independent Director
United States. 1989 and served as global President
Mukund Chitale holds a Bachelor’s Rajendra Lodha holds a Bachelor’s Ashwani Kumar holds a Master for six years until 2008. Harita Gupta holds a Masters’ of
degree in Commerce from the degree in Civil Engineering from of Science degree from Lucknow Science (Chemistry) degree from
University of Mumbai and is a fellow M.B.M. Engineering College, University University and is a certified associate IIT New Delhi and a Bachelors’ of
of the Indian Institute of Bankers. He Science from Stella Maris College,
member of the Institute of Chartered of Jodhpur, Rajasthan. He started his
is a seasoned banker having more Chennai. She brings over three
Accountants of India. He has more career with Lodha and has 33 years of
than 37 years of banking experience, decades of global experience in
than 45 years of experience as a experience in all facets of real estate out of which he was the Chairman digital and IT Services sectors.
practicing Chartered Accountant. In development. and Managing Director of Dena She is presently leading APAC
the past, he has served as President Bank for five years. He has held and Global Head Enterprise
of ICAI (1997-98) Chairman of industry-wide leadership positions Business at Sutherland Global
the Ethics Committee of BSE, in multiple organisations, including Services. Prior to Sutherland, she
member of Advisory Board on Bank,
RAJINDER PAL SINGH as executive director of Corporation has held leadership positions at
Non-Executive Director Bank, chairman of the Indian Banks’ RAJEEV BAKSHI
Commercial and Financial Frauds globally renowned companies
of Central Vigilance Commission, Association and president of the Independent Director such as Microsoft India where she
Rajinder Pal Singh is a retired
member of the Working Group on Indian Institute of Banking & Finance. led the growth of the Customer
IAS officer (1976 batch), Andhra Rajeev Bakshi is an alumni of
He was also a board member of the Service and Support operations
Restructuring of Weak Public Sector Pradesh cadre. He holds a Post Life Insurance Corporation of India, IIM Bangalore and a science and for enterprise customers across
Banks appointed by RBI (Verma Graduate degree in Mathematics wherein he also served on various economics graduate from St. India and Greater China; and NIIT
Committee), the Committee on from Advanced Centre for Pure committees of its board of directors. Stephens College, Delhi. Technologies where she managed
Procedures and Performance Audit of Mathematics, Punjab University, RAUNIKA MALHOTRA various portfolios and technology
Public Services appointed by RBI (Dr. Chandigarh. Prior to joining the Whole time Director He has more than 40 years of centres of excellence. Her areas of
Tarapore Committee), and chairman Company, he was the Chairman experience in leadership positions experience and expertise include
of National Advisory Committee on of National Highways Authority of Raunika Malhotra is President in renowned companies. In his last people management, digital
Accounting Standards. India, the chairman and Managing – Marketing and Corporate executive role, he served as MD & transformation & governance in
Director of Punjab & Sind Bank Communications at Lodha. She CEO at Metro Cash & Carry India the IT / ITES services sector. She is
and served as the secretary of has been with Lodha for 14 years, and was responsible for providing passionate about CSR, and drives
Department of Industrial Policy and including two years as Deputy Regional strategic leadership for the overall innovative projects in her current
Promotion, Government of India. Chief Executive Officer. She holds operations and growth. He has also role and volunteers at two NGOs.
a Bachelor’s degree in Engineering She is also the advisory Board chair
served as joint MD at ICICI Ventures
He has worked both as commissioner (Electronics and Telecommunication) at Will Forum India and a council
LEE POLISANO and Chairman of Pepsico’s beverage
member of NASSCOM BPM. She
of Hyderabad Muncipal Corporation from the University of Pune and a Independent Director business in South Asia. Earlier at
Post-Graduate diploma in Industrial was named in the 2020 Top 11
& Vice Chairman of Hyderabad Cadbury Schweppes, he was credited Women AI Leaders in India, won
Urban Development Authority. He Engineering from the National Institute Lee Polisano is the founding partner with having established Cadbury India the CIO Award in 2020 and 2022,
has had long stints as Managing of Industrial Engineering, Mumbai. She and President of PLP Architecture,
as a growth oriented, transparent and was named in Top 50 women
Development Corporation and has more than 18 years of experience UK. He is a Fellow member of the
ABHISHEK LODHA and investor-friendly organisation. in Technology 2020.
Commissioner of Taxation in A.P. in leadership, corporate strategic American Institute of Architects and
Managing Director & CEO His areas of expertise include
a member of the Royal Institute of
He has more than 45 years of planning, consumer insights and brand governance, strategy, marketing
British Architects and has nearly
Abhishek Lodha holds a Master’s experience in regulatory area of management. Prior to joining Lodha, and so on.
46 years of experience and is
degree in Science (industrial and finance, industry urban development she has worked with ECS Limited and internationally-recognised for his
systems engineering (supply chain and infrastructure. Adayana Learning Solutions Private architectural and urban design
& logistics) from Georgia Institute Limited in strategic consulting. work. He has been responsible for
creating numerous award-winning
18 19
Managing Director and CEO’s Message Integrated Report 2022-23
Managing Director and

CEO’s Message
DEAR
STAKEHOLDERS,
34% 9,600+
The last financial year was a period of Growth in FY23 in pre-sales Number of homes completed
Your Company delivered accelerating growth for your Company,
despite the headwinds of rising interest
cash flow after interest rates and global macro-economic
and taxes of ~J 46.6 bn, uncertainty. Your Company achieved its
highest ever pre-sales of H 120.6 bn, growth rates in the world. Service exports Another factor to highlight is that
and used this towards crossing the H 100.0 bn mark for the first continued to show resilience, and construction cost is ~25-40% of the
adding new projects with time and growing 34% over FY22. Your combined with inward remittances from sales price for multi-storied (apartment)
development in India. Further, due to
Company delivered cash flow after interest NRIs touching USD 100.0 bn, India’s
GDV of ~J 200.0 bn and taxes of ~H 46.6 bn, and used this current account deficit moderated, the plentiful availability of agricultural
(~165% of current year towards adding new projects with Gross providing stability to the Indian Rupee.
Foreign direct investment (FDI) interest
workforce moving to construction sites,
wage inflation for this segment of the
Development Value (GDV) of ~H 200.0
pre-sales) and to reduce bn (~165% of current year pre-sales) in India continued to strengthen, on the workforce remains moderate. Due to
our net debt by ~J 22.3 and to reduce our net debt by ~H 22.3
bn (~24%). Our RoE, calculated on the
back of strong local growth, geopolitical
circumstances and the government’s
these factors, during FY23, despite
record inflation, the impact from
bn (~24%). basis of pro-forma earnings, grew to initiative to attract global supply chains construction cost inflation was only
~16%. The Company continued to make through its Production Linked Incentive about 2% of cost of goods sold (COGS).
Our RoE, calculated progress towards its objective of becoming

the global leader in sustainable real estate
(PLI) scheme. This structural low risk from cost inflation
differentiates India’s housing market
on the basis of pro- development and with growing renewable
A Decade (or two) of Housing
Buoyancy
from others.
forma earnings, grew energy share which currently stands at

90%, we are on track to advance our net With low base of housing demand,
The total primary (new build) sales in
to ~16%. The Company zero scope 1 and 2 targets from 2027 India’s Top 7 cities was about 300,000
multiple drivers of job creation, income
growth of ~10% p.a. for white-collar
to 2024.
continued to make units in calendar year 2021. This grew
to 360,000 units (20%) in calendar
workforce (which form the bulk of
progress towards its Macro-Economic Context year 2022. If one were to assume 15% potential home buyers), steady mortgage
market with intent from lenders to grow
CAGR in housing production during the
objective of becoming FY23 started with global alarm bells due
course of the current decade, annual their mortgage portfolios (generally held
to the Russian invasion of Ukraine. This to maturity), low risk from construction
a global leader in added fuel to the already raging fire of
housing production in the top Indian
cities would touch ~1 million units cost inflation, and increasing preference
sustainable real estate high inflation and made inflation control p.a. (equating to ~1.5 million units of housing consumers to buy from a
the No. 1 objective of major global p.a. across the country). Thus, total handful of reputed brands leading to
development and with central banks. There was co-ordinated production in the course of the current ever-increasing consolidation on the
growing renewable increase in interest rates across all major
economies, and India’s Central Bank also
decade would be ~9 million units. It
is estimated that the total number of
supply side, the stage seems set for
compounding of housing volumes
energy share which raised its benchmark rates by ~250 bps. households in India which are home accompanied by steady price growth
ownership capable will grow from
currently stands at 90%, As the year progressed, the world 77 million in 2021 to 175 million by
for several years to come. The strong
performance of the industry’s top
we are on track to gradually came to terms with disruption
in energy supply chains caused by the
2030, implying over 100 million units
players, in a year with over 200 bps of
of incremental demand. This significant
advance our net zero Russia-Ukraine conflict. With moderation demand-supply gap (100+ million vs.
mortgage rate increase, provides initial
evidence of this long-term cycle.
scope 1 and 2 targets in elevated energy prices and initial
impact of monetary tightening, the last
9 million) is driven by India’s transition
from low income (GDP per capita of Our Performance
from 2027 to 2024. quarter started evidencing progress in ~USD 2,000 p.a. (2021) to ~USD
the fight against inflation. 5,000 (2030)) and the consequent I am pleased to share that your
change – which we believe takes place Company’s pre-sales grew by 34% to
In the backdrop of global travails, India’s once in the lifetime of every nation – of H 120.6 bn. Your Company sold over
economy continued strengthening with a large % of households become ‘home
8,000 homes with an aggregate area
GDP growth of 7.2%, one of the highest ownership capable’.
of 9.4 mn square feet. We completed
(GRI 2-22)
20 21
about 9,600 homes totalling to 9.3 mn

square feet. Your Company continued to
below this ceiling during the course of
FY24. With the likelihood of significant We aim to become a Net Zero including S&P CSA, GRESB,
Sustainalytics, and others. We are
focus on its capital-light growth strategy,
expanding into newer micro-markets of
surplus for capital providers, we have
the opportunity to be well below the Company by operations (scope determined to create a sustainable and
equitable world for all our stakeholders.
Mumbai Metropolitan Region (MMR)
and Pune. We have received a positive
aforesaid net debt ceiling.
1, 2 emissions) within FY24 and The path forward in the backdrop of
Annuity Business
are committed to achieve carbon
response from consumers in these new the industry dynamics, brands which are
micro-markets underlying the appeal of going to scale up profitably are the ones
We are making steady progress on
neutrality in scope 3 by 2050, with
brand Lodha to home buyers seeking a which possess ability to attract quality
building annuity streams with a focus on talent necessary for such a growth, have
premium living experience.
opportunities with relatively high RoEs.
We also entered the Bengaluru market We are currently focussed on three key a short-term target of achieving trust of stakeholders including customers,
vendors as well as land owners, and
business segments:
this year, growing our presence to
the three cities which provide about
i. Green Digital Infrastructure
51% reduction in scope 3 by the above all, have the construction and
execution capability to deliver this
Our goal of 2/3rd of the value of housing sales
amongst India’s top seven cities. The
(Warehousing & Industrial): With end of this decade. growth. Having a disciplined balance
sheet would be another pre-condition
building a stronger
a focus on sustainable development,
MMR economy is driven by corporate for delivering a sustainable growth over
we are working with our investment
front office, BFSI, trading and media & a longer duration. Your Company has
nation is being
partners including Bain Capital and
entertainment. Pune provides exposure iii. High-quality Office and Retail goals well ahead of time. This year, we all the above ingredients to successfully
Ivanhoe Cambridge (an arm of
to manufacturing and back-end IT, Assets: While we have historically expect to start publishing studies which deliver a sustainable 20% CAGR on our
serviced through whereas Bengaluru provides exposure
CDPQ) to develop about 25 million
sq. ft. of warehousing (including focused on releasing capital by can help guide the decarbonisation of pre-sales with 20% ROE, and improving
to value-added / front office IT, giving building, leasing and selling the the built environment. During the year, profitability over the course of this
our efforts towards your Company diversified exposure to
suburban parks and in-city fulfilment
centres) and industrial space across office and retail assets developed we also partnered with Xynteo on the decade.
the various important sectors on which by us, we are now retaining select ‘Build Ahead Coalition’ that aims to
unleashing the India’s economy depends. Our strategy
India with planned investment
(equity and debt) of US$1 billion+ such assets which have likelihood of unite multiple stakeholders from the
I am extremely pleased to share that
we have become a dividend paying
for entering a new city comprises significant capital appreciation due construction value chain to achieve net
potential of young ‘seed phase’ for first 3-4 years, followed
over the next 4-5 years. Your
Company plans to contribute its to their quality and/or location. zero built environment in India.
Company. Your Company’s ability
to reward its shareholders alongside
by ‘growth phase’ thereafter. During the
minds through seed phase, our focus is on delivering
share of equity largely in the form of
its land and developed assets. Your
Together, these three segments will help We understand that climate risks will growth is another of its unique strength.
In view of the robust operating and
a moderate number of high-quality us generate sizeable annuity income continue to impact our business and
the Lodha Genius developments, strengthening our local
Company is also the development
and asset manager for this platform.
over the medium term with good RoEs. communities. In our efforts to address financial performance , your Company
has decided to reward shareholders by
team, understanding the consumer in these, we conducted a detailed physical
Programme that city, building local relationships and
The combination of rental yield,
management fee income, and
Aiming to become the Global
Leader in Sustainable Real Estate
climate risk analysis and created a way of a 1:1 bonus issue as well as H 2/
share dividend on the pre bonus share.
showcasing our units profitability. We climate risk toolkit for our designers
in partnership believe that this patient approach will
short construction cycles will enable
your Company to build substantial
Development to integrate mitigation measures while
I would like to take this opportunity
reduce the risk inherent with entering designing new projects.
with Ashoka new geographies and creates runway for
annuity income at its target RoEs. FY23 was an extraordinary year for your
Company in its journey towards creating We aim to break the stereotypes
to thank all our 4,000+ associates
who have been tirelessly working to
sustainable growth for your Company, as
University, as well we are now witnessing in Pune.
ii. Property Management: We have
delivered about 60,000 units to date
a sustainable and equitable world for all.
Over the past year, we continued to make
associated with the real estate industry provide superior customer satisfaction
through focus on delivering the world’s
with our continued efforts to make Lodha
as empowering It is heartening to report that your
and expect this number to grow to
250,000 by the end of the decade.
significant strides towards a low-carbon
transition and we are on track to become
a preferred workplace for women. We finest developments with hospitality
standards of service quality. This in turn
Company achieved this significant are committed to achieve our gender
women through growth while substantially reducing its
With this large captive property
pool, we are scaling our Property
a Net Zero Company by operations
(scope 1, 2 emissions) within FY24. We
diversity target of 44% by 2027. is enhancing our brand appeal among
prospective home buyers and would
leverage, with our net debt reducing by
Unnati. ~24% to H 70.7 bn from H 93.0 bn at
Management business and adding
additional income streams through a
have also submitted our de-carbonisation
targets for validation with Science Based
Our goal of building a stronger nation
is being serviced through our efforts
enable us to achieve our milestones in
times to come. Most importantly, I would
the start of the year. This combination
Digital Services app which uses our Targets initiative (SBTi) and we are towards unleashing the potential of like to thank you, our shareholders,
of growth and deleveraging is unique
understanding and data about the committed to become carbon neutral in young minds through the Lodha Genius for your overwhelming trust, support,
in our sector. The Company sees the
consumer to connect them with local scope 3 by 2050, with a short term target Programme in partnership with Ashoka guidance and confidence in Lodha.
potential to sustainably deliver ~20%
merchants and service providers. The of achieving 51% reduction in scope 3 by University, as well as empowering
pre-sales growth and simultaneously,
pilot of the Digital Services app has the end of this decade. women through Unnati.
produce surplus for capital providers
been done and we expect to scale
(post capital investment) of ~15-20% of Thank you!
the roll out across our projects during Our initiatives under the Lodha Net Our commitment towards growing
pre-sales. We have set a net debt ceiling
the course of FY24. Zero Urban Accelerator are progressing sustainably also reflects in our
of lower of 1x of operating cash flow Abhishek Lodha
well and we anticipate that these will exceptional performance in leading
and 0.5x of equity and we expect to be Managing Director & CEO
help us achieve our decarbonisation global sustainability benchmarks
22 23
Operating Environment Integrated Report 2022-23
Demography and Development Cycle

Fuelling Quality Housing Demand
India’s real estate sector is driven by multiple STRONG STRUCTURAL DEMAND
tailwinds with sustained economic growth lifting Consistent income growth to

create large number of ‘home
per capita income. On the back of policy
level reforms, favourable demographics
of $15,000 annually by 2047. An EY
Report estimates that India is likely to see
per capita incomes on a consistent basis, the ownership capable’ households and government initiatives to invest
in infrastructure, India is targeting to
its per capita income rise by ~2.5x over
FY20-32 period.
Since the beginning of economic
government’s sustained focus on urbanisation, RBI’s liberalisation in the early 1990s, India
become a developed economy and
attain a per capita income level in excess
has been able to consistently enhance its
prudent mortgage and underwriting policies and a
burgeoning aspirational and educated population Projected size of the indian economy (in US$ trillion)
are creating a strong long-term demand upcycle. 30

FY48, 25.3
25 FY45, 20.3
20
15 FY36, 10.1
10 FY28, 5.4
5
0
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
FY26
FY27
FY28
FY29
FY30
FY31
FY32
FY33
FY34
FY35
FY36
FY37
FY38
FY39
FY40
FY41
FY42
FY43
FY44
FY45
FY46
FY47
FY48
Source: India@100 report, EY
Rising per capita income will enable

more households to own a new quality
Annual
home in major urban centres. Presently HH
2021 2030
with the help of mortgages, a household HH GDP: USD 3tn GDP: USD 7-8tn
Income
with an income of H 0.5 million per Category HH:296mn HH:386mn
(J mn)
annum becomes eligible to purchase a
home worth H 2.5-3.0 million, which is
where home prices start at in the top-7/8 9mm 23mn
>2.8 High
cities. (3%) (6%)
As per various consumer surveys, in 2021 Upper 68mm 152mn

0.5-2.8
there were nearly 77 million households Mid (23%) (39%)
with incomes greater than H 0.5 million,
likely to go up to 175 million households Lower 85mn 119mm
0.2-0.6
by 2030. Thus, this decade is likely to Mid (29%) (31%)
see the creation of nearly 100 million
potential home owners, with incomes 134mn 92mn
<0.2 Low
greater than H 0.5 million. This creates (45%) (24%)
‘once in a lifetime opportunity’ for
housing demand in the country.
Shot at LODHA STERLING Source: Diageo India, WEF/Future of Consumption-India Report, ICE 360 degrees surveys
24 25
Rapid urbanisation to create Nuclearisation of families

need for quality urban housing India - Urbanisation (%) Urban Household size
In recent years, there has been a shift
5.6
India has seen tremendous progress in from traditional joint families to nuclear
urbanisation in the past decade. The 60 families, with a preference for owning
United Nations estimates that over 400 their own homes rather than living in
5.2
million people are likely to reside in 50 rented accommodations. This trend
Indian cities by 2030. People are rapidly has led to an increased demand for
40
migrating into urban areas due to the residential properties, especially in urban 4.8
availability of business and various 30 areas, where families prefer to live in
employment opportunities and better independent houses or apartments.
lifestyle. 20 4.4
Rapid and ongoing urbanisation ensures 10

that there will continue to be a demand 4.0
0
for real estate in urban and metropolitan
1981
1991
2001
2011
20021E
20026E
1950
1960
1970
1980
1990
2000
2010
2020
2030
2040
2050
areas. Rising income and a preference
for better amenities will continue to boost
demand for quality housing. Source: United Nations Source: India Census
Growing workforce
Total placements from AICTE approved institutes (in ‘000s)
India’s large and growing educated
workforce is a significant growth
driver for the real estate sector in the No of students graduating every year from
country. The country also has a young AICTE affiliated colleges: ~1.5mm
population, of which a large percentage
is well-educated, with advanced degrees 796 798 823
in various fields such as engineering, 702 723 716 737
613 674
medicine and management. 560
This educated workforce is driving the

demand for high-quality office spaces,
residential properties, and commercial
properties, especially in cities like
Bengaluru, Mumbai, and Delhi, all
major IT and financial hubs in the
country. The growth of these sectors have
led to a rise in the number of lucrative
jobs, which in turn, has fuelled the
demand for premium housing and high-
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
2021-22
end lifestyle products.
Source: AICTE
LODHA CODENAME
RARE FORTUNE
26 27
BEST EVER AFFORDABILITY Mortgage industry enabler of DISCIPLINED SUPPLY SCENARIO

demand but not inducer of demand Loss of consumer trust
Improved affordability to support Accelerating consolidation and lack of wholesale
Affordability ratio* Mortgage in India is largely a floating
demand towards branded, Tier-I
Housing affordability in India continues 4.6x
rate product, which goes through
multiple cycles during the entire
residential developers credit from lenders
to be at its best in decades, thus 4.4x
underwritten tenure. Additionally, India’s real estate sector has been means that over 50%
unfolding longer-term demand trends. 4.1x compounding wages and fixed monthly
As long as housing price growth is 3.8x mortgage payments or EMIs means that
witnessing a trend of consolidation of incremental supply is
3.7x towards established major players with
below the white collar salary growth, 3.5x
3.3x 3.3x
the consumer is usually able to pay off established brands and operational coming from branded
affordability will continue to enhance 3.2x 3.2x his/her mortgage much in advance as
every year, further bolstering demand. compared to its underwriting duration.
excellence. Homes have become like developers.
any high value consumer product,
In India salary growth typically hovers which want an assurance of a brand. As
around 8%-10% annually across various Mortgage assets in India are considered project being developed by a Tier-
a home is the highest value purchase
industries over a longer term. Thus, if one of the safest asset classes by all II developer. This complete loss of
item in the life time of a consumer
house prices grow even by 6-8%, it will lenders. Conservative underwriting consumer trust and lack of wholesale
and also a source of pride, consumers
still be affordable for the consumers. On prescribed by RBI by capping Loan credit from lenders means that over 50%
increasingly look to associate only with
the other hand, rising nominal prices FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 to Value ratio and strict regulations of incremental supply is coming from
against teaser or fixed rates has ensured branded developers.
will convert the demand into actual Source: HDFC Niti Aayog branded developers.
transactions, thus having a positive that mortgages while being plentifully Consumers lack confidence in Tier
*Affordability index is ratio of property price to annual income.
impact on demand. available, do not create bubbles in II developers, having faced several The trend towards consolidation has
the housing industry. This has created resulted in a disciplined supply in the
challenges during the last decade, with
a vanilla mortgage industry, which market, which is likely to give further
projects not being completed in time
enables demand to convert into actual impetus to the already visible growth in
and within budget. Loss of life savings
transactions, but does not induce pricing as well as demand. Established
and uncertainty vis-à-vis housing has
demand where there is none. It is thus players are able to provide a wider
made consumers extremely wary of
clear that the mortgage industry by itself, range of amenities and services to
buying into an under-construction
does not cause industry cyclicality. buyers, thereby attracting more demand
and creating a sustainable growth path
for the sector.
Homes have become like any high-
value consumer product, which want
an assurance of a brand.
Consolidation wave due to policy reforms and liquidity crisis... ... has led to market share gains
Decline in number of developers (% change betwen 2012-2019) for Tier-1 developers
(28%) Pune 17%

(45%) Kolkata
(47%) Hydrabad
3x
(52%) Noida
(54%) Mumbai
6%
(58%) Thane
(58%) Guregram
(65%) Bengaluru
(78%) Chennai FY17 FY22
Source: Anarock
28 29
Business Strategy Integrated Report 2022-23
Creating Sustainable Value through

Predictable Growth
India will be witnessing a ‘once in a lifetime MAINTAIN LEADERSHIP IN HOUSING THROUGH

CAPITAL-LIGHT MICRO-MARKET BASED GROWTH STRATEGY
opportunity’ of growing its ownership rate of quality

We have become the No.1* Over the course of next 3-5 years, we
housing during the course of the next 15 years as the aim to achieve sizeable market share in
residential real estate company

these under-represented micro-markets,
country progresses from a low-income to a middle-

similar to that achieved in South-
Central Mumbai, Thane and Extended
despite being present in only three of the seven micro-markets of MMR in a
Eastern Suburbs of Mumbai. This
income economy. meaningful manner (South-Central Mumbai, Thane and Extended Eastern Suburbs)
upto our IPO in 2021. Thereafter we have started expanding into other micro-
diversified approach across different
projects and micro-markets is likely to
markets of MMR and Pune through the asset light JDA model. Given the ongoing
make our growth predictable and not
supply-side consolidation in the industry and our brand recognition in MMR and
Over the course of the last We are a consumer focussed company having an engineering core
Pune, we have received strong customer response to our launches in whichever
dependent on performance of a small
with nearly half of our employee base dedicated to engineering related number of locations.
decade, we have demonstrated functions such as design, construction management, quality assurance, micro-market we have entered.
strong execution capabilities, and so on. These strong traits, coupled with the huge underlying
opportunity for quality housing, will enable us to deliver a consistent Strong consumer brand -
ability to build processes and and predictable growth over the course of this decade. Given our focus Ability to sell at scale at launch and continue
attract good talent. on capital efficiency, this will help us generate outsized shareholder to sell during sustenance
value over a long term. Exceptional management Nearly 20% of new sales to existing customers
capabilities with decentralised Premium pricing as compared to market
organisation structure
8 1
Superior in-house execution
capability with ~50% of our
4,000+ employees focused on
Innovation in product engineering and design dedicated
as well as sales and to delivering world’s finest
marketing strategies developments
7 2
OUR STRATEGIC
DIFFERENTIATORS
ENABLING US
Ample raw material- TO MAINTAIN Unique ability to develop
Large existing land holding. LEADERSHIP townships and generate
Partner of choice for land growing ‘annuity like’ cash
owners for JDA partnership flows from them
6 3
Presence across price points

starting from H2.5 mn to
Strong focus on sustainability H1bn+ per unit, serving a
and transparency wide part of the demand
5 4
*By cumulative residential sales since 2014
30 31
LODHA Divino
Business Strategy Integrated Report 2022-23
SCALE UP ANNUITY INCOME Leverage technology to augment OUTSIZED FOCUS ON CREATING

STREAMS WITH GOOD ROE facilities management business A ROBUST BALANCE SHEET
In order to diversify our business, we Our property management business We have substantially reduced our
are focusing on capital light business is growing rapidly given the rising leverage since our IPO in 2021 and
segments which will generate sizeable number of households staying in our remain committed to the path of
annuity income streams and create developments. We have a captive base creating a strong balance sheet. We
significant shareholder value over of 60,000 households, which is likely to have created a debt ceiling goal of
time. These include Green Digital grow to nearly 250,000 by 2030. We lower of 1x of Operating Cash Flow
Infrastructure (warehousing – suburban plan to use a digital platform which will (OCF) or 0.5x of equity.
parks and in-city fulfilment centres, offer products and services through a
industrial parks), Property Management marketplace model from various brands While this is the ceiling / peak, we will
(along with Digital app) and high quality and partner with local stores near the continue our efforts to reduce our debt
office & retail assets with significant vicinity of our developments, from well below this level so that we are not
capital appreciation potential. which we plan to earn platform fees adversely impacted by any weakness
linked to revenue generated through caused by industry cyclicality or by
our platform. This, in addition to the domestic and global macros. We will
property management business from thus be better prepared to capitalise on
Opportunity to become a
our captive customer base staying at opportunities on the strength of a robust
sizeable player in warehousing
our developments, will enable us to balance sheet in the event of any stress
and logistics space
generate a sizeable, recurring ROE in the market due to any economic
income stream. slowdown.
India has a growing need for quality
warehouses, logistics hubs and in-
city fulfilment centres. Our digital
infrastructure platform with Bain Capital Select high-quality office and
and Ivanhoe Cambridge (an arm of retail assets We have set a net debt
CDPQ) will develop ~ 25 million square
feet of logistics, warehousing and in-city While we are primarily a residential ceiling at lower of 1x
fulfilment centre space, over the next few real estate company, we also develop of operating cash flow
years, enabling us to earn meaningful retail and office spaces as part of our
annuity income. mixed use developments. In the past, (OCF) or 0.5x of equity.
we have developed and monetised
As the operating partner for the platform, such assets. Going forward, in order
we will also receive income in the form to diversify our income stream, we In order to diversify our income stream
of asset management fees, developer intend to retain some of these assets, and generate a steady annuity income
manager fees, facility management which we believe have high probability stream, going forward, we would
fees and land acquisition fees. Given of significant capital appreciation develop ‘for lease’ retail assets (eg
short execution timelines, lower capex (in addition to their rental yield) on convenience retail, high street retail or
intensity and limited incremental capital account of their superior location, shopping malls) as part of our mixed
requirement, this is a capital efficient product quality or tenant mix. Given use developments.
manner of generating annuity income. these assets would be developed along
with our residential developments on
larger land parcels suitable for mixed
use developments, capital intensity of
the same would be significantly lower
helping us generate strong ROEs.
Shot at LODHA UPPER THANE
32 33
Business Model Integrated Report 2022-23
Following a Multi-Stakeholder Approach
Our value creation model enables us to unlock value Environmental, social and governance factors Investors Customers
for our business and our stakeholders by leveraging are at the heart of our business strategy. Apart Employees Workers
our six capitals. These capitals are the resources that from creating long-term value for our business, Lenders Suppliers/vendors
we deploy as inputs to derive the desired outcomes. this also ensures we contribute to the broader Community Channel partners
sustainable development agenda.
CAPITAL & INPUT VALUE CREATION PROCESS OUTPUT OUTCOME IMPACTED IMPACTED SDGs
Our Focus Areas
STAKEHOLDERS
Financial capital We will wholeheartedly contribute to our nation’s People: J 120.6 Bn Pre-Sales India’s no.1 residential
communities and its environment Strengthening J 94.7 Bn Revenue real estate company*
J 127.2 Bn Net worth
J 70.7 Bn Net Debt capabilities across 31% Adj. EBITDA margin^ Strong balance sheet
We exist to exceed the expectations value chain 14% ROE^^ Strong operating and
of our customers through innovative,
J 448.2 Bn Market Cap** financial statement
Our world class solutions Technology:
Vision Embarking on technology
Manufactured capital We will behave with honesty, integrity and 9,205 Homes handed over World’s finest developments
Building transformation to achieve
ethics with all stakeholders of our organisation 9 msf Construction Best in class properties
J 32.7 Bn Construction expenditure A Better operational excellence
28 msf Area under construction and superior customer completed during Quality life for residing
Life
We will work with the best people, treat experience. the year families
77 msf Planned area
them well, expect a lot and the rest will follow 9 msf Total area sold
Great lifestyle for our
Sustainability: residents
We will go the last mile to do things right Implementing our vision
Intellectual capital and seek excellence in all that we undertake of sustainable future Innovative Modular Formwork Differentiated offering
J 1.6 Bn Spent on design and innovation technique Improved delivery time
mer Experience Formation of Lodha Net Zero
41 years Sectoral experience Custo Sustainable design
Mar Urban Accelerator
J 14.0 Mn invested in Lodha Net Zero
ket Innovative infrastructure design
Urban Accelerator Re
se Identification of initiatives for
ar
us ch 30% carbon reduction
nuo t
nti emen
C o ga g
En Operations
Human capital 18.8% Women employees Increase in net promoter
Acq Land score
4,200 permanent employees uis 25% Positions closed internally
iti o
1,475 Learning and development sessions 97.6% Employees trained Engaged and motivated
n
Go t
conducted for employees and workers Digital 0.054 Lost Time Injury employees
Strong
Infrastructure Frequency Rate Increase in employee
J 95.0 Mn Spent on employee welfare Residential
o market strategy
& Pl
Platform
Approv l
44,600 safety training hours safety

nagement
t-Handover
anning
Linking of ESG parameters to KPIs Seizing Skilled employee base

Pos upport
Opportunities
Facility
S
rty Ma
Management Commercial
Social and relationship capital business + Digital and retail
52% Local procurement Long term relationship
85,584 Customer base
near commerce annuity 35% MSME procurement with value chain partners
e
Prop
J 223.0 Mn CSR expenditure 39% suppliers (by value) Positive impact on the
ti o
n
Co cu assessed on ESG parameters community

mp
l e ti o E xe 4L+ Beneficiaries of CSR Exceptional customer
n
initiatives experience
n
ct
io
Natural capital Cu lle 35% Year on year reduction in Sustainable growth

s o
1,00,911 GJ Energy consumption tom dC Scope1,2 emissions model
er an
Ha es 36% Year on year reduction in
55,658 GJ Renewable energy consumption ndli
ng S al On path to achieve net
563 ML Water consumption Scope 1,2 emission intensity zero by 2050
55% Renewable energy share***
9,30,161 MTCO2e GHG emission
Strong Command of Governance
47% Reduction in fresh water use
intensity for construction purposes
Empowered ESG focused board Strong policy frameworks Compliant nature of operations
* By cumulative residential sales since 2014
^ Adjusted EBITDA = EBITDA after Grossing up of Finance cost included in cost of project
^^ ROE = PAT excluding forex & exceptional items / Average networth of the period
** Market Capitalisation as on March 31, 2023
***Cumulatively during FY23
34 35
Stakeholder Engagement Integrated Report 2022-23
Working Together to Create

Better Future for All
Our stakeholders are our partners in our journey

to create long term value and positive impact.
We believe that stakeholder engagement is key
to achieving the triple bottom line.
We seek to balance the concerns, needs and expectations of our
stakeholders with those of the business through an integrated and
inclusive process. Their thoughts, feedback and foresight, enable us to
anticipate potential risks and safeguard our business. We are committed
to understanding and considering stakeholders’ expectations, concerns,
aspirations and making informed decisions.
We have categorised our key stakeholders as external and internal stakeholders.
Customers Media
Local Suppliers
rnal stakeholde
communities
Exte rs
Contractual
Employees support staff
Channel Internal Investors and

partners stakeholders lenders
Our holistic approach towards stakeholder engagement helps us to identify material topics that form the basis of our business and
sustainability strategies and align them with the expectations of key stakeholders.
ONE LODHA PLACE
(GRI 2-29)
36 37
CUSTOMERS INVESTORS AND LENDERS
Importance of the relationship Importance of the relationship

Customer satisfaction, feedback, and loyalty are critical factors for our continued leadership position and competitiveness in the Investors and lenders are invaluable partners, providing financial support essential to fund growth and helping to build and
market. Strong relationship and customer connect ensures that we continue to meet their needs and exceed their expectations. enhance our reputation.
Value Proposition Engagement Channels Material topics Engagement Outcomes Value Proposition Engagement Channels Material topics Engagement Outcomes
• Strong brand & • Sponsored events • Water management • Understanding customer • Consistent returns on • Investor and analyst • Water management • Focus on strong
differentiated products • Mailers & newsletters • Waste management requirements investment conferences • Waste management operating and financial
& services • Identifying opportunities • Transparent disclosures • Periodic meetings performance.
• Brochures • Emission & energy • Emission & energy
• Superior living management to improve our products • Ethical business • Annual report management • Focus on highlighting
• Brand campaigns
experience & services conduct and sustainability
• Sales pitches • Stakeholder engagement • Press releases or media • Accountability &
• Quality homes and comprehensive risk commitments and
• Data privacy and updates transparency
workplaces • Customer visits management disclosures
information security • Earnings calls • Business ethics
• Competitive pricing • Website • Mitigation measures
• Green buildings • Corporate governance
• Webinars Frequency of engagement for climate change
• Climate change adaption risks and reducing • Data privacy and
• Media and social media • Ongoing / Annual
operational carbon information security
• Customer satisfaction Frequency of engagement
footprint • Brand management
• Surveys • Ongoing
• Risk management
• Community events
Vulnerable or marginalised group - No Vulnerable or marginalised group - No
EMPLOYEES CHANNEL PARTNERS

Employees contribute to the Company’s productivity, profitability, customer satisfaction, innovation, growth, and brand Channel partners are critical stakeholders due to their ability to expand reach and distribution, provide market insights, drive sales
reputation. They are critical for achieving our business and sustainability goals. and revenue, offer cost-effectiveness, and facilitate relationship building.
• Rich and diverse • Coffee with CEO • Employee development • Attracting & retaining • Ethical and fair • Channel partner meets • Business ethics • Generating business and
exposure to enhance • Townhalls • Accountability & diversity in talent business practices • Product training • Data privacy and leads
skill & knowledge transparency • Providing a learning • Learning and skill information security • Expanding reach of
• HR connect • Lodha CP portal
• Inspiring leadership • Health & safety environment development • Brand management innovative business
• Project reviews • Website
• Professional culture • Providing engaging & • Enablement and models and offerings
• Offsites • Human rights • Business reviews
built on fundamentals enriching culture capacity building
• Rewards & recognition • Water management
of honesty, integrity and • Providing career & growth • Portfolio tailored
ethics • Employee engagement • Emission & energy
opportunities to meet customer
surveys management
• Learning & growth preferences and needs
opportunities • Lodha World newsletter • Waste management
Frequency of engagement
• Stimulating work • Data privacy &
environment information security • Ongoing
• Ongoing / Quarterly/
Half yearly / Annual
Vulnerable or marginalised group - No Vulnerable or marginalised group - No
38 39
SUPPLIERS LOCAL COMMUNITIES

Suppliers provide operational leverage to optimise value chain, be cost competitive and sustainable. Local communities are key to maintaining a conducive ecosystem, ensuring social support and smooth conduct of business.
• Ethical business • One-on-one meetings • Business Ethics • Ensuring quality & and • Transform lives by doing • Community meetings • Local community • Enabling sustainable
conduct & fair business • Training and awareness • Human Rights meeting project schedules good while doing well • CSR initiatives development livelihoods
practices drives on sustainability • Expanding reach & • Empower underserved • Stakeholder engagement • Providing access to
• Sustainability led topics impact of sustainability children, youth, and • Responsible supply chain education
growth opportunities • Townhalls initiatives by integrating women through • Empowering women and
sustainability principles • Biodiversity
• Timely payment education and skill- promoting equality
• CEO meets
across the supply chain building
• Recurring orders to
grow business • Improve quality of
life through better
healthcare facilities
Frequency of engagement • Safe work practices to Frequency of engagement
protect community near
• Ongoing construction sites • Ongoing
Vulnerable or marginalised group - Yes Vulnerable or marginalised group - Yes
CONTRACTUAL SUPPORT STAFF MEDIA

Contractual support staff are our critical partners for achieving our business goals. Media plays a vital role in enhancing visibility and reputation, supporting public relations initiatives, providing valuable market
insights, and helping in managing crisis effectively.
• Transparent and fair • Periodical review • Health and safety • Building responsible • Disclosing and sharing • Press conferences • Brand Management • Enhancing traditional and
contractual terms meetings • Human Rights citizenry relevant information • Press releases digital media presence
• Conducive workplace • CSR interventions • Socio-economic and updates with the • Enhanced perception for
• Leadership conversations
with quality amenities upliftment public the brand
• EHS training and interviews
and healthcare services • Broadening media
• Skill building trainings • Industry events
• Robust occupational horizon with national
• Product launches
health and safety news
practices • Familiarisation visits
• Experience and • Social media
expertise from working • Participate in industry
on some of the world’s • Ongoing
news with trend stories
finest developments Frequency of engagement
• Mitigate crisis situations
• Ongoing
• Performance updates
Vulnerable or marginalised group - Yes Vulnerable or marginalised group - No
40 41
Materiality Assessment Integrated Report 2022-23
Evaluating Issues Critical

to Our Business
We believe that materiality assessments are crucial in identifying parameters

that affect value creation. A comprehensive exercise was undertaken in FY22
to identify material topics with reference to GRI standards 2021.
The material topics were determined after engaging with a representative sample of key stakeholders that included
customers, investors, suppliers, employees, channel partners and others. The assessment also considered peer reports and
global megatrends while identifying the most significant areas of risk and opportunities.
Identified material topics were prioritised after considering their importance to the business and to the stakeholders.
Stakeholder significance was assessed based on their primary concerns and expectations. The significance of the concerns
to us was determined by our business goals and risks. This exercise will be conducted every two years.
MATERIALITY MATRIX
Our assessment adheres to the materiality and stakeholder inclusivity procedures outlined in the IIRC’s <IR> framework.
It also considered our stakeholders’ expectations and interests as a major point of reference.
Water Management
1
High
Health & Safety 1 2 Emissions and Energy

Technology & 2 Management
Human Rights 3 Waste Management
Innovation
Local Community 3 3 Business Ethics
Importance to LODHA
Employee 1
Development 3 2 2 Accountability
Climate Change Corporate Development
Adaptation 4 Governance 1 & Transparency
Green Buildings Stakeholder Stakeholder Collaboration
Engagement
Brand Management 5 5
4
and Development
Risk Management
2 Responsible 1 Stakeholder Engagement
Supply Chain
2 Responsible Supply Chain
Biodiversity
3 Local Community
6 Development
1
Data Privacy &
Low
Information Security Responsible Business

Conduct
1 Business Ethics
2 Accountability and
Low High Transparency
Importance to Stakeholders
3 Corporate Governance
4 Risk Management
Identified Environmental Stewardship Workforce Wellness 5 Brand Management
Material Issues: 1 Water Management 1 Health and Safety
2 Emissions and Energy Management 2 Employee Development Data Protection and
3 Waste Management 3 Human Rights Technology
4 Climate Change Adaptation 1 Data Privacy and Security
5 Green Buildings 2 Technology and
6 Biodiversity Innovation
(GRI 2-12, 3-2, 3-3)
42 43
Risk Management Integrated Report 2022-23
Managing Uncertainties in an
Evolving Business Scenario
PILLARS OF RISK MANAGEMENT
We operate in a dynamic environment which

provides opportunities but exposes the business to
various risks. We have put in place a well-defined Business Risk
Assessment
Operational Controls
Assessment
Policy
Compliance
Enterprise Risk Management (ERM) framework to Identifying, analysing, Evaluating the Ensuring adherence
proactively manage key risks.

and evaluating effectiveness of to internal policies,
potential threats procedures and external regulations,
that might impact measures in place and industry
profitability of to mitigate risks standards to mitigate
We have implemented business. associated with day- risks.
a comprehensive Risk to-day operations.
Management policy that

serves as the bedrock of
our sustainable growth with
stability. The policy fosters a
proactive mindset towards
attempting to identify,
assess, and mitigate any
risks that might impact our
business. Our structured
and disciplined approach to
risk management provides
a clear framework for
evaluating and mitigating
potential risks.
Risk monitoring, mitigation, and

reporting forms the crux of our risk
management process. We assess risks
based on various factors such as impact,
likelihood and effectiveness of existing
controls.
To ensure the efficacy of our risk

management processes, we have
constituted a Risk Management
Committee that comprises members of
the Board and key executives.
(GRI 2-12, 2-23, 3-3, 201-2)

44 45
First Second Third

LINE OF DEFENCE APPROACH
Our risk management framework is
underpinned by the ‘Three Lines of line of defence line of defence line of defence
Defence’ model.
The business and all employees Internal Risk Management Internal Audit
Committee, internal controls and
The business, leadership team and policies and procedures The Internal Audit function provides
every employee takes responsibility assurance through regular reporting on
for managing risks in their business The IRMC together with all the internal the efficiency and effectiveness of internal
operations and ensures that controls are controls, policies and procedures and control design and processes.
in place to manage risks the DoA functions as a second line of
defence by undertaking systematic review
of the line functions and activities.
Risk Management Organisation Risk Management Process

Enablers Assurance
1 1
Board of Directors Outside-in
ERM Continuous Training and Development
External and Emerging Risk
ERM Policy Internal Audit

Top Down
2 2
Risk Universe Periodic Refresh
Audit Committee Risk Management Committee
Core Business Lines Independent

Templates Evaluation
RISK AWARE Identify Review and Report
CULTURE
3
1
Functional Heads
ERM Technology
Assess Monitor
1
2 Internal Risk Management
Risk Owners Committee
Prioritise Treat
3 2
Mitigation Plan Owners Internal Audit Bottom Up
Functional Strategic Objectives
46 47
Economic uncertainties Land acquisition

Description of Risk Mitigation Measures Description of Risk Mitigation Measures
Being in the real estate industry and in the housing industry India is largely a domestic economy which is somewhat less impacted from Land is the most important raw material for our business. We have a sizeable land asset across various micro-markets of MMR and
in particular, we are closely linked to overall domestic slowing global growth. This is evidenced in the current period where India is Non availability of land at reasonable valuation in under- Pune. Additionally, we have been acquiring land through the capital light
economy of the country. acting as the growth engine for global growth. In addition, structural drivers represented micro-markets may have an impact on our JDA model. In the last two years we have tied up land across 23 different
for the Indian housing industry are very strong. On the back of rising incomes growth. projects for a combined GDV of nearly H 350.0 Bn largely through JDAs.
Any steep decline in economic growth due to worsening
and improving demography along with factors like increasing urbanisation Our strong brand, unique sales and marketing abilities as well as our
global macro factors arising out of geopolitical tensions
and the trend of nuclear families, the industry has the potential to grow 3x to ability to quickly monetise any land asset continue to make us the preferred
would have a negative impact on consumer confidence
4x over the next decade. Additionally, attractive affordability means that any partner for landowners to maximise their land value.
and job sentiments. This in turn would have an adverse
impact of economic slowdown will be overcome in a relatively shorter time.
impact on housing sales. Our business development team constantly evaluates land proposals
across various micro-markets. We have a robust and consistent pipeline
of business development proposals which is only strengthening given the
Regulatory and political uncertainties consolidation seen in the industry.
Description of Risk Mitigation Measures Concentration risk

Real estate projects are required to secure several We constantly monitor the regulatory landscape and have a zero tolerance Description of Risk Mitigation Measures
approvals from various regulatory bodies at the local level to non-compliance.
as well as state and central government level. Inability to Our real estate development activities are geographically We plan to expand into all micro-markets of the MMR, Pune, and launch in
We actively work with industry bodies, regulators and government on
anticipate changes in the regulatory landscape may have concentrated in and around MMR. Consequently, we Bengaluru in FY24. The plan is also to diversify operations by developing
industry issues impacting the industry and economy.
an impact on our profitability. are exposed to risks from economic, regulatory and other digital infrastructure as well as have a meaningful rental portfolio and
changes as well as natural disasters in the MMR, which in facilities management business which includes warehousing, logistics and
Talent turn may have an adverse effect on our business, results of so on. These steps for diversification of business and regions will help
operations, cash flows and financial condition. mitigate the concentration risk.
Description of Risk Mitigation Measures
Being in a B2C business, quality of talent is extremely We are committed to employee engagement and care, holistic employee Information security and cyber risk
important for success. We are among the few engineering retention and recognition policies, focus on career and leadership
focussed real estate companies which do their own project development. Description of Risk Mitigation Measures
management and general contracting. Nearly 50% of
We provide capability development modules to our employees including on-
our employee base is dedicated to engineering or related Failure to ensure strong and adequate information • Strengthen IT infrastructure to support increased usage of digital
job training, mentoring and internal and external learning sessions. We have
functions such as construction management, design, security controls to safeguard confidentiality, integrity, and platforms and to combat information and cybersecurity threats.
a robust ESOP programme for our key talent which aligns the Company’s
procurement, quality assurance and so on. availability of critical information may result in financial
goals with those of the employees. These steps help us retain and attract the • Continuously monitor network activities
Thus, inability to attract and retain the right talent or right talent not only from the real estate industry but also from the diverse set losses and damaged reputation.
attrition beyond acceptable levels may impact our ability to of industries such as consumer, engineering or financial services industries • Continuously train and educate employees on cybersecurity
staff projects or optimise cost structures. and so on.
Climate change
Description of Risk Mitigation Measures
Failure to prepare for physical and transition impacts Through our Lodha Net Zero Urban Accelerator, we aspire to develop
brought about by climate change may result in significant nature-based solutions for the protection and sustainable management
financial losses and inability to execute and achieve of ecosystems. We promote climate change awareness through enhanced
business objectives Details of physical and transition risks communication and engagement strategies. We conduct scenario analysis
are covered in the following TCFD report. to assess climate change impact to businesses.
48 49
TASK FORCE ON CLIMATE- STRATEGY Risks and Opportunities

RELATED FINANCIAL
DISCLOSURES (TCFD) REPORT
Physical Risks
SHORT TERM
We remain committed to promoting
Acute Chronic
sustainability by supporting the
Task Force for Climate-Related
1-3 years LONG TERM
Financial Disclosures (TCFD), an aligned with the project 11-25 years

initiative established by the Financial construction period
aligned with the project Storms Floods Cyclones Sea level rise Water stress Heat
Stability Board. The TCFD aims to
operations and long
develop voluntary and consistent
term aspects Impact Management
climate-related financial disclosures
Risks (Mitigation and Adaptation) Metrics
that enhance transparency and
accountability in assessing climate MEDIUM TERM
risks and opportunities. The Short term Conducted a climate risk assessment Project climate risk profile
disclosures revolve around four
pillars: Governance, Strategy, Risk
4-10 years Health impacts of heat stress, water stress
by using global climate models Reduction in GHG intensities
and considering IPCC’s shared
Management, and Metrics and Targets. aligned with the estimated and flooding (water borne diseases and Increase in renewable energy share
socio-economic pathways (emission
potential impact of regulatory displacement) Reduction in water intensities
scenarios)
and policy changes Medium term Developed a climate risk toolkit
GOVERNANCE
Increase in peak energy demand for aiding in masterplanning and
With a strategic focus on climate development of new land parcels and
Impact on affordability (energy and
risks in our sustainability strategy, we properties. Toolkits include mitigation
Oversight on Climate water)
undertake climate risk assessment to measures against potential risks
Governance Long term
identify impact of climate risks on our Robust infrastructure deployment on
projects and create mitigation plans to Disruption of energy, telecom and projects
The Board and Risk Management The Head of Sustainability reports to
manage these risks. Climate related water supplies
Committee provide oversight of our the MD & CEO on the progress of Energy and water sufficiency
matters are embedded in the project risk management framework. The Risk short, medium and long term targets of Damage to property and business roadmaps for large developments
approval process to ensure that risks Committee meets at least twice a year climate related initiatives. This ensures Social tensions
and opportunities associated with and receives half yearly reports on our transparency and accountability in our Loss of development potential on
climate change are factored into the enterprise risk register, which includes sustainability initiatives. vulnerable land parcels
project planning process. We remain climate change as a material risk. The
committed to aligning our disclosures Climate-related risks and opportunities Supply chain disruptions.
Risk Management Committee oversees
with the TCFD recommendations, and management of physical and transition (R&O’s) impact most aspects of our
will continue to enhance our reporting climate risks. Our ESG committee, financial planning, and we evaluate these
Transition Risks
on all four pillars to ensure that climate chaired by Mr Lee Polisano, Independent R&O’s over the short-, medium-, and
related financial risks and opportunities Director with immense experience and long-term financial and strategic time
are integrated with in our long-term expertise in sustainabilty, oversees our frames. Impact Management
business strategy. sustainability initiatives and practices Regulatory Risks (Mitigation and Adaptation) Metrics
In FY23, we conducted a physical
and reviews implementation, execution,
climate risk assessment study for some Alignment with disclosure
progress and impact of our ESG Enhanced disclosure requirements Voluntary adoption of Integrated Reporting
of the geographies where we operate, to frameworks
initiatives and targets, to mitigate the Renewed codes and standards and GRI aligned disclosures.
understand how they can be affected by
possible impact of the identified risks and mandating performance criteria of Advanced voluntary disclosures in line with Regulatory compliance
present and future climate change. Data
opportunities. buildings Business Responsibilty and Sustainability
from two future climate scenarios i.e.,
Shared Socioeconomic Pathways (SSP Increased cost of materials and Reporting requirements by Securities and
The corporate sustainability team along
2 - medium emissions scenario & SSP 5 - energy Exchange Board of India
with project wise design leads is tasked
with integrating and implementing high emissions scenario) until 2100 were Adoption of net zero and building
Imposition of carbon taxes, which
sustainability initiatives, ensuring a used for this study. Through this study, we performance targets across environmental
will be an emerging risk
co-ordinated approach across the could identify the climate impacts for our indicators
projects for the next 70 years (until 2100). Supply chain impact
organisation. Adoption of internal carbon pricing
Details of the Climate Risk Assessment are
covered on page 100 of this report. Sustianable sourcing policy
50 51
Transition Risks Opportunities
Impact Management
Impact Management Resource Efficiency (Mitigation and Adaptation) Metrics
Technology Risks (Mitigation and Adaptation) Metrics
Medium to Long term Circularity and efficient waste Lower embodied carbon footprint
Investment needs in construction Formation of Lodha Net Zero Urban Reduction in GHG, Water management techniques
Cost reduction through circular Reduction in raw material costs
technologies and associated capital Accelerator to innovate and test solutions and Waste intensities
economy and efficient waste Affordable and ultra-affordable Reduction in energy costs
expenditure increase across built environment emission spectrum. Investment in R&D
management homes will be designed and built for
Uncertainities associated with Testing technologies in collaboration with thermal comfort with reduced AC
adoption of nascent technologies industry partners and policy makers thereby Energy savings due to use of efficient
requirements
and evolving technological limiting the cost impacts. Also helping in equipment and passive design
Use of efficient wall and glass for
landscape that will lead to an market maturation.
reduction in cooling demand
increase in subsitutes with lower
emissions
Impact Management
Energy Source (Mitigation and Adaptation) Metrics
Impact Management
Reputation Risks (Mitigation and Adaptation) Metrics Savings in electricity costs for Lodha
Tranisition to renewable energy for Renewable energy transition in
operational use progress and its residents
Erosion in brand value of companies Top ranking across leading global Global rankings
Developing option for tenants and Increase in on-site solar energy Reduced operational carbon
lacking environmental concern sustainability benchmarks Social impact indicators residents to switch to RE generation footprint
Litigation and activism Stakeholder engagement policy and active Customer satisfaction
Community disengagement and engagement on sustainability issues scores
social license challenges Community impact programmes and strong Impact Management
focus on corporate social responsibility Markets and Products & Services (Mitigation and Adaptation) Metrics
Increased demand for green and 100% portfolio to be green certified Cumulative sqft of green certified
sustianable products in FY24 buildings
Impact Management CSAT score
Better rental yields and sale Leading the market in eco-sensitive,
Market Risks (Mitigation and Adaptation) Metrics
premiums resilient developments Talent growth - eNPS
Change in customer expectations 100% portfolio under the ambit of green Strong pre-sales Robust supply chain partnerships Building sustainable smart cities
and needs certifications Cumulative sqft of green Talent attraction and retention Enhancing engagement with
Unwillingness of market to offer Sustainable smart cities that revolutionise certified building stakeholders to strengthen collective
a premium for net zero product urban living and offer better quality of efforts towards achieving net zero
Talent growth - eNPS
pathways life by promoting a ‘live-work-learn-play’
Supply chain and labour supply environment
Impact Management
challenges Long term strategic supply chain partnerships Resilience (Mitigation and Adaptation) Metrics
Developing assets that are resilient to Developed a climate risk toolkit for Project climate risk profile
physical climate risks planning and design Improved performance of VCPs in
Establishing climate positive Raising awareness among value our sustainability assessments
ecosystem by creating a low carbon chain partners and stakeholders to
value chain promote sustainable practices
Analysing value chain partners and
helping them improve their policies and
practices, to ensure a just transition
52 53
Sustainable growth Integrated Report 2022-23
Committed to Sustainable and

Responsible Business Practices
ESG PHILOSOPHY
Our ESG Philosophy: Do Good, Do Well
Sustainability is While creating value for our stakeholders,

Environmental Social Governance
we continue to focus on doing good for the
ingrained in our environment and the people. We are committed
vision of Building to reporting on our ESG performance regularly
which will enable our stakeholders track our
a Better Life.
progress towards our sustainability goals.
Ensure sustainability in our product Positively impact our people and Bring about an industry transformation
and operations by positively community through utmost respect by leading ethically and bolstering
impacting the natural environment. for human rights, diversity and trust through high degree of
inclusion. transparency and accountability.
Be resilient to climate change while Create a more diverse and inclusive Strong board with diverse experience
not contributing to global warming. workforce, with a workplace gender to guide management through the
diversity ratio of 44% by 2027^. business cycles.
Focus to make work environment

more and more engaging and
learning oriented.
Achieve carbon neutrality in Ensuring a safe working Meet expectation of diverse set of
operations (scope 1, 2) in FY24 environment at sites to achieve zero stakeholders through deeper
fatality, zero hospitalisation and engagement, transparent communication
lowest lost time injury in the industry. and ethical business conduct.
Align Scope 3 emissions reduction Support bright and deserving minds Strong risk management framework.
roadmap with Paris Agreement goals in the country to get access to
quality education to achieve their full
potential and promote healthcare
and vocational training in the
community.
Enable women to establish their

own sustainable sources of income,
and equip individuals with the
competencies and tools to attain
their aspirations.
^excluding construction workforce
We see ESG issues We mitigate or adapt We endeavour to report Benchmark performance

as long term to risks through action our de-risking journey against global leaders and take
business risks, backed by organisational transparently to all ambitious steps to transform the
with long term policies and processes stakeholders, so as to industry and create long term
value creation and stakeholder build trust and gain value for our stakeholders.
opportunities. engagement. momentum.
Shot at LODHA STERLING
54 55
The Board constituted ESG Committee Governance, with the support of their LEADING ACROSS BENCHMARKS WITH SUSTAINABLE VALUE CREATION
sets the strategic direction and teams and related functional groups
oversees sustainability initiatives and within the organisation. All the leads
disclosures at the Board level. The are responsible for working towards
Corporate Sustainability team focuses the specific goals and targets under
on implementing various facets of
our sustainability strategy. The team
each of the pillars.
Among top ~1% 5-star rating
is led by our Head of Sustainability Our ‘Sustainability Champions’ of the 867 global real estate companies with a score of 95/100 in Development
who is responsible for the overall programme recognises employees, who as per S&P Global Corporate Benchmark by Global Real Estate
sustainability performance including actively contribute to the implementation Sustainability Assessment, 2022* Sustainability Benchmark (GRESB), 2022
continuous monitoring of the progress of sustainability projects. In FY23,
against the set targets and reports to we recognised 248 Sustainability
the Managing Director and CEO. The Champions, and as we advance, we
Corporate Sustainability team has intend to add many more.
experienced individuals who lead the
dimensions - Environment, Social and Ranked 4th ESG Risk
Among the 50 keystone buildings Rating of 13.8
sector companies in the first Buildings by Sustainalytics, placing us in ‘Low-Risk’
Benchmark by WBA & CDP Category of ESG risk severity; ranked 9th
Embodied Education & in the real estate sub-industry
carbon reduction Livelihood
*As of Nov 18, 2022
Climate risk Women

Environment
management Empowerment
72 % 90 % To become operationally Secured green
Net Zero
certification for
Reduction in carbon
emissions from FY18
Share of renewable
energy in total energy (Scope 1, 2) within >20 million
Performance Diversity & FY24 Sq ft in FY23
consumption
analytics Inclusion
ESG FOCUS
AREAS
Renewable Biodiversity Social
energy
4,200 1,13,400+ 59 4L+

Employees Learning hours Employee net People benefited from
Circularity and EV promoter score CSR activities
materials integration
Governance
Water Energy
resilience efficiency
ESG
>50% Strong Robust Committee
Independent directors Risk management Policies, processes and Headed by an
framework internal controls Independent director
56 57
SUSTAINABILITY STRATEGY SUSTAINABILITY PERFORMANCE

‘Do Good, Do Well’
Our philosophy of doing business for greater good is at the core of our Sustainability Strategy. The comprehensive sustainability Asset Safety Avoided emissions Transparency & Reporting
strategy includes six focus areas under the E, S and G pillars. We view ESG issues as long term risks that carry opportunities for (Scope 4)
Progress Progress
long term value creation if addressed strategically. Our strategy helps us identify initiatives that enhance our impact and brings
Progress
together our larger set of stakeholders to partner in the journey with us. Completed physical climate risk Adopted Annual Integrated
analysis for scenarios SSP 2 and Working on electrification of buses Reporting and BRSR disclosures in
SSP 5 in city developments FY22
Comprehensive EV charging Participated in leading global

infrastructure provision across sustainability benchmarks and
Operations and assets projects received exceptional scores
Reduce, Reuse, (scope 1,2)
Recycle
Collaboration Progress
and Engagement
~90% renewable energy share in
Supply Chain Partners Enterprise Risk Management
Reduce Demand
(Active/Passive) Construction Activities and Standing Progress Progress
Product and Assets
Supply Chain Supply Chain ESG connect Put in place a well-defined
Operations (scope 3) Customers & Education & ~3MWp of on-site solar PV through self assessment surveys, Enterprise Risk Management
Green Mobility, and assets Partners Livelihood, Promoting installations active/work-in-progress awareness webinars and framework to proactively manage
Afforestation (scope 1,2) women in workforce implementation of suppliers code of key risks.
conduct
Implemented a comprehensive
Avoided
Risk Management policy that serves
Emissions
Decarbonisation as the bedrock of our sustainable
Conserve, (scope 4) Our Communities Communities growth with stability
Preserve, Stakeholder Product and Supply Chain
t Progress
Rejuvenate en S (scope 3)
m
oc
Water Launched Unnati program for

Environ
Progress
ial
Resilence Board Effectiveness

Do Good, women empowerment, Lodha
Resilience Launched Lodha Net Zero Urban Genius Programme in partnership
Do Well Our Accelerator, in partnership with RMI.
Progress
with Ashoka University
People Employees Series of initiatives in various stages Broad based the Board by
Go e
verna nc and Workers of development. inducting Ms Harita Gupta and
Asset Safety
Mr Rajeev Bakshi as Independent
Responsibility Partnered with Xynteo on Build Employees and Workers
Predictable & Directors
Analyse, Adapt, Learning & Growth Ahead coalition for decarbonizing
Sustainable Progress
Recover Health & well-being, India’s construction sector
Performance
Ethical Business Transparency Human Rights Increase in gender diversity,
Submitted science-based targets
Practices learning hours, safety performance
for verification to SBTi
and employee engagement
Board Enterprise Risk Secured green certification for
Code of Conduct, Effectiveness Best-in-class reporting,
Management >20msqft in FY23
Integrity, Fairness Benchmarking
Secured green finance through
SBI/kfW
Identify and mitigate

Board diversity and the key material risks
independence
58 59
Introducing
Our Capitals
Staying true to our purpose of ‘Building
a Better Life’ and benchmarking our
performance with the highest global
standards, we have put in place a multi- FINANCIAL INTELLECTUAL
CAPITAL 62 CAPITAL 118
capital, integrated approach in our
decision-making and disclosure practices. MANUFACTURED
CAPITAL 70
HUMAN
CAPITAL 136
This methodology helps our stakeholders
NATURAL SOCIAL AND
identify the most critical levers governing CAPITAL 96 RELATIONSHIP CAPITAL 158
long term value creation and preservation.

Shot at Lodha World Towers
Financial Capital Integrated Report 2022-23
FINANCIAL CAPITAL
PERFORMANCE HIGHLIGHTS Value Created and Distributed
Building value with J 120.6 Bn

Our approach to financial management is centred on utilising our assets and funds
in the most efficient and effective manner. By investing in the development of our
capabilities and maximising shareholder returns, we ensure that we are well-positioned
Sharp Focus on Capital

Pre-sales
to capitalise on opportunities for growth and value creation.
(in H Mn)
J 70.7 Bn
Efficiency
FY23
Net Debt Economic value generated
a. Revenue [Revenue from operations plus Other income] 96,112
Economic value distributed
31% b. Operating costs [Cost of projects* plus Other expenses plus
Depreciation & Amortisation]
61,692
Adjusted EBITDA Margin
c. Employee wages & benefits [Employee benefits expense] 4,239
d. Payments to provider of capital [Finance cost^] 13,890
e. Payments to Government [Current tax plus payment made 5,152
to government towards GST]
f. Community investments [CSR spends] 223
Net 10,916
g. Net GST collected from customers 2,311
Economic value retained [a-b-c-d-e-f+g] 13,227
*excluding interest expense included in cost of project

^ including interest expense included in cost of projects
Financial acumen helps us create a sturdy

springboard for ‘Building A Better Life’ and CAPITAL INTERLINKAGES
creating value for all. Prudent deployment Financial Capital
of financial capital across all business

segments helps us optimise returns on
Manufactured Human Social and Intellectual Natural
capital employed. Capital Capital Relationship Capital Capital Capital
Total construction J 4,238.8 mn Loyalty and referral Improved return on Resource optimisation
expenditure: business account for capital employed leading to a reduction
Our ongoing focus on creating a robust Employee benefit
expense 21.7% of overall (ROCE) with in capital expenditure
J 32.7 Bn
balance sheet while delivering growth is business the deployment
of innovative
critical for achieving our aim of delivering construction
sustained long term shareholder value. techniques
(GRI- 201-1)
62 63
SECURING FINANCIAL PROSPERITY
Pre-sales Momentum
We are experiencing strong sales

momentum and are working towards
Our brand is well recognised across
MMR and Pune. We are able to
Over medium to longer term, we would
also enter new Tier-1 cities in a calibrated
We believe that there is significant
room for growth in the markets where We are expanding our
presence in under represented
achieving predictable and consistent pre capitalise on this in the backdrop of a manner. Our strategy is to enter a new we operate, including MMR and Pune,
sales growth of over 20% annually. We consolidating industry by expanding in city 3-4 years prior to the period we with Bengaluru being a growth driver
micromarkets in a capital light

have formulated a two-pronged growth mirco markets where we earlier had expect that city to start contributing after 2-3 years. Typically, over time, we
strategy similar to a growing super-market limited presence. significantly to our pre-sales growth. target a market share of 15-20% in
chain. One, we want to grow in line During this ‘seed-phase’, our strategy each of the cities we operate.
with industry in the micro-markets,where This significantly de-risks our growth
strategy and makes our pre-sales growth
is to limit the number of projects and
Our commitment to delivering
manner in the backdrop of
we have a dominant market share of deliver them to showcase our capability.
20-30%. Two, similar to the growth in a more predictable even in a scenario
of industry slowdown following rising
This also helps us better understand the high-quality homes, combined
with our strong financial position
industry consolidation and
super market chain through new “store local ecosystem, build brand recall, and
addition”, we are also growing through
projects in new locations which we are
interest rates. Strong industry growth will
act as an additional tailwind to enable
strengthen our capabilities and know-
how. We would expand rapidly once the
and experienced management
team, positions us well to capture
on the strength of our well
adding in micro markets where we were
earlier not present.
us achieve our growth objectives. With
a strong reputation for quality and
brand is well established and the team
is in place. We executed this strategy in
opportunities for growth and value
creation.
recognised brand.
reliability, we have established ourselves Pune during the last decade and are now
as a significant beneficiary of this trend replicating it in Bengaluru.
and are well-positioned to continue to
capture a growing market share.
15%-20%
Target market share
in each of the cities
we operate
64 65
LODHA ASCENZA
Strong Track Record of

Profitability
We have a proven track record of robust Pre-Sales Collections Adjusted EBITDA Margins PAT* Margins Net Debt/Equity
profitability throughout cycles. We (in H Bn) (in H Bn) (in %) (in %) (Ratio)
remain committed to further enhancing
120.6 106.1 35 18 3.14
shareholder value through increasing
scale, consistent profitability and robust 31
balance sheet. 86.0 28
90.2
Our focus on operational excellence 13
has led to a consistently high adjusted
EBITDA margin of over 30%. We
are consistently de-leveraging on a 59.7 50.5
rising PAT margin trajectory to ensure
sustained profitability and value for 6
our stakeholders. Our target RoE of ~ 0.76
20% underscores our commitment to 0.56
delivering shareholder value through a
combination of operational excellence,
sustainable growth and sound financial
management. FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23
42% 45%
CAGR 34% CAGR 23%
YoY growth YoY growth
Revenues Adjusted EBITDA^ PAT* Net Debt RoE^^

(in H Bn) (in H Bn) (in H Bn) (in H Bn) (in %)
94.7 32.4 17.7 160.8 15

92.3
29.7 14
12.6
54.5 93.0
15.4
70.7
3.4
FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 FY21 FY22 FY23 FY22 FY23
32% 39% 128%

CAGR 3% CAGR (8%) CAGR 40%
YoY growth YoY growth YoY growth
^Adjusted EBITDA = EBITDA After
*PAT before the impact of forex and ^^ ROE = PAT excluding forex & exceptional items
grossing up of finance cost included in
exceptional items / Average networth of the period
the cost of projects
66 67
Financial Capital Integrated Report 2022-23
INCREASING SHAREHOLDER VALUE BUILDING ANNUITY STREAMS

WITH LOW INVESTMENTS
Asset Light Growth Model Annuity-like Cashflows from Sustainable Net Debt
Townships Enhancing Capital Annuity Cashflow through Digital Recurring Income from Property
We are implementing an asset-light Efficiency We believe that achieving sustainable Infrastructure Platform Management
growth strategy by capitalising on levels of net debt is essential for
our brand and leadership position We have established a steady source maintaining financial stability and We are developing digital infrastructure We are developing our property
to become a preferred partner for of ‘annuity like’ cashflow through the flexibility, enabling us to pursue our parks around our townships to create management and digital services
landowners through JDA projects development of townships. We are strategic objectives and create long-term jobs and encourage the residential business to generate recurring fees.
which have a high IRR profile due to currently developing two large township value for our stakeholders. We have business. This integrated approach Our facilities management business
low upfront capital investment. We see projects, Palava and Lodha Upper created a debt ceiling for us at 1x of towards developing townships allows is expected to grow due to the
JDA projects contributing ~40% of pre Thane, for which we have already paid Operating Cash Flow (OCF) or 0.5x of us to benefit from a virtuous cycle rising number of households in our
sales in the medium to longer term. This for the land. These projects generate a equity whichever is lower. We are likely of growth, with each project driving developments. We have a captive base
would greatly enhance our overall ROEs consistent cash flow with a cash margin to achieve this threshold in FY24. We demand for the other. This helps us of 60,000 households and it is likely to
helping us achieve our goal. of approximately 50% on sales. We have will however continue to reduce our net enhance the churn of our land asset and increase to around 250,000 by 2030.
introduced multiple product innovations, debt further to create a headroom which improve capital efficiency.
In the two years following our IPO in It provides us with a strong
including plotted development, can be utilised during a cyclical industry
2021, we have emerged as a partner of In addition to our ongoing efforts to understanding of our customers and
Crown (affordable housing), and slowdown, when opportunity to expand
choice for JDA projects because of our monetise land around our townships their spending patterns. Utilising this
Signet (boutique offices), to cater to a our business becomes available.
strong brand recall, diversified presence through the digital infrastructure vertical insight, we are now adding a digital
diversified customer base.
across price points, ability to quickly in FY23, we have also formed a joint layer to our facilities management
launch projects after land acquisition, With significant social infrastructure Dividend Distribution Policy venture with global investors such as business and creating a platform that
ability to sell units at the launch of (schools, hospitals, playgrounds, Bain Capital (India Opportunities Fund offers a range of services, and provide
A consistent and sustainable dividend
projects and during their construction places of worship) already created, SSA Scheme1), Ivanhoe Cambridge value-added services for our customers
payment can attract long-term investors,
phase (which increases the net present our townships are well established as to create a pan-India platform with staying in Lodha developments. We
increase their confidence and create
value of the project for land owners) preferred destinations for our customers. a planned investment of over USD 1 developed a mobile application based
long-term shareholder value. We have
and strong marketing and sales Our Palava township has a growing billion. Our equity contribution will digital platform which provides facility
established a dividend distribution policy
capabilities. We have added 12 new community of over 1,60,000 residents. largely be in the form of land assets that management, home improvement
with an aim to create shareholder value
projects with a GDV of ~ H 200.0 bn, With growing infrastructure creation in we would inject into the platform. products and services, real estate
and provide a return on investment
and our pipeline for future projects the vicinity, metro connectivity as well services (such as rental or resale), as
by distribution of ~15-20% of our The first project being developed under
remains robust. as rising economic activity on the back well as ‘near-commerce’ services to
consolidated post tax profit as dividend the Green Digital Infrastructure Platform
of our digital infrastructure vertical, homeowners at our developments.
to our shareholders. is a warehousing space at Palava on
We have a
Palava would see a steep jump in pre-
~ 110 acre land parcel, for marquee Over time, an opportunity to add a
sales in the medium term, leading to a The dividend policy also demonstrates
multinational companies. Over the next sizeable customer base will be created by
captive base
substantial accretion of cashflow. our commitment to a balanced
3-4 years, this platform will develop the onboarding of other developments
approach to capital allocation and
In addition to the ongoing and planned approximately 25 million square feet of non-competing developers that will
of 60,000
capital management.
area enough for next 5-7 years, we of logistics, warehousing and in-city generate significant recurring service
Our dividend have nearly 4,300 acres of strategic fulfilment centre, enabling us to earn and fee income. The technology and
distribution policy land reserves around our townships.
This land reserve can be utilised in a
annuity income. As the operating partner
for the platform, we will also generate
business teams are already in place, and
we have signed up with over 40 brands households
sets out parameters
for distribution of
combination of residential and digital
infrastructure segments depending
income in the form of asset management,
developer management, facility
to carry the initiative forward.
and it is likely
The digital services platform under the
between 15% to upon the demand trends such that
the land is converted into significant
management land acquisition fees. Given
short execution timelines, lower capex brand ‘BelleVie’ has currently been to increase
piloted in one of our developments
20% of consolidated
to around
visible cash-flow over the next 15-18 intensity and limited incremental capital
requirement, this is a capital efficient and would be launched across all
years. This will significantly enhance the
PAT as dividend to our projects in FY24. This presents a
250,000 by
capital efficiency of the Company, thus manner of generating annuity income
strategic business opportunity for us to
shareholders boosting ROEs. which was hitherto considered a capital-
diversify our revenue streams and create
intensive segment.
sustainable growth in the long run. 2030.
68 69
Manufactured Capital Integrated Report 2022-23
MANUFACTURED CAPITAL
As a leading real estate Company in PERFORMANCE HIGHLIGHTS
Global know-how India, we recognise our responsibility

to positively contribute to the imminent
socio-economic development of the 9.3 Mn. Sq. ft.
nation. Moreover, we seek to fulfil India’s
to build the best

Area completed
pledge to achieve net-zero emissions by
2070 and have set ambitious net zero
targets across our emission scopes (refer
our net zero roadmap on page 107).
28.0 Mn. Sq. ft.
Area under construction
We build sustainable developments with
a special focus on environment as well
as social impact. More than 20 million
sq ft of our developments are already 7.0 Mn. Sq. ft.
‘green’ certified, with over 30 million Ready unsold inventory
sq ft yet to be certified. Integration
of social infrastructure like schools,
healthcare, recreational centres, etc. in
our developments is also a key priority
1.8 Mn. Sq. ft.
Commercial rental assets ready or
for us.
under development area
We believe, our developments provide
residents a chance to enjoy a world-class
lifestyle despite living in a developing
country like India. It enables a mindset
15.3 Mn. Sq. ft.
shift that allows residents as well as Under-construction unsold inventory
visitors to gauge the true potential of
the country and in turn, our ability to
accomplish the extraordinary.
The vibrant universe of our assets and

product development activities represents
our Manufactured Capital, which has a
deep correlation with other capitals.
Our purpose of ‘Building A Better

Life’ drives everything that we CAPITAL INTERLINKAGES
create. It inspires us to utilise global Manufactured Capital
expertise to deliver the world’s finest

developments in India. Financial Human Social and Intellectual Natural
Capital Capital Relationship Capital Capital Capital
We have built a diversified portfolio of assets, 9.43 msft area Project sites governed Transforming the way Tunnelling through Reducing our
ranging from high-rise luxury apartments to sold with pre- sales
value of
by safety protocols we live and work, cost barriers for environmental
and ISO 45001- scoring high on innovation due to footprint across
large-scale integrated townships with best-in- H120.6 Bn 2018 certified. livability indices economies of scale project locations
class amenities through resource
optimisation and
conservation
(GRI 203-1, 203-2, 416-1, 417-1)
70 71
Completed area NURTURING A DIVERSIFIED

(msf) PORTFOLIO
Our residential, commercial, and
9.3
retail developments in Mumbai,
Pune, and Bengaluru reflect the
values of responsibility, efficiency, and
sustainability. Premium and luxury high-
quality residences developed by us are
offered across price points.
5.3
FY22 FY23
‘For sale’ Segment Projects Commercial ‘For lease’

(Largely Residential) Segment
Projects Projects
32 1
30 3
Planned Ongoing Planned Ongoing
Area (msf) Area (msf)

0.4
27.6
69.85 7.2
Planned Ongoing Planned Ongoing
Shot at LODHA BELMONDO
72 73
REVOLUTIONISING URBAN
LIVING India’s First Privately Planned 4,500 acres 1,60,000+ 60%
Integrated Smart City
Planned area Residents Open spaces
Palava - A Smart and

Sustainable City
Pulse
Palava is a futuristic and sustainable
smart city developed near Mumbai. Palava fosters and seeds arts, culture,
Utilising the best talent around the world and sports through a participative,
to bring global expertise to Palava, we citizen-driven process. The city has
have managed to build a city that is truly a goal of creating opportunities and
futuristic. experiences for the community. Each
neighbourhood is planned with a
Palava is a city built on a 5P framework clubhouse, school, temple, and retail
- Planned, Place, Pulse, Potential, and centres. Palava already has a 500,000
Prudent. Each of these pillars is designed sq ft mall with major international brands
to capture the best of global cities and for shopping and entertainment.
provide residents with a sustainable,
green, and smart living experience. Prudent
Planned Palava has been designed as a truly

sustainable city that reduces consumption
The city boasts low carbon of natural resources. The city ensures
developments with large green and 100% water recycling, lowered
open spaces and is in close proximity energy needs, and the use of efficient
to everyday essentials such as grocery appliances. We have also planted trees
stores, pharmacies, and schools within a for green cover that ensure the highest
5-minute walking distance. Air Quality Index, latest technology
systems, low flow water fixtures, 100%
waste management, and a wide range of
5-10-15 Principle environment-friendly mobility services. As
a result, Palava has one of the lowest per
capita water consumption in urban India,
The 5-10-15 principle prioritises low energy needs, largest private shuttle
the importance of having weekly fleet and its waste management plant is
necessities like shopping centres a ‘showcase’ for the local municipality. It
within a 5-minute walk and also has the best air quality in the MMR
entertainment venues within a region.
10-minute walking distance and
necessities like hospitals, banks, Potential
and government offices within a
15-minute walk. We have a strong focus on commercial
spaces and infrastructure for sectors
which have potential to create jobs
Place
and a strong economy within the city.
It is located in the heart of the triangle The key focus areas going forward for
of growth - Thane, Kalyan, and Navi Palava are offices, entertainment and
Mumbai. This bustling hub boasts tourism, education, industrial/logistics
excellent road connectivity and has park, media, services to support residents
access to all kinds of transportation and the workforce, and real estate
facilities and is set to witness significant construction and infrastructure. We also
infrastructural developments. Shot at PALAVA CITY aim to create at least one direct job per
household.
74 75
Xperia Mall - delivering a

premium retail experience
Xperia Mall provides a world-class retail Consistently Growing Footfalls Strategic Location with High Growth
experience to its customers and aims to Potential
continue expanding its offerings to cater Xperia Mall has witnessed a steady
to the growing demand in the region. It growth in footfalls, with current footfalls Xperia Mall is situated in one of the
is the only Grade A retail space located of approximately 0.6 million per month. fastest growing regions, and the
between Thane and Navi Mumbai, The mall’s popularity is attributed to catchment area population is expected
offering customers a premium shopping its impressive infrastructure, strategic to double in just five years. This provides
experience. The mall meets the demand location, and excellent retail mix. an excellent opportunity for the mall to
for quality retail in the catchment area tap into the growing consumer demand.
of Kalyan and Dombivali, making it an Fully Leased Mall with Marquee The mall’s location, proximity to major
ideal location for shoppers in the region. Tenants highways and public transportation, and
the bustling neighbourhood, make it an
The mall boasts a fully leased space attractive destination for shoppers.
with marquee tenants such as H&M,
15% Hamleys, Puma, Reliance Mart and
Growth in footfalls compared

Starbucks. These top-notch brands
provide a wide range of products and 0.6 Million
to pre-covid period services, ensuring that customers have Footfalls per month
access to everything they need under
one roof.
Shot at PALAVA CITY

Shot at XPERIA MALL
76 77
Lodha Upper Thane
Lodha Upper Thane is a 300 acre

integrated township nestled amidst lush
green surroundings, offering spacious
and picturesque homes with world-class
amenities. As we take pride in providing
dream lifestyles to thousands of
families, we also take our responsibility
towards the environment seriously. Our
sustainable design, construction, and
operations have created a project that
is not just a beautiful place to live but
also an oasis of sustainable living.
300+ acres
Planned area
10,000+
Residents
Lodha Upper Thane presents a diverse

range of amenities that cater to the
needs and desires of its esteemed
residents. The project offers an exquisite
Ganesh Temple, providing a serene
environment for prayer and meditation.
The luxurious clubhouse offers an
array of world-class recreational and
social activities such as swimming
pools, gymnasium, sports facilities,
multi-purpose hall, library and
cafeteria. Additionally, the project
offers well-maintained football and
cricket grounds that meet international
standards, equipped with practice
nets, changing rooms, and seating
areas for spectators. These amenities
are designed to provide residents with
a vibrant and active lifestyle, making
Lodha Upper Thane an ideal choice for
those seeking a luxurious, healthy and
comfortable living experience.
78 79
Strategic location
The luxurious
The project is situated in proximity to several important locations in
Mumbai and Thane, making it an ideal choice for those looking for clubhouse
easy connectivity to different parts of the city.
offers an array
of world-class
The project is located at a A proposed metro station is recreational
and social
distance of approximately 10 located in close proximity to the
km from Thane, and offers project and will provide residents
activities such as
amenities, including schools, with easy access to other parts of
hospitals, shopping centres, and Mumbai and Thane.
entertainment options.
swimming pools,
gymnasium,
sports facilities,
Thane Dombivli link road will
provide access to Dombivli railway
Samruddhi Mahamarg initiative by
government has further increased multi-purpose
hall, library and
station within 5 minutes. the connectivity of Lodha Upper
Thane with other cities.
cafeteria.
Building a greener future with We believe in minimising wastage solar panels for lighting common
sustainable design and construction of resources through sustainable areas and streets, reducing our
operations that ensure responsible dependence on grid electricity. We
Sustainable design is an integral management of water and waste. Our have also installed solar panels for
part of our development philosophy. waste water treatment plant recycles hot water, reducing our use of fossil
Our architects and engineers have water for non-potable use, while wet fuels. Additionally, our extensive green
implemented innovative solutions waste composting produces organic spaces, parks, gardens, and walking
to reduce the carbon footprint of fertiliser for our gardens. trails provide a space for residents to
our project. We use locally sourced connect with nature. Our rainwater
materials and manage construction Incorporating renewable energy is harvesting system collects rainwater,
waste responsibly. Our energy-efficient crucial to mitigating climate change, further reducing our dependence on
buildings maximise natural light and and we are proud to have installed freshwater sources.
ventilation, reducing the need for
artificial lighting and air conditioning,
creating a healthier living environment
for our residents.
80% IGBC 0.22 MWp

Open spaces gold rated of installed solar capacity
80 81
Digital Infrastructure
We are developing warehousing, The warehousing and logistics facilities

logistics, and light industrial facilities will provide modern and efficient storage Green Digital Infrastructure Platform
aimed at catering to the expanding solutions for businesses involved in
digital economy. e-commerce and other digital industries.
Our initiative is aligned with the The light industrial facilities will cater We partnered with Ivanhoe Cambridge and Bain Capital to invest in sustainable
government’s vision of creating a robust to startups and small businesses that warehousing and industrial facilities catering to the expanding digital economy. With
digital ecosystem, which is essential for require cost-effective office and industrial a combined investment of over USD 1 billion, the platform will be developing 25
India’s overall economic growth. spaces to grow their operations. Our million sqft of green and resilient facilities across India over the next 3-4 years. Our
facilities will be equipped with best-in- goal is to contribute to India’s ambitious target of reducing greenhouse gas emissions
class amenities and digital infrastructure, and being net zero by 2070.
300+ acres such as high-speed internet connectivity
and smart automation systems to support
Digital infrastructure park
the needs of the digital economy.
being developed
March - May
July 2021 2022
September September June

2019 2021 2022
Sold more than 55 Set up Green Digital

acres land to FM Infrastructure Platform
Logistics, Flyjac in partnership with
logistics and Aptar Ivanhoe Cambridge
Entered into a Entered into Signed up 1.1 mn
Pharma having & Bain Capital
49:51% JV with ESR 25:75% JV with sq ft to develop
development
to develop 1.8 mn Morgan Stanley to state of the art and
potential of 1.3
sq ft over 89 acres develop 1.9 mn sq second largest NDC
mn sq ft
ft across 72 acres for Skechers in Asia
LODHA INDUSTRIAL AND LOGISTICS PARK, Palava City
82 83
DESIGN AND PRODUCT Crafting Unique Experiences Comprehensive and Integrated

DEVELOPMENT Design Approach
Our designers look beyond housing and consider the All our design verticals - architecture, structure,
Making of the World’s Finest Developments
larger needs of residents and communities interwoven building services, facade, etc. - work cohesively,
We believe real estate is more than just building the proverbial four walls, it’s about ‘Building a Better Life’. with the urban realm. devoting time in a collaborative and iterative manner,
This is the ideology with which we have delivered some of the world’s finest developments that have become considering all life cycle aspects of the project. The
Each new project starts by respecting the natural team also takes inputs from construction and facilities
some of the most iconic addresses and the most desirable residences.
fabric - from contours, ground hydrology to the urban management for consistent improvement in product
integration with the larger metropolitan region. This design. This approach ensures that the building is
approach helps us deliver unique experiences where our designed to be environmentally sustainable, financially
Site Analysis and Ecosystem Preservation
residents develop thriving communities, which they call viable and functional for its intended purpose.
Our team performs a thorough site analysis before embarking on any project, taking into account the natural home with a deep sense of belonging and pride.
and social context, pre and post development. These elements are incorporated into the master plan, while
respecting the local ecosystem. This approach helps preserve the natural environment and reduce the impact
of construction on the surrounding area. Our developments integrate well with existing infrastructure and
ecosystems, providing convenient access to work, transportation, education, retail, and cultural activities.
Our site selection criteria:
We always strive to maximise green spaces which improve the aesthetic appeal of the development,
enhance biodiversity, reduce urban heat island effect, sequester carbon and provide numerous
environmental benefits.
Ensuring connectivity from Environment Impact Assessment (EIA)

education and work facilities and climate risk assessment (CRA)
World-class facilities and amenities Proximity to public transport facilities and

for an enriching experience green mobility infrastructure
Access to high-quality and reliable

utilities for convenience and comfort
LODHA PARK
84 85
Sustainability, with focus on environment, is central to our design

approach. Our sustainability strategy is built on the pillars of resilience Blue-Green infrastructure on our projects
include thoughtfully designed greenscapes
and decarbonisation. These are also embedded in our project design
through provisions related to asset safety, water resilience, reduction
along with preserved or aritificial water

in embodied carbon, passive designs, equipment efficiency, switch to
clean energy, green transportation and biodiversity preservation. All
our projects are designed to be green-rated with IGBC and USGBC
LEED ratings, as applicable. bodies to deliver an unmatched experience
of serenity and well-being.
Integrated Eco-System Living
Our projects are designed to be more

than simply a home; they are eco-
systems that give maximum liveability
components at one location and in an
integrated manner. Be it schools, offices,
club houses, sporting arenas, green
spaces, retail, and so on, they are all a
walk away.
Blue-Green infrastructure on our

projects include thoughtfully designed
greenscapes along with preserved
or aritificial water bodies to deliver
an unmatched experience of serenity
and well-being. It also helps mitigate
urban heat island effect which has
become a major problem with pervasive
urbanisation.
This ensures a superior quality of life

for residents who live in our projects. In
addition, as the key elements are within
or near the project itself, it significantly
minimises the need to travel. Our
pedestrian-friendly developments have
a positive impact on the environment as
well as on the health and well-being of
residents.
Shot at LODHA BELMONDO
86 87
Lodha Amara, a lush

40-acres oasis filled
with over thousands
trees and countless
experiences, ensures
its residents lead an
enriched life.
Shot at LODHA AMARA
88 89
OFFERING GREEN-CERTIFIED
BUILDINGS
9.5 mn sq. ft.
Residential, commercial and
Green building certifications play a industrial area certified
crucial role in promoting sustainable
development and resource conservation
in the real estate industry. These
certifications provide a framework
17.7 mn sq. ft.
for the design, construction, and
industrial area pre-certified
operation of environment-friendly
and resource-efficient buildings. By
achieving green building certifications, 100%
we demonstrate our commitment to of the portfolio to be green certified 28.3 mn sq. ft.
reduce the environmental impact of within FY24 Residential, commercial and
projects, improving the well-being of industrial area submitted for review
occupants, and contributing to the
global sustainability agenda.
1.75 mn sq. ft.
Commercial space certified by the
USGBC
20.6 mn sq. ft.
industrial area registered and in
process of submission
(all numbers in Mn. Sq. Ft.)
Certifying body Rating category Platinum Platinum Gold Gold Submitted

Certified Pre-Certified Certified Pre-Certified for Review
IGBC Green Homes - 1.06 - 0.18 7.3
Green Affordable
IGBC Housing - 8.55 - 0.41 4.5
Green Residential
IGBC Societies 5.48 - 1.58 - 14.64
Green Logistics Parks

IGBC and Warehouses - 5.88 - - 0.35
Green Existing
IGBC Buildings O&M - - - - 1.5
LEED India Core and

IGBC Shell - - 0.73 - -
USGBC LEED v4 BD+C - 1.44 1.75 0.22 -
Total 5.48 16.93 4.06 0.81 28.29
Grand Total 55.57
Shot at LODHA NEW CUFFE PARADE
90 91
Attributes that lead to higher green ratings GREEN MOBILITY
Feature Description We build infrastructure that promotes the use of sustainable transportation options and
Third in Asia with thus create communities that are eco-friendly and lead a healthy lifestyle. The integrated
Green Facilities, Operation Landscaping and greenery, efficient stormwater 5 Star Badge in sustainable transport model that includes bicycle lanes, pedestrian walkways, public
and Maintenance management, and pedestrian-friendly design for a transport and EV charging infrastructure enables last mile connectivity, thus reducing the
nature-friendly living environment. Easy access to the Development use of private motorised transport.
amenities and shared transportation. Benchmark of GRESB
2022
Water Management Wastewater treatment and reuse, efficient water
consumption measures that promote responsible
water usage.
Energy Conservation Design optimisation for energy performance,

with energy-efficient lighting, HVAC systems, and
building envelopes. Monitoring and optimisation
of common area energy consumption. Integration
of solar hot water systems.
Sustainable Materials and Use of locally sourced, eco-friendly materials Partnership with TILT Buses EV Charging Infrastructure
Resources including recycled materials. Emphasis on waste
management, recycling, and efficient disposal. We are building bicycle-friendly We have also taken steps to We promote green mobility by providing
infrastructure in our residential projects. promote public transportation in our charging infrastructure to our residents
All the projects are integrated with communities. We have developed for electric vehicles. We have also
dedicated bicycle lanes and parking residential projects in areas with easy partnered with Tata Power to provide
spaces for bicycles to encourage access to public transportation, such electric vehicle charging infrastructure
Indoor Environmental Use of low-emitting materials and efficient residents to use bicycles for commuting as metro stations and bus stops. This across our projects. With this initiative,
Quality ventilation systems for better air quality, thermal and recreational purposes. makes it easy for residents to use public we encourage the use of EVs and
comfort and natural lighting. transportation for their daily commute, support the government’s vision of
reducing the use of private vehicles and promoting clean energy in the country.
promoting a more sustainable lifestyle.
Social Aspects Creation of a community-centric living

environment with green open spaces, play
areas, and recreational facilities. Projects are
designed to provide easy access to differently- 1,90,000 13.7 million 97
abled residents. Rides enabled passenger-Km/annum Active common charging
Shared transport from stations across projects
private transport
190* 1,600 tCO2e

Bicycle parking spaces Emission reduction
constructed
*includes bicycle spaces inside the society area
92 93
BUILDING LIKE WE WOULD Comprehensive Quality Initiatives to improve quality

FOR OUR OWN Management System
Quality is at the forefront of our expectations. Our focus on quality Quality is about meeting technical We have taken various initiatives to ensure the highest quality:
operations and is critical to our success is reflected in every aspect of our standards and delivering exceptional
as a business. We are committed to operations, from our design and value to our customers. To this end, we
delivering high-quality products and construction processes to our customer have implemented a comprehensive
services that exceed our customer’s service and ongoing support. quality management system which
ensures that every aspect of our Standardisation and testing of Dedicated QA inspections team, armed We are constantly reviewing the materials
operations is geared towards exceeding materials to ensure they meet the Lodha with the latest devices and is trained to and construction process across all the
our customers’ needs and expectations. performance specifications before they identify root causes of quality lapses major elements of building, Civil, MEP,
We continuously evaluate our processes arrive on site. and recommend improvements to our Façade and Finishes to ensure long term
Employee Involvement processes. benefits to our customers.
and procedures to ensure they are
Managers involve everyone
effective, efficient, and aligned with our
Customer Focus quality objectives.
Exceed customer’s needs
We regularly seek feedback from our
customers and stakeholders to identify Dedicated training cell to work with Digitalisation of our QA / QC
Process Centered areas for improvement and use this vendors to ensure that the workforce process that defines the Lodha quality
Leaders understand feedback to drive our quality initiatives. clearly understands essential areas of expectations, which focuses not only
We also invest in our people, providing quality that are vital to Lodha and how to compliance but actual long-term quality
ongoing training and development achieve the desired objectives. benefits to our customers.
Communication
Effective, Clear, Open opportunities to ensure our team
members have the skills and knowledge It is the combined effort of our management process and teams working collaboratively on focused
needed to deliver high-quality products milestones which ensures we meet timelines.
and services.
Quality matters deeply to us and we are

committed to delivering products and
The 8 services that meet the highest quality
principles of standards. We will continue to focus on
total quality quality in all operations and strive for
management continuous improvement to remain a
leader in our industry.
Design
& Cost
Integrated System
Managers see inter-relation
Decision Quality
Facts, Data, Observation
Execution Procurement
Strategic Thinking
Leaders align Goals
Improvement
Continual & Incremental
94 95
Natural Capital Integrated Report 2022-23
NATURAL CAPITAL
Our sustainability efforts focus on PERFORMANCE HIGHLIGHTS
Creating a better planet for mitigating climate risks by leveraging

innovative technologies, cultivating
strategic partnerships, and streamlining ~72% ~55,000 Tonnes
future generations operations. Through our holistic

approach, we strive to not only
Reduction in absolute GHG
emissions since FY18
Of construction waste reused in
backfilling
minimise our energy consumption and
emissions, but also contribute positively ~4,500 Tonnes
to the communities where we operate,
fostering a harmonious balance between
90% Of waste recycled
Share of renewable energy in the
development and environmental
total energy being consumed
stewardship.
To achieve sustainable growth, we

have adopted various initiatives to
enhance energy efficiency, develop
100%
Energy used in common areas of
low-carbon solutions, increase the share
our standing assets comes from
of renewable energy in our energy mix,
renewable sources
reduce our emissions intensity, and
manage water resources responsibly.
These measures are integrated into our
planning processes and are applied 42 MLD
throughout the project life cycle. Capacity of STPs installed across
our projects
Our aim is to create a positive impact
on the environment, while providing
sustainable workspaces and residences
for the customers.
CAPITAL INTERLINKAGES
We are resolute in continuing our efforts Natural Capital

of building a sustainable future for all
and demonstrating that it is possible to
decouple growth and emissions. Human Capital Financial
Capital
Manufactured
Capital
Intellectual
Capital
Social and
Relationship Capital
248 Sustainability Investment to reduce Use of recycled Development of Greening the supply
We are committed to protecting and nurturing the champions identified our dependence on materials, embodied sustainable solutions chain and creating
to fast-track the natural resources by carbon reduction, as a part of our sustainable urban
environment in line with our strategy of ‘Building a implementation of moving to renewable and promoting larger initiative, habitats
Better Life.’ Considering the escalating risks posed by initiatives energy. circular economy ‘Lodha Net Zero
Urban Accelerator’
climate change, our sustainability strategy rests on in partnership with
the pillars of resilience and decarbonisation. Rocky Mountain
Institute.
(GRI 302-1, 301-3, 302-3, 303-1, 303-2, 303-4, 304 2, 305-1, 305-3; 307-1)
96 97
ENVIRONMENTAL
SUSTAINABILITY STRATEGY , Adapt, Recov
l y se
Ana er
Buildings and infrastructure leave an Developing sustainable and resilient to lower emissions in our supply chain
imprint on the planet that could last for assets is imperative in today’s evolving and product usage. Lodha Net Zero
decades. We are committed to building landscape, considering the escalating Urban Accelerator (in partnership with Asset Safety
sustainably, to ensure a better life for us, risks posed by climate change. We have RMI), is our flagship decarbonisation
and the generations to come. The real centred our efforts on mitigating these initiative, which is detailed on page 130,
estate industry will play a pivotal role risks through climate conscious design, under the Intellectual Capital.
in the global transition to a low carbon leveraging innovative technologies,
future. Our vision is to lead this transition cultivating strategic partnerships, and Through our holistic approach, we
strive to contribute positively to the Resilience
by demonstrating that it is possible to streamlining operations.
decouple growth and emissions. areas where we operate, fostering
On our decarbonisation journey, we aim a harmonious balance between
Our environmental sustainability strategy to become operationally Net Zero (scope development and environmental
is designed to address the current 1,2 emissions) within FY24 and remain stewardship.
critical issues, through defined focus committed to create a climate positive Wate e
r Resilenc
areas under two foundational pillars – ecosystem through our continued efforts
Resilience and Decarbonisation. Co
n se e
rv e , nat
Preserve, Rejuve
Environmental Sustainability
and (Active/P
Dem ass
ce iv e
edu )
R
nd assets (sco
n sa pe
a tio
1,
er
2)
Op
Pro
du
ns (sc pe 4)
c t an d S u p p
Decarbonisation
Reduce
io
ly
iss
,R
Ch
m
ai
e
E
u
n(
ed
se
sco
Avoid
,R
p e 3)
ec
yc
le
Shot at LODHA SPLENDORA
98 99
RESILIENCE Some of the key observations from the physical climate risk assessment and scenario The study identified climate impacts for
analysis are as follows: our projects for the next 70 years (until
2100). Basis this, we are exploring
Global impact of climate change has
started to become evident, more so in
Asset Safety – Climate Risk
Management We undertake Physical risk Observation and have already implemented
adaptation strategies for combatting
proactive
the real estate industry, where it poses
risks to both properties and businesses. Climate change, in the medium to climate change impacts and improving
resilience, for the projects and their
measures to
We take proactive measures to mitigate long term will result in the rise of
the impact of these risks and strive to physical calamities (floods, cyclone, immediate surroundings, at 100% of
develop assets that are resilient to the heat stress, water stress, etc.) and will our existing and new operations.
changing environment. Our efforts have profound impact on properties mitigate the • New buildings to design passage
towards this include transitioning to and businesses. We take measures to Number of days with maximum temperature
green buildings, optimising water usage, mitigate the threat by considering climate impact of these above 35°C will invariably increase across
of water along specific flow routes
in line with existing topography
and designing buildings considering the risk parameters during the design and Mumbai Metropolitan Region; however, Pune
climate change parameters. construction phases of our projects. risks and aim Heat days will have negligible impact • Reduction in urban heat island
effect through plantation, reflective
to develop surfaces and other means
Climate Risk assets that are • Higher plinth level of new

Flood risk will increase in Mumbai if the urban
Assessment buildings, and more robust
resilient to spatial planning is not effectively envisaged with

improved and smart drainage systems, while
construction
the changing
We conducted a physical climate of the raw climate model outputs was Precipitation and rapid urbanisation continues unabated. • Building sustainable drainage
risk assessment study for some of the done to produce climate projections pluvial flood systems. Installation of porous
paving and reducing the scope of
geographies where we operate, to
understand how they are likely to be
that are better suited to local
meteorological data. environment. hard surfaces
affected by present and future climate Mumbai will encounter low to moderate water
change. Data from two future climate • Enhancing natural light and
stress, while the water stress will be higher in Pune. ventilation. Effective thermal
scenarios i.e., Shared Socioeconomic
Region-specific data was assessed Pathways (SSP 2 - medium emissions comfort strategies
to review historical trends (for last scenario & SSP 5 - high emissions Water stress
30 years) as well as to understand if scenario) until 2100 were used for • Installation of impact glass (heavy
a location is prone to climate risks this study. wind resistance) for windows and
While there is increased cyclone activity in the
while considering future projections doors
The scenarios considered in our Arabian Sea, Mumbai is still only at a medium risk
(2020-2100). Historical and
study corresponded to a 2.70 from cyclones We have also presented the forecast
future climate data (gridded) were
collected from Indian Meteorological increase (SSP2) and 4.40 increase Cyclone climate data through a climate risk
Department (IMD)1 and Earth System (SSP5). The study looked at a total toolkit for our designers to consider
Grid Federation (ESGF)2. The Indian of 18 precipitation and temperature while designing new projects. This
Institute of Tropical Meteorology indices for the assessment including: scientific approach helps us quantify
Floods caused due to sea level rise are observed
Earth System Model (IITM-ESM), simple daily intensity index, max the impact in a non-speculative
only in SSP 5 scenario and likelihood of impact of
developed recently at Centre for 5-day precipitation, consecutive dry manner. We plan to recalibrate this
sea level rise in SSP 2 is negligible.
Climate Change Research, was days, hot days, and cooling degree every few years and include new
days. The indices were calculated Sea level rise
used for this study. The IITM-ESM is geographies where our projects are
the first climate model from India on annual basis until 2100. Based located.
that is participating in the Coupled on maximum 1-day rainfall data,
Modelling Intercomparison Project- Intensity–duration–frequency (IDF)
Phase 6 (CMIP6) experiments relationship curves were developed
required for the Intergovernmental for all the project locations. We also
Panel on Climate Change (IPCC) 6th assessed sea level rise risk to our
Assessment Report.3 Bias-correction project sites.
1
www.imdpune.gov.in/Clim_Pred_LRF_New/Grided_Data_Download.html
2
www.esgf-node.llnl.gov/search/cmip6/
3
www.cccr.tropmet.res.in/home/clim_esm_one.jsp
100 101
Conserve Preserve Rejuvenate
Water Management Approach Water Management

and Measures • We have implemented various • To ensure the sanctity of our • We strive to rejuvenate water
Parameter FY 2022-23 FY 2021-22 measures such as the use of natural water resources, it is sources by improving the ground
It is imperative to have access to Water withdrawal by source low flow fixtures, aerators, and imperative to treat water to the hydrology of the site through
clean and safe water. As part of our (in kilolitres) pressure reducing valves to reduce highest possible standards before rainwater harvesting and
commitment to the UN Sustainable water demand. We regularly discharging it into water bodies. groundwater recharging. We
(i) Surface water 0 1,45,039
Development Goal of ensuring access monitor our water usage and work capture and store rainwater runoff
(ii) Groundwater 0 0 • We deploy filtration chambers and
to water and sanitation, we strive to use with our stakeholders to promote from rooftops, parking lots, and
(iii) Third party water 5,62,873 5,11,039 water conservation practices. oil interceptors in our drainage other impervious surfaces, to make
water resources efficiently and effectively.
(iv) Seawater / desalinated water 0 0 systems to prevent contaminated effective utilisation of water. To
We adopt an integrated approach to
(v) Others (Treated water) 0 0 • We treat the sewage and recycle water from making its way into recharge groundwater, rainwater
optimise utilisation of water resources.
the water for secondary uses like natural water bodies. is allowed to seep through the
Total volume of water withdrawal 5,62,873 6,56,078
flushing toilets, irrigation, and soil and percolate down to the
(in kilolitres) (i + ii + iii + iv + v) • We undertake flood risk assessments
cooling towers. These help to groundwater table.
Total volume of water consumption 5,62,873 6,56,078 on our properties and deploy
23 ML (in kilolitres)
reduce the demand for freshwater,
thereby conserving water both passive and active measures • We minimise the amount of
Reduction in water Water intensity per rupee of turnover 59.44 71.06 resources. to protect our properties and run-off by avoiding excessive
consumption in fiscal year (Water consumed / turnover) underground reservoirs from floods concretisation in urban areas
(kl per crore H of revenue) • We also conduct instructive and contamination. This helps us and instead promote softer
Project development water consumption 50 93 workshops regarding water uphold our commitment to the health landscaping with abundant
intensity (KL/thousand sqft constructed area ) conservation, with a focus on the and well-being of our communities, greenery. This approach helps
preservation of rainwater. safeguarding them against the perils preserve and maintain the
Standing assets water consumption intensity 118 88
of water-borne diseases. natural ground hydrology.
(KL/thousand sqft leased area)
Note : The water withdrawal is same as our water consumption.
Water Sourcing
Construction Sites Standing Assets New Construction
Our construction operations The primary source of water We have installed STPs in all of
rely predominantly on external utilised at our facilities is our developments to meticulously
sources of water, such as derived from the municipal treat sewage and waste water,
municipalities or tanker supply. A significant portion of thereby ensuring that the treated
services. We are currently trying our properties are integrated water is recycled for secondary
to minimise dependence on within a larger master purposes such as flushing,
outside sources by implementing development, interconnected irrigation, HVAC make-up, and
measures that involve utilisation with the township or city’s STPs. construction requirements in
of collected rainwater, wherever larger-scale projects. We have
possible, and procuring surplus Secondary water demand for established rainwater harvesting
water from the permanent commercial ventures often infrastructure across all our
Sewage Treatment Plants (STPs) surpasses the treatment capacity projects which serves a dual
of completed phases of given of a solitary STP. In such a purpose of enhancing ground
master developments. We also scenario, we procure the surplus hydrology and storing water for
track water use intensities during treated water from the broader utilisation during non-monsoon
construction and aim to limit developments. months, thus preserving this
water usage within 125 l/sq ft of precious resource.
new construction by 2025.
Shot at PALAVA CITY
102 103
42 MLD
Water Consumption and Intensity DECARBONISATION
Sewage water being 30,00,000 350.00 Real estate sector is a significant contributor
recycled at our projects to global greenhouse gas emissions. We Reducing demand
Energy Consumption
300.00 have proactively implemented measures
everyday 25,00,000
Kilolitre/’000sqft
250.00 to reduce our carbon footprint across all
scopes of emissions.
Kilolitre
20,00,000 Clean energy switch
80,000 m /day
3
15,00,000
200.00
Through low embodied carbon designs and
150.00 use of eco-friendly materials, reduction in
Installed Rainwater Harvesting Sequestering residual
10,00,000 demand by passive design measures and energy needs
capacity at our projects 100.00
equipment efficiency, and renewable energy
5,00,000 50.00 transition, we undertake a comprehensive Abate Transition Neutralise
23,000 KL - -
approach to lower our value chain
emissions, thereby moving towards creating
FY20 FY21 FY22 FY23
Treated water used in a climate positive ecosystem.
construction activities in FY23 With Lodha Net Zero Urban Accelerator, we aim to maximise the real estate sector’s
Standing assets Water Consumption in KL
Our three-pronged approach employs contribution toward India’s 2070 net-zero emissions target while increasing resilience,
Project development Water Consumption in KL
various methods to bring down our overall health, affordability, and energy services. The Accelerator will support five categories of
Project development Water Intesity (KL/thousand sqft constructed area) energy consumption, which includes initiatives that can enhance the sustainability impact of the urban real estate ecosystem
Standing assets Water Intensity (KL/ thousand sqft leased area) reducing energy demand by using passive across materials and construction, passive design, ultra-efficient equipment, clean
Linear (Project development Water Intesity (KL/thousand sqft constructed area)) design features, transitioning to cleaner energy, and zero-carbon mobility oversight/review and monitoring process for our low-
Linear (Standing assets Water Intensity (KL/ thousand sqft leased area)) sources of energy, and sequestering the carbon transition plan. More details about the Accelerator are given in the Intellectual
residual energy needs. Capital chapter of this report on page 118.
104 105
GHG emissions Net Zero Carbon Roadmap

Parameter Unit FY2022-23 FY2021-22
Emissions Scope 1, 2 Scope 3
Scope 1 1
tCO2e 1,588 1,135 Category
Scope 22
Location - based tCO2e 19,910 16,375 Net Zero targets Accelerated decarbonisation trajectory Long term: Emissions reduction pathway aligned with
Market - based tCO2e 8,362 14,277 (SBTi targets)** with a target of getting to Net Zero 1.5 degC goal, i.e. achieving net zero by 2050
Scope 3 by 2027*
Short-term: Achieving 51% reduction in Scope 3 emission intensities
Category 1 - Purchased goods 3,29,847 2,28,339 by 2030
Category 4 - Upstream transportation and distribution tCO2e 1,804 1,283
Key emission Corporate operations Materials and Emissions during
Category 6 - Business travel tCO2e 878 210
categories and assets supply chain the use of product
Category 7 - Employee commuting tCO2e 2,294 1,822
% share of
Category 11 - Use of sold products tCO2e 5,78,380 5,39,213
overall emissions 1% 35% 62%
Category 13 - Downstream leased assets tCO2e 7,008 5,167
Subtotal emission (Scope 3) tCO2e 9,20,211 7,76,0343
Scope 1+ Scope 2 Emissions (Market - based) tCO2e 9,949 15,412 Strategy/ Scope 1: Scope 3 (Upstream): Scope 3 (Downstream):
Total emissions (Scope 1+2+3) (Market - based) tCO2e 9,30,161 7,91,446 Initiatives
• Limiting usage of diesel generators • Focusing primarily on • Climate conscious passive
Scope 1 and Scope 2 emission intensity per rupee of turnover tCO2e/H Crore 1.05 1.67
• Use of low Global Warming cement, concrete, steel, designs with lower overall
Scope 3 emission intensity (tCo2e per sqm of area developed) tCO2e/sqm 106.86 130.14
Potential (GWP) refrigerants aluminium and blockwork energy demand
Notes: related emissions as they • Considering efficiency as a
• Investing in high quality
1
The emission factors for fuel are taken from the DEFRA (Department for Environment, Food and Rural Affairs) database. constitute the significant first resource
REDD+ Carbon Credits
2
The emission factor considered for non-renewable purchased electricity is 0.815 tCO2e/MWh (as per CEA CO2 baseline database). portion in the overall
• Enhancing efficiency by
3
Scope 3 emissions for FY22 have been revised (and increased) because we have moved to lifecycle emissions approach from annual emissions appraoch which was Scope 2: embodied carbon of a typical
scheduling and optimizing
considered last year. building
• 100% renewable energy transition plant, equipment usage,
• Using low carbon concrete use of high efficiency
through direct purchase of renewable
mixes equipment
energy or through on-site renewable
energy generation • Promote circularity by • Preventive maintenance,
GHG Emissions and Intensity reducing material waste and
• Enhancing efficiency by scheduling and asset performance
using materials with high monitoring and controls
Scope 1,2 Emissions and Intensity optimizing plant, equipment usage,
recycled content
use of high efficiency equipment • Clean Energy Procurement
• Preventive maintenance, asset Multi-Year Plan
40,000 10.00
performance monitoring and controls • Engagement with end-
35,000 9.00
• Transitioning to 100% on-site renewable users for energy efficient
8.00 behavioural shift
30,000 energy generation to involve installation
tCO2e/’000sqft
7.00 of solar plants on our sites

tCO2e
25,000 6.00
Progress • Anticipating to become operationally • Piloted higher GGBS content • Launched Lodha Net Zero
20,000 5.00 Net Zero (scope 1, 2) by FY24 cement mix; Planning LC2/3 Urban Accelerator, in
15,000 4.00 • Renewable energy transition at 90% of pilot in FY24 partnership with RMI. Series
3.00 our construction sites and standing assets • Developed central formwork of initiatives in various
10,000 yard to reduce significant stages of development.
2.00 • ~1.6MWp of on site renewable
5,000 generation capacity Aluminum related emissions • Partnered with Xynteo on
1.00
• Standardising a green materials Build Ahead coalition
0 0.00 for decarbonizing India’s
FY19 FY20 FY21 FY22 FY23 palette that can be used across
projects construction sector
Scope 1,2 Emissions (Standing assets) • Secured green certification
for >20msqft in FY23
Scope 1,2 Emissions (Project development)
Project development emissions intensity (tCO2e/thousand sqft constructed area) *We have brought forward our target from 2027 to 2024
Standing assets emissions intensity (tCO2e/thousand sqft leased area) **Submitted for validation
Linear (Project development emissions intensity (tCO2e/thousand sqft constructed area))

Linear (Standing assets emissions intensity (tCO2e/thousand sqft leased area))
106 107
Energy Consumption and Intensity Carbon Pricing

Lifecycle Analysis
1,80,000 37.00 Our internal carbon price of US$40 per
for Embodied tCO2e guides us to reduce greenhouse
1,60,000
Carbon Reduction 1,40,000
32.00 gas emissions and invest in low-carbon
alternatives.
GJ/’000sqft
1,20,000 27.00
Our life-cycle analysis (LCA) on a few representative projects helped us to establish our embodied carbon emissions and identify The price of our internal carbon is
GJ
1,00,000
critical categories for faster decarbonisation. Our focus is on reducing embodied carbon by interventions such as design and 22.00 higher than the current market price for
construction methods where we have higher degree of influence and control. 80,000 carbon offsets and it demonstrates our
60,000 17.00 commitment to take a leadership role
We adopt a lifecycle approach to reducing carbon emissions. Recent studies show that our embedded carbon is typically in the in promoting sustainable development
40,000
range of ~35%, construction-related emissions are 1%, and ~62% of lifecycle emissions occur during product usage. Our findings 12.00 practices, even in the absence of
from the study point to an embodied carbon intensity between 400 and 500 kgCO2e/sqm. 20,000
regulatory or policy incentives to do so.
0 7.00
We are primarily focusing on cement, concrete, steel, aluminium and blockwork related emissions as they constitute the significant FY19 FY20 FY21 FY22 FY23 By setting an internal carbon price, we
portion in the overall embodied carbon of a typical building. In an effort to reduce supply chain emissions, we continue to interact are essentially factoring in the cost of
with the industry and other important stakeholder groups. Our participation in the Build Ahead coalition is also a step in that Renewable energy consumption in GJ
carbon emissions into our decision-
direction. Non renewable energy consumption in GJ making processes. This means that we
For details please refer Project development energy intensity (GJ/thousand sqft of area constructed) consider the environmental impact of
Intellectual Capital page 118 Standing assets energy intensity (GJ/thousand sqft leased area) our activities and investments and factor
Linear (Project development energy intensity (GJ/thousand sqft of area constructed)) in the cost of reducing emissions or
Linear (Standing assets energy intensity (GJ/thousand sqft leased area)) purchasing high quality carbon offsets
while evaluating the financial viability of
Energy Consumption a project.
Parameter Unit FY22-23 FY21-22
Renewable energy share in overall purchased electricity
Total electricity consumption (A=A1+A2+A3) GJ 92,594 80,526 (across construction sites or standing assets)
Purchased electricity (Non Renewable) A1 GJ 36,936 65,602
100% 100%
Purchased electricity (Renewable) A2 GJ 51,009 9,557 95% 90% 100%
90% 91% 90% 90%
Onsite generation (Renewable) A3 GJ 4,649 5,907
80% 80%
Scope1, Scope 2 emissions, %

Total fuel consumption (B=B1+B2) GJ 8,317 3,237
Renewable energy share, %

74% 67%
70% 70%
DG Fuel B1 GJ 6610 2,409
60% 59% 60%
Vehicle Fuel B2 GJ 1,708 828 50%
50% 50% 50%
Energy consumption through other sources (C) GJ 0 0.24 41%
Total energy consumption (A+B+C) GJ 1,00,911 83,764 40% 40%
33%
26%
Energy Intensity Total/Revenue GJ/H Crore 10.66 9.07 30% 30%
Energy intensity (construction sites) GJ/thousand sqft 20% 20%

9% 10% 10%
area constructed 6.47 9.37 10% 5% 5% 10%
Energy intensity (standing assets) GJ/thousand sqft 0% 0%
area leased 31.89 24.10
M 20
M 20
Ju 0
Se 20
N 20
Ja 20
M 21
M 21
Ju 1
Se 1
N 21
Ja 20
M 22
M 22
Ju 2
Se 22
N 22
Ja 22
M 23
M 23
Ju 3
Se 23
N 23
Ja 23
M 24
24
2
2
l2
2
n
ar
ay
l
p
ov
n
ar
ay
p
ov
n
ar
ay
l
p
ov
n
ar
ay
l
p
ov
n
ar
Ja Month
Share of renewable energy in the total energy consumption, %
Expected share of renewable energy in the total energy consumption in FY24, %
Scope 1 and Scope 2 emissions
Expected trend of Scope 1 and Scope 2 emissions
108 109
WASTE MANAGEMENT
APPROACH AND MEASURES
Palava – Powered
by Solar Energy
Renewable energy in
Our commitment to responsible waste
management is part of our broader
In addition, we encourage the reuse of
applicable waste in various ways such 68%
construction activities: Sales galleries running sustainability strategy. We recognise as backfilling, finishing the back of the Of the waste generated is reused
Palava City is a modern urban on solar power: the importance of responsible waste house areas, construction logistics,
development that has embraced
the use of renewable energy in
100% Lodha Premier sales gallery management and are taking a proactive
approach by engaging in recycling and
and temporary offices. By promoting
the reuse of waste, we reduce our
its quest to become a sustainable
and eco-friendly living space. By
Renewable energy
(3060 MWh) used
is powered entirely by solar
energy, with a total of waste management projects and scaling environmental impact while also creating 5%
up our waste-to-energy initiative plan. value from waste that would have been
implementing innovative solar
technology solutions, the city
in the construction
process in Palava City 200 kW Most of the waste generated within our
otherwise discarded.
Of the waste generated is recycled
installation capacity.
has been able to minimise its organisational boundary comes from
environmental impact and create our construction sites and some from our
a cleaner, greener living space for offices and standing assets. We engage Waste Management
its residents. with authorised agencies and recyclers to
FY 2022-23 FY 2021-22
process all applicable waste streams.
Palava City has successfully Parameter (Current (Previous
created a cleaner and greener We also enable the residents on our Financial Year) Financial Year)
living environment for its residents projects to undertake effective waste Waste category Total Waste Total Waste
through the strategic integration Solar Hot Transition of residential management through provision of generated (in generated (in
of solar power. Water Panels: societies to solar power: waste management infrastructure like metric tonnes) metric tonnes)
organic waste management plants, A. Plastic waste 31.88 46.44
Solar hot Palava’s residential societies
are successfully transitioning
waste collection centres as well as
running awareness programmes on
B. E-waste 0.01 9.00
water systems to on-site waste segregation, recycling and its

C.
D.
Bio-medical waste
Construction and demolition waste1
0.08
81,370.29
0.13
2,229.88
are also deployed across rooftop environmental impact. E. Battery waste2 NA NA
residential terraces to further
reduce the overall electricity solar power Construction Waste F.
G.
Radioactive waste
Other Hazardous waste. (Thermcol,
0
7.05
0
2.84
demand of the residential for their common area energy We have adopted a 3R Approach to Chemicals, etc.)
developments. needs. The installed capacity waste management — Reduce, Reuse, H. Other Non-hazardous waste generated 359.37 7.42
of solar power on Palava’s and Recycle. Through our initiatives, we Organic Waste, Miscellaneous waste
residential societies so far is minimise waste sent to landfills and also Total (A+B + C + D + E + F + G+ H) 81,768.68 2,295.71
~4 MW. reduce greenhouse gas emissions as For each category of waste generated, total waste recovered through
well. We are reducing waste by setting recycling, re-using or other recovery operations (in metric tonnes)
limits in applicable categories and Category of waste
minimising waste generation. Our target i. Recycled 4,560.07 2,292.73
is to divert more than 90% of waste from ii. Re-used 55,413.14 0
landfills by 2025, this includes the waste iii. Other recovery operations 0 0
generated at each of our construction Total 59,973.21 2,292.73
sites as well as on our standing assets.
For each category of waste generated, total waste disposed by nature of
We also prioritise waste segregation
disposal method (in metric tonnes)
and engage with agencies to manage
Category of waste
recyclable waste streams effectively.
i. Incineration 0 0
ii. Landfilling 21,788.33 0
iii. Other disposal operations 7.14 2.97
Total 21,795.47 2.97
90% 1
We started measuring the debris and soil waste from FY23. FY22 numbers do not include the debris and soil
Of waste to be diverted from landfills waste.
Sales gallery powered
by 2025 2
All batteries are covered under a buyback program with the vendors. Therefore, battery waste is not measured.
entirely by solar energy
110 111
Solid Waste Management Plants POLLUTION CONTROL
We recognise that organic waste, We have implemented an effective set of pollution control measures at our
when disposed of improperly, can construction sites that minimise the adverse impact of our operations on the
contribute to environmental degradation environment.
and greenhouse gas emissions.
We have implemented organic
waste management systems such as Land Contamination
Energy Conservation Air pollution control
composters or biomethanation plants at Prevention
all our projects to ensure that 100% of
wet garbage is processed. This organic To prevent land contamination, we have We have installed transparent roof sheets We employ an external agency to
waste processing results in nutrient-rich constructed bund walls to collect cement at material store roofs to maximise the regularly monitor environmental
byproducts that can be used to improve slurry, ensuring spills are contained utilisation of natural daylight, reducing parameters, such as air sampling, noise
soil quality and promote plant growth. within designated areas. We have also the need for artificial lighting and emission, and diesel generator stack
established a sump pit and containment lowering overall energy consumption. emissions, to ensure compliance with
We have installed over 25 tonnes zone for the concrete pump to minimise MPCB/CPCB limits.
tonnes of solid waste management waste and keep the worksite clean.
plants at various sites. These plants
process organic waste and help manage
other waste streams as well. Our
biomethenation plants are self-sustaining Dust Emission Control Waste Management Top Soil Preservation
in terms of energy usage and can
generate enough energy from the waste Recognizing the importance of We convert non-hazardous food We are committed to preserving topsoil
they process to meet their operational controlling dust emissions, we have waste into compost manure, which is at our project sites. This practice helps
energy requirements. installed a double layer of 120 GSM used for on-site gardening, reducing maintain soil fertility, prevent erosion and
monofilament vertical netting throughout waste and promoting a sustainable preserve vital nutrients.
Awareness Campaigns our buildings. This netting effectively environment. Furthermore, we have
traps dust particles, preventing them implemented a waste segregation yard
Our goal is to create a culture of Upcycled plastic was used to create school benches for students at Khoni from spreading to the surrounding with color-coded categories for efficient
sustainability which extends beyond our Zilla Parishad School. environment. Additionally, we utilise waste management, and we dispose
projects to the wider community. We water sprinklers on grinding surfaces of hazardous waste following MPCB
conduct workshops on waste segregation and during excavation activities, as well guidelines and authorised vendors.
and management, and implement these as water suppression across the site to
measures at societies. Through these Our efforts are focused on encouraging We understand that electronic waste mitigate dust emissions.
programmes, we aim to raise awareness our residents to play an active role in contains hazardous materials that can
among our residents about the benefits reducing their environmental impact be harmful to the environment and
of waste reduction and recycling, and and contributing to a more sustainable human health, and we encourage our Community Outreach and
Noise Pollution Mitigation Water Management
provide them with the necessary tools future. stakeholders to recycle their e-waste Environmental Stewardship
and resources to segregate waste and properly. Campaigns were also
In FY23, we organised a waste collection conducted to raise awareness about Understanding the importance of We use treated water from the sewage
participate in recycling programmes. We regularly clean public roads to
drive at all our properties. The 309 kgs of the importance of responsible e-waste maintaining a peaceful environment for treatment plant for dust control, minimise dust emissions caused by
plastic collected along with the continuous disposal. nearby residents and wildlife, we have horticulture, and construction-related continuous vehicular movement. We also
collection of tetra packs were upcyled to taken several steps to minimise noise activities, reducing the consumption of conduct tree plantation drives across our
make 100 school benches which were pollution. We have installed acoustic natural water resources. projects to promote greener construction
donated to the students of the Khoni panels along the project boundaries sites and improve the surrounding
Zilla Parishad School as a part of their and around diesel generators to absorb environment.
infrastructure upgradation. sound and dampen noise generated by
construction activities and machinery.
Additionally, we use rubber hammers for
hammering Mivan wall panels to further
reduce noise emissions.
112 113
BIODIVERSITY APPROACH AND MEASURES

Biodiversity is not just a matter of ecological importance but also
has economic, social, and cultural significance. Incorporating 538+ 178+
biodiversity in residential areas will help enhance the quality of life for Species of flora Species of fauna
residents, promote local ecological services, and contribute to a more
sustainable future.
50,430+ 20+
Rare, endangered species
Trees across Lodha developments
in the last 5 years
Following is the set of goals to measure our progress towards the conservation of biodiversity and help guide the implementation of
actions to achieve them.
Reduced water Improve soil quality Create new wildlife Increase resident Support local wildlife
consumption for green for green spaces habitat features to engagement in habitats and promote
spaces promote connectivity biodiversity and biodiversity by increasing
sustainability initiatives native species
Implementation of Reduce the use of Create pathways or Educate residents Incorporate green roofs,
water conservation pesticides and fertilizers corridors that connect about the importance green walls, and other
measures such as for plantation and store natural areas and provide of biodiversity and how landscaping features that
efficient irrigation the natural fertility of safe passage for wildlife. they can contribute to its provide habitat for wildlife
systems, permeable the soil for associated Provide nesting boxes and conservation. Encourage and promote biodiversity.
pavements and low flora and fauna. other habitats for faunal them to participate in Use native plant species
water-consuming native elements community gardening that are well adapted to
species for plantation. programmes and to plant the local environment.
native species in their
own yards.
PINK WATER LILY

LODHA AMARA
114 115
Biodiversity Assessments Innovative Biodiversity App
We conduct biodiversity assessments with hedges, provide habitat for various We are passionate about promoting
the objective of documenting the existing birds, pollinator species, and butterflies biodiversity and engaging our residents,
biodiversity, evaluating landscape like Sailors, Striped Tigers, Pansies, especially children. Towards this objective,
development initiatives, providing a and Nawab. Specific ecosystems like we are developing a biodiversity app that
gap analysis for effective biodiversity the riverfront at Palava and Belmondo will enable kids to learn and interact with
conservation, designing and developing supported wader species such as the flora and fauna
policies for new sites, and creating Cormorants, Moorhen, Sandpipers, and
awareness programmes through nature Herons. The app will provide a fun and
trails, talks, and presentations. interactive way for kids to learn
Such assessments help us improve and about the flora and fauna available
Our recent surveys revealed that our develop strategies for enhancing the within the projects where they reside
projects provide a habitat for a wide biodiversity within our projects. We and encourage them to explore
range of species, including indigenous continue to develop in harmony with the their surroundings. It will also create
and culturally significant trees like Arjun, surrounding environment and strive to awareness about the local biodiversity.
Bael, Neem, and Sacred Fig, as well as minimise the impact of our activities on By providing knowledge about the
rare and endangered, species of flora the local environment. importance of biodiversity and the
like Sita Ashok and Teak. The green measures for protecting the natural
spaces, such as plantations, lawns, and environment, we hope to inspire the next
generation of environmental stewards.
Biodiversity Action Plan
Incorporating biodiversity in the design of real estate in residential areas is important for creating healthy,
sustainable communities. We are committed to cover 100% of our sites under Biodiversity Action Plan by 2027.
Partner with local Integrate indigenous

environmental organisations plant and animal
to educate and raise species to foster a
awareness among residents diverse ecosystem
Organise engaging activities Incorporate water features

for residents to raise in conjunction with
8 1
environmental awareness native flora to manage
and nurture a connection 7 2 stormwater runoff
with nature
6 3
Implement multi-layered Incorporate pollinator
5 4
vegetation to prevent erosion gardens to enhance
and enrich soil quality ecological well-being
Incorporate water-efficient Adopt measures to curb

plants that can withstand invasive species without
drought conditions disrupting the ecosystem Shot at LODHA PARK
116 117
Intellectual Capital Integrated Report 2022-23
INTELLECTUAL CAPITAL
Our passion is to create landmarks that PERFORMANCE HIGHLIGHTS
Best minds, building are benchmarked against the highest

global standards, and are built on a
legacy of trust spanning 4 decades. 4.64
a better tomorrow We build premium and luxury homes
across segments and every one of
Customer satisfaction score
our developments delivers the highest

level of design and craftsmanship, world’s finest developments – with self-
uncompromising quality, and contained eco-systems, great outdoor
unparalleled service – putting Lodha spaces, and robust infrastructure,
developments in the league of the offering every facility and convenience
world’s finest. at your doorstep.
Our vision of ‘Building a Better Life’ Our ability to deliver scale, our
extends across geographies, markets, innovative design, superior execution,
price points, and consumer segments. differentiated branding and marketing,
By forging the finest global partnerships, coupled with our efficient and
deploying the best people and enthusiastic on-ground sales staff, all
processes, being nimble in delivering our come together to create the best value
customers’ needs, and benchmarking for our customers across residential,
the highest global standards, Lodha retail, and office spaces – winning their
has been able to create some of the trust and appreciation time after time.
Innovation, digitisation, and technology are our CAPITAL INTERLINKAGES
key enablers and are supported by robust pillars of Intellectual Capital
our intellectual and digital capability, strong brand

engagement tools and strategic partnerships. It
empowers us to be future-ready and live up to our
Financial Human Social and Manufacturing Natural
Capital Capital Relationship capital capital capital
commitment to customer-centricity. Bring in low-cost Using digital We partner with Implement process Progress towards Net
solutions to help technology to various institutions to innovation to increase Zero through Lodha
optimise costs enable seamless implement innovative construction efficiency Net Zero Urban
Our strong brand identity, founded on core values of human resource solutions Accelerator
management
quality, innovation, and customer-centricity, has enabled
us to create a positive reputation for our company.
118 119
BUILDING A BRAND THAT TRANSFORMING PRODUCTS We deploy technology at each stage and aspect of design and invest directly or
TRANSFORMS LIVES AND PROCESSES engage with designers who use the latest software tools such as:
Innovative E-Cart Branding
Lodha’s enabling environments inspire Our focus on innovation encompasses
residents to give their best each day We collaborated with Times OOH for a everything from design to materials
and become more than they thought branding campaign, which involves the use of to project execution. This helps us to
they could be. Designed to orchestrate improve our processes and the way we Design development Infrastructure design
passengers’ e-carts at Terminal 2 of the Mumbai
a seamless life, our passion lies in International Airport. reimagine and create superior customer
the intersection of design and well- experiences and next generation Autodesk, Lumion, Revit, 3DS Max Since resilience and infrastructure
being. We strive to deliver unrivaled As a brand that is committed to building a better sustainable assets. for drawing development robustness is also our key goal we use
features, amenities, world-class service life for its customers, we are always looking software like Bentley suite, Epanet, etc.
standards at every touchpoint and for innovative means to engage with them We use technology focused on to achieve an optimal output.
delightful events & experiences to and positively impact their lives. The branding addressing some of the key challenges
ensure we enable enriched lives for our of e-carts at the airport represents a unique faced by the real estate industry such as
consumers. opportunity for us to reach out to our target resource scarcity, demand for climate
audience in an engaging and memorable way. resilient structures, energy efficiency,
Augmented reality Document management
The brand strategy is founded on The strategically placed minimalist yet effective rising input costs, and so on to create
the pillars of luxury, innovation communication on the side and back panels the World’s finest developments.
35+
Vray rendering engine, along Npulse, Aconex, which helps to manage
and sustainability— a brand that of each e-cart reinforces our brand’s message with 3D Vista for virtual tours, to complex design data, version control,
is transforming lives and building and values to the passengers, thereby creating a
E-carts deployed visualise our designing process and document distribution
a better life for people, planet and lasting impression. Design initiatives
community. It is a brand that is focused
on customer centric approach, deep We have one of the strongest in-house
understanding of consumers and design teams in the country that helps
always thriving at driving initiatives us create the blueprints for the world’s Building performance
addressing consumer impediment in finest developments. Our talented team
the sector. Our efforts are driven by a 9,96,690+ focuses on design management and We also use software like Ansys, Design
purpose to create a positive impact on delivery through collaborations with Builder, IES, Velux, etc. for performance
Cumulative social
society, in a manner that resonates with some of the finest global and national modelling of the designs
media followers
our audience. leaders in architecture and design.
We have made significant Our large portfolio of mixed-use

investments in our customer 1,13,03,100+ developments help us gain operational
and behavioural insights that make
relationship management initiatives.
Total website visits
These investments enable us to
effectively engage and inform our
the design development richer and is
sensitive to the evolving needs of the end This digitisation of our design
existing customers about the latest
developments and projects. By 68,38,140+
users. These insights are gained through
our customer engagement portals as process has enabled us to
achieve greater accuracy,
doing so, we aim to foster long-term Unique website visitors well as feedback from the construction
relationships with our valued customers teams. We follow a design process
efficiency and collaboration

and establish ourselves as a reliable that is comprehensive and respects
and trustworthy brand. the interlinkages between municipal
Our efforts are guided by our development plans, our townships
To effectively connect with our target infrastructure and building designs. among our design teams.
audience and foster engagement, we
employ a combination of traditional
purpose: to make a positive
and new-age media platforms.
Our approach takes into account
impact on society in a way that
the dynamic nature of consumer
segments and the ever-evolving
genuinely resonates with our
media landscape.
consumers.
Refer Manufactured Capital to know
more about our product designs
120 121
BEST-IN-CLASS CONSTRUCTION
PRACTICES
Our extensive modularity guidelines to all formwork
vendors and setting up a central
We have a proven track record of Modular Partition Walls

industry experience Prefabricated Cages Leveraging Technology in
formwork facility which controls the
formwork assets across projects.
delivering high-quality developments at
scale. Our extensive industry experience We use modular partition walls in many has enabled We use prefabricated cages for
Construction Procurement and stocking of materials
are changed from typology-based to
and in-house capabilities have enabled
us to refine our processes and develop
of our commercial and residential
projects. Modular partition walls us to refine our reinforced concrete construction (RCC)
in some of our projects. This method
We employ latest cutting-edge
technologies to improve the efficiency
component-based. We train modification
carpenters on ways to reduce wastage.
responsible, efficient methods for
creating exceptional spaces that exceed
are prefabricated wall panels that
are manufactured in a factory and processes and involves building cages offsite and then
transporting them to the construction site
and accuracy of our construction
projects. We are currently testing 3D
Scraping of materials is undertaken
at a component level, resulting in the
customers’ expectations. assembled on-site. These walls are
easy to install, cost-effective, and offer develop responsible, for installation. The use of pre-fabricated
cages for RCC increases efficiency and
lasers, heavy-duty concrete scanners,
and concrete auto levellers to enhance
increased utilisation of small-sized
panels and extrusions. Steps are being
efficient methods for

We leverage the very best talent and several benefits over traditional walls reduces labour costs while enhancing our survey work. The 3D lasers provide taken to refurbish and galvanise MS
global partnerships to ensure that our offering better sound insulation and fire precision. They are designed to be precise digital models for measurement items like props and brackets.
creating exceptional
projects are built to the highest standards protection, making them a safer and more durable and structurally sound and visualisation, while the heavy-duty
of quality and sustainability. With a more secure option for occupants. than traditional on-site methods. This concrete scanners detect materials for
spaces that exceed

strong focus on responsible processes, can lead to stronger and more resilient safer and more efficient drilling and
we consider environmental and social buildings, a foremost priority for us at cutting. The concrete auto levellers
our customers’
factors at every stage of our projects, Lodha. ensure consistent and accurate levelling
creating truly exceptional communities.
Streamlining Construction
of concrete surfaces.
through BIM
expectations. We believe that use of modern surveying
We have been early adopters of Building
equipment will significantly benefit
Information Modelling (BIM) technology
our construction projects and we will
in our construction projects. BIM
continue to explore and implement
allows us to create 3D models of our
advanced technologies to maintain our
buildings that can be visualised from
We have one of the high-quality standards.
different perspectives, improving design,
strongest in-house collaboration, and construction efficiency.
BIM helps us plan and optimise the
design teams in the construction process, reduce material
country that helps us wastage, identify potential hazards and
Integrating modularised improve accuracy in material estimates.
create the blueprints aluminium shuttering to enhance This has resulted in significant cost
for the world’s finest quality and reduce emissions savings, improved project quality and
enhanced customer satisfaction.
developments. We utilise aluminium shuttering in our
construction process to enhance the
quality and efficiency of our projects. This
versatile and durable material is ideal for
creating formwork when casting concrete,
Employing Compact Crushers
providing a precise finish for building
walls, columns and slabs. It is lightweight, We use compact crushers in our
easy to assemble and disassemble, construction sites to crush concrete
and offers a sustainable solution to debris, which can then be reused in lean
construction by reducing the need for concrete. This environmentally-friendly
timber and minimising waste generation. solution reduces waste and promotes
sustainability. On-site recycling of
We modularised the aluminium
concrete debris also improves project
formwork, commonly used in high-
efficiency by reducing transportation costs
rise buildings for speed and quality of
and time. Furthermore, using recycled
construction, to allow usability beyond
concrete in lean concrete helps to reduce
LODHA DIVINO typical buildings. This innovative
the amount of cement required, resulting
approach was implemented by issuing
in a lower carbon footprint.
122 123
SEAMLESS DIGITAL CUSTOMER EXPERIENCE SALES INNOVATIONS

CUSTOMER EXPERIENCE INNOVATIONS
In engaging with our customers, we use Our consistent year-on-year customer Home buyers have an option Impact Output
a data-driven approach that provides satisfaction scores serve as a testament to rent out their property
and generate a return on
929
timely and accurate insights on current to our commitment to excellence and Lodha Easylease comes with a
and emergent customer values and customer-centric values. We take Lodha Customer portal investment while staying range of benefits for both the
aspirations. This helps us understand great pride in our ability to simplify the protected from potential price
home buyer and the tenant. Home buyers
fluctuations in the secondary
and respond to change, which is critical home-buying process and deliver a Interactive platform for customers to For the home buyer, it provides benefited
market. This means that
to the sustainability of our business and seamless, enjoyable experience for access property listings, payments and a dependable stream of rental
home buyers can begin
the ongoing relevance and reputation of our customers. customer support. earning rental income on their income, helping to offset
our brand, products and services. property from the very first the cost of their mortgage
day of purchase, without the payments. For the tenant,
We have launched several new products
and digital experiences in line with 4.64/5 added burden of searching
for tenants or managing the
it offers a convenient and
affordable option of renting
our focus on customer centricity. We Customer satisfaction property themselves. Easy a high-quality property at a
have introduced an end-to-end digital score lease also taps into tenants desirable location.
customer experience that provides an living in our developments,
end-to-end home buying experience, creating a sustainable channel
24x7 Chat bots
virtually.
30,700+ of leads for generating
business by converting them
This approach not only enhances Chatbot interactions in last Quick & efficient assistance to customers into home buyers.
customer satisfaction but also drives one year throughout the journey.
advocacy and loyalty for our brand.
less than 1 second of response time J12.2 bn
Pre-sales in FY23
A one-of-a-kind customer Impact Output

loyalty programme in the
real estate industry, provides
customers with an opportunity
Lodha Priva is a testament to our
commitment towards customer 1,144
Cloud Phone system to upgrade their unit or buy a satisfaction. By providing this Members part of
new one as an investment. unique loyalty programme, we loyalty programme
All in one cloud communication are reinforcing our relationship
system enabling seamless customer with our customers, and
interaction.
J14.1 Bn fostering a culture of trust and
transparency in our business
Pre-sales in FY23 operations.
BelleVie
Mobile based digital platform for

providing facility management, home
improvement products and services
and ‘near-commerce’ services to
customers.
124 125
CP Portal Impact Output Impact

25%
We have seen a significant increase in
Our CP portal provides services and features that
enable channel partners to understand customer
Creating leads is streamlined, allowing
partners to connect with potential 27,500+ pre-sales from our top distributors.
Srijan CPs contribution to
Lodha’s sales
preferences and enhance the sales experience. The customers and share project information. CPs registered on The Srijan programme is designed to
drive sales volumes by providing channel
customer analytics dashboard offers project-wise
analytics for targeted marketing and identifying leads.
Real-time feedback on walk-ins and
bookings provide insights into customer
the portal
partners with necessary tools, resources, 25.6 days
behaviour and preferences. and training to become better sales Average TAT from invoice
representatives for Lodha. raised to payment to Srijan
Our channel partners get access to
CPs
the latest offers on our properties,
including discounts and deals. They can
also easily raise invoices for eligible INNOVATION SNAPSHOT ACROSS THE CUSTOMER LIFECYCLE
bookings and access resources such as
TDS certificates, marketing materials,
and best practices to help them make Sourcing Closing
informed decisions.
1 2
Key features of the CP Portal
Awareness Explore & leads Site visit Booking
SEO Lodhagroup.in SEO Lodhapay.com

Paid Media Palava.in Paid Media PayZapp
Key Social Media Lodhaluxury.com Social Media
Features
Publishers Project Microsites Publishers
Property-Portals Property-Portals
Lodhagroup.in Lodhagroup.in
Raise queries & View all client Latest marketing Access policy On Boarding Sustenance Possession Post Possession
issues booking details material available best-practices
on one click
3 4 5 6
Registration Demands, Payouts Key Handover Maintenance

TDS certificates Generate correct Get booking Faster processing
available for invoices by simple eligibility and of portal
download clicks invoice status generated Mylodha.com Myaccount.lodhagroup.in lodhagroup.in/easylease/ mypalava.in
invoices lodhagroup.in/services/ bellevie.life
priva
126 127
INTEGRATING TECHNOLOGY
TO ENSURE OPERATIONAL
EXCELLENCE Tableau and Power BI PeopleStrong App
We have long since understood the Business intelligence tools like Tableau and The PeopleStrong app enables our employees
capability of digital transformation Power BI enable us to analyse large data to to manage their work data effectively by
in radically improving our business gain valuable insights. By leveraging data-led providing them with access to essential HR
processes and impacting our insights, we are able to create comprehensive functions, including leave balances, pay
customers positively. Our state- demographic, psychographic, and behavioural slips, and appraisals. 24/7 Chatbots provide
of-the-art and ahead of time profiles that enable us to identify the ideal set employees with quick and efficient assistance
processes, digitised operations, of customers for expanding our market share. with any work-related queries or concerns.
efficient product designs and This, in turn, allows us to design customer-centric
in-house capabilities enable product propositions that cater to the specific
us to build the world’s finest needs and preferences of our target audience.
developments, create sustainable
and vibrant communities, and cater
to the requirements of a digital-
first generation of customers.
Our primary focus has been
on embedding our integrated Bandhoo Solutions
systems as a platform for business Support Processes Automation
improvement and scalability. The The Bandhoo Solution has simplified
platform has improved business our entire project cycle, from design and We have a range of support
processes, automation, and
analytics while also supporting our
budgeting to procurement and invoice
processing, resulting in more efficient
Key Technologies automation solutions in place, including
accounts process automation, land
continued compliance emphasis. and cost-effective operations. Robotic process automation, and analytics
Process Automation for interest waiver implementation. These solutions
We deploy advanced technological enable businesses to reduce manual
postings has reduced processing time
tools such as data analytics, efforts and errors, improve productivity
and improved accuracy, resulting in a
artificial intelligence and project and accuracy, and enhance overall
better customer experience.
management software which performance.
provide valuable insights, help us
to take informed decisions, and
streamline operations, enabling
stronger bottom lines, exceptional
customer experience and talent
retention. AI for Sales Forecasting
Compliance tools
Through our data analytics
AI tools such as Einstein for sales
initiatives, we are able to gain a
forecasting ensures we can make
deeper understanding of customer
informed decisions that benefit our
behaviour and identify trends and TeamLease Insilysis
customers and the Company. We
patterns that provide valuable
believe that our investment in these We have implemented an electronic We have implemented an electronic
insights. With this information,
technologies will help us continue to compliance management SAAS tool which automates the entire
we can make informed decisions
innovate and provide our stakeholders solution for ensuring legal insider trading management process
about our marketing strategies,
with the best possible experience. We compliance with applicable with a holistic approach in terms of
product development, and sales
also use advanced project management legislations. corporate governance, data security,
tactics, ultimately driving sales and
and scheduling tools like Primavera control and audit.
increasing our market share.
and SAP to digitise our construction
management process. This enables us to
closely monitor project performance and
prepare detailed time and cost schedules
for timely project completion.
128 129
BUILDING PARTNERSHIPS FOR A Addressing the Full Spectrum of The graph below illustrates various
SUSTAINABLE FUTURE Emissions initiatives for investigation and
collaborative innovation around five
Reducing the global carbon footprint The accelerator aims to achieve this The Lodha Net Zero Urban Accelerator broad focus areas (Embodied Carbon,
and addressing other critical goal while improving resilience, health, addresses the full spectrum of emissions Passive Design Solutions, Efficient
environmental challenges is key for affordability, and access to energy in the urban built environment, equipment, Clean Energy, and Electric
building a sustainable future for all. services. including embodied emissions, Mobility). These focus areas were
Cross-sector solutions, meaningful operational emissions, and supply-side integrated into whole system roadmaps
partnerships, research and development emissions. In the first year of operation, and tactical playbooks for portfolio
alliances, and increased economic the Accelerator has conducted various decarbonisation.
viability can all lead to improved
collaboration. The Net Zero Urban Accelerator was needs assessment studies to define
the baseline emissions and identify the
Our primary objective is to considerably founded with an overarching goal to significant sub-sectors (focus areas)
contributing to it.
reduce emissions in order to have a net
positive impact on the environment and make net zero the new normal for new
we aim to deliver operationally net zero
developments (Scope 3 downstream) by developments and maximise the building Annual GHG Emissions Reduction Options
2035. To achieve this objective, we have
successfully launched the Lodha Net sector’s contribution toward India’s 2070
Zero Urban Accelerator in partnership
with RMI. net-zero emissions target.
Operational
Carbon
Embodied
Carbon
Passive Super- Green’er Circularity Carbon Elecrtification
BLDC Onsite Offsite Residual
Baseline thermal efficient supply and efficient capture of public,
fans renewables renewables Emissions
comfort AC chain waste and offsets pvt. transport
management
Passive Efficient
Designs cooling
Accelerator Clean Embodied EV/
Focus Areas Energy Carbon Mobility
Operational Carbon
Shot at PALAVA CITY *Picture not to scale - for representational purposes only
130 131
Unlocking Efficiency through effective, low-embodied-carbon design intensity of buildings. According to Knowledge Sharing for a India Smart Utility Week, the annual The Accelerator was launched with a
Optimal Operations interventions. The energy and carbon estimates, these shortlisted measures Sustainable Future flagship event of India Smart Grid vision to decarbonise our portfolio of
lock-in effects associated with inefficient will accelerate the life-cycle carbon Forum, amongst others. buildings in its first phase. However,
By evolving in the way we design, construction can be avoided by low emissions reduction for our new Detailed work plans were developed, establishing the Accelerator has always
construct, and operate buildings, the carbon material selection and supply construction and assets by 30-40% and resource banks (containing policies, Redefining the Accelerator’s been about looking at the country and
accelerator intends to make net zero chain decarbonisation, and buildings in the next two years. We continue guidelines, toolkits, experimental results, Vision for a Better Life positioning the ongoing work to facilitate
the new normal for new developments. can ultimately run optimally to release to explore opportunities to cut future benchmarking studies, LCA assessments, India’s building sector decarbonisation.
We intend to prioritise reducing energy a tremendous compounding effect annual emissions. and so on) were outlined to disseminate Over the next year, the Accelerator will The Accelerator’s vision will be
and material demand through cost- that minimises the energy and carbon information in the public domain for design and implement these innovative redefined to focus on decarbonising
the benefit of the greater stakeholder initiatives. Moving forward, the Accelerator India’s building stock by embarking
community. Over the past year, the intends to integrate the engagement with on a journey of offering differentiated
Estimated Life Cycle accelerator team has participated and the supply-chain and policymakers by products and establishing leadership and
Carbon savings Progress presented its work in various convenings, establishing a leadership collaborative communication that eventually will lead
Focus Area Key shortlisted initiatives (tCO2e) of PoC including at the India Urban Housing with developers, manufacturers, and towards building a better life.
Conclave, inaugurated by the Honorable solution providers to jumpstart market
Prime Minister, the Global funders transformation to maximise the building
Embodied Piloting greener concrete mixes Up to
conference around cooling, hosted by sector’s contribution to India’s 2070 net-
Carbon 3% Clean Cooling Collaborative and the zero emissions target.
Pilot low-carbon alternatives (like LC2 and LC3)
Waste reduction and material recycling (Aluminum, Up to

Blockwork, Steel and others)
1%
Passive Design Passive thermal comfort design techniques Performance Up to

glazing (Glazing, enhanced natural ventilation, High SRI
5%
paints, Nature-based solutions and others)
Energy Efficiency Efficient cooling (BLDC fans, Super-efficient ACs) Up to

7%
Clean Energy Renewables integration Up to

12%
EV/Mobility Electrification of public and private transport NA
Behaviour Changing the consumer attitude, awareness and Up to

change perception towards design, construction and operation
5%
of buildings
LODHA BELLA VITA
132 133
Collaborations to Create the is dedicated to collectively tackling the

Finest Developments challenge of achieving a net-zero built
environment in India.
All our projects, incorporate best global An independent non-profit organisation
practices; from the design to planning founded in 1982 that transforms
and execution stages. We collaborate global energy systems through market-
with some of the finest designers and driven solutions to secure a clean,
consultants in the world, who assist us An architecture design studio founded prosperous, zero-carbon future for all.
in developing some of the most iconic by Kiran Kapadia with a strong emphasis
structures and townships. on design and professionalism. It is
passion combined with perseverance
and the constant quest to find innovative
Our Partners
solutions that is the driving force at KA.
Consistently recognised for excellence in

design and sustainability, Pei Cobb Freed &
Partners is one of the world’s pre-eminent
architecture and planning practices, with
projects in progress across the globe.
An international, integrated consultancy
of engineers, designers and advisers.
One of India’s leading Architectural
For over 46 years, Buro Happold has
Practice established in 1982. The firm
provided engineering consultancy
has the widest range of successfully
services for buildings, cities,
designed and completed projects which
infrastructure and environment, and
include residential, hospitality, work
delivered creative, value-led solutions Established in 1962, Tata Consulting
place, mixed use, institutional, public
with sustainability at the topmost priority, Engineers Limited (TCE) is India’s leading
buildings, museums, airports, stations
for the benefit of people, places and integrated engineering consultant
and integrated townships in India and
planet. providing concept to commissioning
overseas including India’s tallest building.
services in power, infrastructure and
resources sectors.
Founded in 1973, India’s most

A consulting firm that specialises in A structural engineering firm
respected landscape design firm;
landscape architecture, master planning headquartered in New York City.
Prabhakar B Bhagwat is today globally
and urban design, STX harnesses the Founded in 1923, they have designed
respected for its design ethics,
creativity, experience and expertise of numerous landmark projects across the
conceptual thinking and the consistently
its staff to serve as a trusted partner for world, and have established a strong
high quality of work delivered at all
clients and to give form and definition reputation for design and technical
scales and typologies.
to projects. Since 1995, STX has been excellence.
transforming landscapes through creative
solutions, resulting in dynamic spaces
that are seamlessly integrated and
memorable. Carefully and thoughtfully
A purpose-driven advisory firm that synthesising its unique knowledge, talent
helps the world’s largest organisations and vision with the aspirations of each
uncover people and planet-positive ways project, STX crafts timeless spaces that
to grow. Build Ahead coalition by Xynteo captivate and inspire.
LODHA MALABAR
134 135
Human Capital Integrated Report 2022-23
HUMAN CAPITAL
Our employees have always been PERFORMANCE HIGHLIGHTS
Build the Best. one of our most valued stakeholders

and key differentiators. Aligned with
our Employee Value Proposition (EVP) 3.32 18.8%
Be the Best. of ‘Build the Best, Be the Best’ and
our Vision of ‘Building A Better Life’,
Culture score (out of 4) Gender diversity
we persistently strive to foster joyous,

meaningful and impactful experiences
for our employees and provide them 4,200 44,600
with a safe, flexible and inclusive Employee strength* Safety training man-hours
workplace. We seek to foster an
environment in which our employees
feel inspired, appreciated, engaged and
have professional growth and holistic
1,700+ 46 Mn +
Employees hired Safe man-hours
wellbeing opportunities.
1,13,420
Learning man- hours
Our ability to build the best is shaped by a CAPITAL INTERLINKAGES

talented pool of people. With a proactive Human Capital
attitude and relentless enthusiasm to
conquer challenges, we are continously
paving the roadmap for our success. Financial Social and Manufactured Intellectual Natural
Capital Relationship Capital Capital Capital Capital
Continual investments Building long-term Project sites governed Opportunity to Reward and
We empower our employees to upskill themselves and in training resulting and trust-based by safety protocols participate in recognition
explore new possibilities of personal and professional in higher revenue relations with and ISO 45001- innovative and programmes for
per employee and business partners and 2018 certified industry transforming new and scalable
growth. Our industry-best people practices have created improved project customers through initiatives such as energy and water
an environment where innovation can truly flourish. delivery timelines. our employees. the real estate digital conservation ideas.
services platform,
Lodha Net Zero
Urban Accelerator
(GRI 2-7, 2-30, 201-3, 205-2, 401-1, 401-3, 403- 1, 403-2, 403-3, 403-4, 403-5, 403-6, 403- 7, 403-8, 403-9, 403-10, 404-1, 406-1)
136 137
Headcount (Headcount %) Gender wise breakup FY23 (in %) WE CARE

97.6 81.2
Our “We Care” initiatives are designed to ensure that our employees feel cared, respected and valued.
We Care encompasses three elements - Employee Engagement, Employee Well being and Leadership
2.4
connects.
18.8 Employee Engagement

Permanent employees Male Female
Our employee engagement intiatives are designed to build a work culture to ensure that employees are
Other than permanent employees
motivated and invested in our collective success. We have facilitated an array of engagement activities that
build, enhance and promote connected, empathetic, and cohesive workplace culture.
Level wise break up FY 23* Gender and Level wise break up FY 23 *

(in %) (in %) Lodha Premier League (LPL)
18.1
81.9
51.7
18.8
81.2
42.4
88.3
11.7
5.9
Junior Middle Senior Junior Middle Senior

Management Management Management Management Management Management
Male Female
Age wise break up FY 23* Age and Level wise break up FY 23*
(in %) (in %)
86.3
69.5
68.0
55.9
40.2
31.6
25.0
9.9
5.5
4.0
3.9
0.4
LPL was spread across 21 days, with over 1400 employees, 184 teams and over 170 matches.
< 30 years 30 – 50 years > 50 years Junior Middle Senior
Management Management Management
< 30 years 30 – 50 years

> 50 years
*Permanent Employees
138 139
Tata Mumbai Marathon 2023 Quality healthcare
We participated in ‘Tata Mumbai

Marathon 2023’ marking our 11th Tie-up with doctors from
Group Mediclaim Policy
year of participation. For us this is an renowned Hinduja Hospital
opportunity to promote wellness and • Curated sessions on
Group Personal
also give an opportunity to employees anxiety, depression,
Accident Policy
to give back to society as they can and mental wellbeing
contribute the registration charges to an for employees and their
NGO of their choice. On-site Health Camps family members
• Counseling and
consultation
Golden Hour Quality healthcare
services with Discounted
Golden Hour’ aims to provide Health check-ups in
comprehensive emergency medical collaboration with M-Fine
support to our employees, within the App for employees
first 60 minutes after a trauma, injury or
sudden illness.
Awareness sessions 12 months salary Timely support

Financial well-being On financial literacy Paid to legal heirs in case of In financial crises
and management demise of an employee
New parent leaves Maternity benefits

Parental benefits Travel reimbursement, flexi work hours,
Parental and adoption leave
weekly nutritional goodie basket,
cafeteria service at workstation
Team Get-Together Employee Well-being Physical and mental

well-being
26 12 5
Over the years, our annual team We strive to ensure a good work- life
Weeks of Weeks of maternity Days paternity/
outings have played a significant role in balance, physical, mental and financial
Wellness Wednesday maternity leave adoption leave paternal adoption leave
helping employees unwind and reduce wellbeing of our employees . We have
stress, while also enhancing inter-team several initiatives and policies in place Every month wellness sessions are
collaboration. These gatherings provide
a platform for leaders to motivate
towards ensuring holistic wellbeing of
our employees.
conducted at all locations and ensured
both physical and mental wellbeing of
157 125 24
employees, cultivating a shared sense our employees. In FY 23 these sessions Employees availed Male employees availed Female employees availed
of purpose and driving increased parental leave paternity/adoption leave maternity/ adoption leave
1.3%
included Zumba dance, Desk Yoga,
productivity within the workplace. Mental Health workshops, Eye & Dental
FY23 absenteeism rate Check Up camps & more.
Celebrations and Festivals 100% 83.4% 88% 82%
Celebrations are an integral part of our Employees retuned Employees Retention of female Retention of male
life at Lodha. Together we celebrate our from parental leave retained employees employees
achievements, festivals, birthdays and
professional and personal milestones.
These occasions allow employees
to connect with each other and also
motivate to achieve more.
140 141
Leadership Connects Lodha Culture Survey Top 3 Culture Code Bottom 3 Culture Code
Lodha Culture Score Lodha Culture Score
This program provides a platform to our leaders to meet employees in
both formal and informal setups and facilitate coaching and mentoring. We conduct biennial culture surveys
3.31 3.36 3.43
3.26
3.38
3.24
to ascertain employees’ perception,
expectations and satisfaction and
Coffee with Abhishek Leadership Speaks Skip-a-Level
feedback on our culture codes and
Quarterly virtual interactive session The monthly interactive session provides These meetings give employees an potential improvement areas.
where our MD & CEO shares his vision, a platform to employees to share ideas, opportunity to meet with the manager’s
goals and business updates with all
employees. It also provides opportunity
thoughts, concerns and solutions with
the leadership team on varied topics eg
manager and have an open and
unfiltered discussion on workplace
70% ( 62%)
to employees to share their thoughts and career planning, continuous learning, matters. Participation rate
experiences. culture and many others.
Town-halls
4 90%+ 4 80%+ We conduct regular departmental 3.32 ( 9%) Economic Value Creators Collaborative
Sessions Employees Sessions Employees townhalls and team meetings Score Forthright Exceptional Meritocratic Learning Focused
attended attended where leaders provide important
updates and share future 
On a 4 point scale
roadmaps. This has helped in
both effective communication and
alignment within our teams.
TALENT MANAGEMENT
We have always believed that our employees are central to our The six pillars are supported by
continued success and hence their growth and development has robust talent infrastructure, people,
been one of our top priorities. policies & systems, are aligned to
long & short term business strategies
and key external factors and ensure
Six pillars of our talent management framework. both fairness and equity at all the
stages of employee life cycle.
Talent Talent Our talent management approach
Talent
Planning Acquisition coupled with our culture and our
Retention
We Care approach has enabled
us to create a workplace which is
both fulfilling and conducive to
professional and personal growth,
and workforce that is engaged,
productive and highly motivated.
Talent Development
and Assessment
Total Rewards
Talent Transition
We regularly conduct learning sessions for our employees
142 143
Talent Acquisition and On- Learning hours per employee Capability Building
Boarding Talent hired FY23* FY23*
We use a three-tier approach to enhance and build technical and
Our ‘talent-first’ paradigm which 1759 26.9 behavioural capabilities of our employees
emphasises inclusivity, diversity and 23.62 We extensively utilise our internal talent
fairness has enabled us to attract and 1403 21.0 20.2
pool to impart knowledge and skills to Company-level interventions
our teams, in addition to various off-
retain the best talent. the-shelf and customised development
14.2 programs by external subject matter
984 experts. Function/department-level
Our talent acquisition strategy is built on Trainings to new joinees on interventions
two fundamental blocks of meritocracy 748
and cultural alignment. • Prevention of Sexual Harassment at
Workplace Policy
• Prevention of Personal Harassment 356
Individual-level interventions
at Workplace Policy
80+ • Anti-Money Laundering, Anti-Bribery
27
and Anti-Corruption Policy Male <30 yrs
Cross departmental Talent Acquisition
Female 30-50 yrs
Champions (TAC) assess candidates • Whistle Blower Policy Male <30 yrs Total >50 yrs
on culture fitment based on Lodha DNA • Transparency, Ethics policy Female 30-50 yrs
parameters and mentor new hires for 12 >50 yrs
• Code of Conduct
months post onboarding. Some capability programmes conducted during FY23
Programme People Manager Development Journey - Next Big Leadership

Name Series Construction Management Program
Junior Management : Gender & Age Middle Management : Gender & Age Senior Management : Gender & Age
group wise breakup* group wise breakup* group wise breakup* Description Focused intervention to train This programme aims at grooming A leadership development
people managers in effective aspiring young engineers to programme designed to groom
team management and focus become Project Managers and high performing and high potential
845 522 36
505 on team growth, development Deputy Construction Heads. The employees for leadership roles.
and overall wellbeing. programme includes technical This journey includes learning
28
and behavioural training sessions, programmes, live projects, stretch
612 cross-site functional exposures, assignments, leadership connect and
and leadership connects. More group mentoring. Within a year more
than 70% of the employees who than 28% of the employees had a
451
completed this programme had a significant change in their role.
significant change in their role
13
277 39 21
220 130 135 Coverage
6
Employees Employees Employees
12
1
2
Male <30 yrs Male <30 yrs Male <30 yrs

Female 30-50 yrs Female 30-50 yrs Female 30-50 yrs
>50 yrs >50 yrs
>50 yrs
*Permanent Employees *Permanent Employees
144 145
Learning and Development Internal Mobility Attrition% Succession Planning

We encourage a learning culture for our Our training programmes are customised on the fundamental of 3Ts. Our internal mobility framework helps 29.1 Our succession planning framework is
employees throughout their association our employees to learn new skills and 26.5 combination of
with the Company where we provide grow through experiencing and also
3Ts
23.4 22.7 23.1
22.4
• Career planning - an employee-
opportunities to employees to enhance
their behavioural, functional and 97.6% meet their career aspirations. 21.0 20.2
centric approach to identify the
technical competencies through various
interventions such as classroom and
Employees covered in
FY 23 under L&D initiatives 25% (592) career aspiration of employees and
Open positions closed • Career management - an

online training, on-the job learning,
internally organisation-centered practice for
cross functional projects, short term
deployment, coaching, mentoring etc. H1,644 achievement of business objectives
Our employee learning framework, has Learning Expense per We further support it by effective job
a holistic perspective and recognises that
cultural fit as important as technical and
employee 31% Overall Male
employees
Female
Employees
Early Exit design, varied internal development
opportunities and our organisational
Timely internal moves
behavioural capabilities. FY 22 FY 23 structure.
We regularly conduct awareness and Tailor made

21.5 over last FY
refresher courses ethical business Targeted Learning hours per

practices and key initiatives like
human rights, code of conduct, and
employee Employee retention Managing Performance
100 %
We have improved our key talent Our Performance Management of eligible employees had annual
sustainability for all our employees.
retention from FY 22 and have philosophy is based on top-down performance evaluation
consistently kept it at 90% or higher for approach for cascading of goals and
last 4 years. includes bi-annual (mid year and annual)
performance review & feedback and
annual multi-dimensional performance 100 %
Lodha Development Center feedback for employees. of employees had career
Lodha Development Centre (LDC) was launched to impart hands-on-training to employees with a view to infuse ‘DO IT RIGHT conversations during the year
FIRST TIME’ attitude & adopt latest technology, drive efficiency, and effectiveness.
Key Talent Retention% Rewards and Recognition
95% 98% Our R&R framework LACE (Lodha Associate Celebrate Excellence) continues
to build a culture of appreciation and enhance morale, performance and engagement
levels of our employees.
407
Above and
Beyond
38
362 Exceptional Hires
Ace of
FY 22 FY 23 Excellence
359
4 Hall of Fame
cross functional teams
Circle of Excellence
1
ESG Award
Inauguration of Lodha Development Centre
146 147
OCCUPATIONAL Certifications Proactive Safety Approach

HEALTH AND SAFETY
Our sites are governed by safety protocols to prevent unforeseen incidents or accidents.
‘Zero ISO 45001

(Occupational Health
Hospitalisations and Safety Management
Systems)
Regular inspections and
review of operations
Wide dissemination of
EHS information
and Zero
Fatalities’ Strengthening of policies
& procedures
EHS training to workforce
We continuously strive towards

enhancing the well‑being of our ISO 14001
employees. Our efforts to build safety (Environmental
capability at all levels is in line with our Management System)
business goal of ‘zero hospitalisation
and zero fatalities’.
We have adopted robust workplace

health and safety policy framework
for ensuring a safe and incident-
free workplace, along with effective
investment in health promotion and ENVIRONMENT, HEALTH AND Safety Protocols
disease prevention at all levels of the SAFETY (EHS) COMMITTEE
business. All our worksites adhere to our stringent safety protocols, ensuring
Our safety governance structure is driven prevention of any unforeseen incidents or accidents.
We consistently demonstrate our resolve by the Environment Health & Safety
in this regard by proactive and regular Committee which works closely with
review of our operations, updating worker representatives to ensure their Preventive
policies and procedures, creating involvement in our health and safety EHS induction training
maintenance
awareness and educating our workforce initiatives and programmes.
on safety practices. Regular inspections
The committee meets weekly to review Visitor protocols to elimnate unsafe
EHS Performance and ensures efficacy of working conditions
various EHS initiatives. It is responsible
for conducting a thorough evaluation of Awareness sessions Biometric access control
all incidents and dangerous occurrences
including near misses, and shares
the findings with the stakeholders for Medical screenings for Permit to Work system
mitigation and corrective action. workers for hot areas
The committee has implemented an Mandatory PPEs for

EHS reward and recognition system to workers
encourage employees and workers to
follow the “right” EHS behaviour.
148 149
Zero Tolerance Substance Abuse

Policy
Continuous improvement
83,807 We have
Safety Process Improvements
• Usage of PVC sleeves /plastic cable Worker coverage of

Policy applicable to all stakeholders
of the company, including employees,
routers to prevent tripping hazards. medical screening implemented Regular review of EHS
systems
• Usage of fabricated working
contractors, sub-contractors, vendors,
platforms made of scrap that provides several safety
and visitors.
a stable and safe surface to work 44,600 Biometric access
Zero • Fabricated fire hose reel drums – ease Hours of EHS training process control
Empowering employees
to intervene in unsafe
improvements
of usage in the event of a fire. completed
Tolerance for substance situations
abuse Automatic safe
Results
3,100+ to ensure load indicator
2,800+ 0.054 Awareness / training sessions safety of our

Hazard recognition
training
Internal inspections were on safety conducted
employees and
Lost Time Injury Frequency Rate
done during FY 23
(LTIFR) for FY 23 Anti-collision
devices
workers. Robust engineering controls
Worker Participation in
Environment, Health and Safety
Everyone Goes Home Safe Every Day
Regular Audits Stop Work policy
5
Workers at all levels are consulted Employees, contractors and authorised
Quarterly audits help us identify Stop work orders
and participate in the development, visitors can stop work immediately if
improvement areas and ensure
planning, implementation, evaluation they perceive imminent danger within the
compliance with regulations & standards.
and improvement of our EHS workplace.
management system. We have also started plant and
machinery audits to identify areas for
Health Care 107
Workers are encouraged to participate in
improvement to reduce the risk of First Aid facilities, Qualified Doctor and Mock drills conducted
the process of identification of hazards,
accidents and ensure efficient operation Nurses, Ambulance & Emergency Care
assessment of risks and determination
of equipment
of controls; Contractor Engineers/
Supervisors/worker representatives
participate in the investigation of near Welfare Measures
misses, incidents, etc. Emergency Preparedness Plan
While ensuring the safety and security

Weekly EHS
Meetings of our employees, stakeholders and
Regular pest control,
assets, we are also prepared to face fogging, sanitisation of
HIRA Review Daily any emergency situation and have facilities
Meetings Toolbox necessary plans, equipment and people Hygienic labour
Talks / in a state of readiness to address such camps
Mass TBTs situations as and when they arise. Our
emergency preparedness plan for all Fully equipped medical
our facilities includes a dedicated team centres and ambulances
Access to clean for immediate medical
responsible for effective implementation
Training Suggestion water and restroom attention
Programmes Box and execution of the plan. facilities
Regular and free Dining, recreational and

medical check- resting areas in both work sites
and accommodation areas.
up camps
150 151
DIVERSITY AND INCLUSION Gender Diversity data

Gender Diversity Generational Diversity People with Disability
FY23
We believe that diversity and • Build an inclusive • Knowledge sharing • Building suitable Age Group Management Level
inclusion bring experience, and equitable culture platforms - leverage infrastructure
knowledge and skills, which employee experience 438 429
when properly harnessed, • Platform for regular • Identifying suitable
can significantly increase our connect and pulse roles 357 349
ability to proactively respond check
Number of Women
Number of Women
to a dynamic changing 32.5%
business environment.
19.2% 19.2%
Our workforce represents diversity 14.8%
in gender, educational background, Supporting Our Women Employees 12.0%
expertise, geographic origin, age, 5.2%
We strive towards creating a comfortable, safe and secure work
disability, family responsibility, marital 30
environment for our women employees. 13
status, religion and socioeconomic
status. This rich diversity in our Our women workforce strengthens our organisational culture, and gives us a <30 yrs 30-50 yrs >50 yrs Senior Mid Junior
workforce is one of our greatest competitive edge in the market. They enable us to create long-term sustainable value management management management
strengths and plays a pivotal role in for our stakeholders. % of Women in the category % of Women in the category
our continued success.
We are focused on cultivating a Diversity and Inclusion Policy and Initiatives

workplace culture that is equitable, We have a structured Diversity and Inclusion policy to drive related
merit-based and free from all forms initiatives and policies across the Company. The policy covers all aspects Key Department
of biases and ensuring that all of employment lifecycle. ‘Awarded Best Organisation for Women 2023’ by
employees feel cared, respected,
included and have opportunities to
254 Economics Times.
grow and flourish. Some Initiatives:
27.4%
Number of Women
18.8%
Improved overall 120
Creche Facilities Maternity Leave
Gender diversity
Available for employee’s children 6 months, fully paid maternity leave 6.6%
between 6 months to 6 years (extendable) Flexible work arrangements
post joining.
4 STEM Revenue
Employees with foreign generation
nationality
% of Women in the category
Women Safety Maternity Benefits
1 Local travel support through partnerships

with taxi aggregators
Weekly nutritional goodie baskets
Differently-abled
employee
97.6% Exit Discussion Development Programs
Senior management Exit discussion with senior HR team. Specially designed development
hired from local programmes including individualised
communities learning programs, mentorship, live
projects and regular feedback
152 153
HUMAN RIGHTS Human Rights Grievance Redressal process
As a responsible organisation, Our commitment to human rights is reiterated through our Human Rights Policy
we respect and commit to uphold which is applicable to employees, subsidiaries, suppliers and other stakeholders.
No major
the human rights of all our
stakeholders.
The Supplier Code of conduct sets out the responsibility of suppliers, vendors etc
Structured Human Rights
risk was
to uphold and respect human rights in their respective workplaces. Our corporate
policies supporting and promoting human rights.
policy outlining scope and identified for
We are committed to adhering to penalities.
internationally recognised human any of the
rights and proactively take measures
stakeholders
to ensure that there is no infringement
of human rights across our operations,
Our Commitment towards Human Rights
Identification of existing
supply chains, communities and
or potential Human Rights
business relationships.
Our Human Rights policy sets out clear guidelines for our related risks.
We have zero tolerance for all forms of operations and suppliers to uphold internationally recognised
discrimination and harassment. human rights, including
In FY 22, we
Responsibility matrix, conducted
Equal Freedom Right
1
processes and interventions Human Rights due
employment from discrimination to a safe and to proactively prevent and diligence for our
Human opportunities and harassment healthy work reactively address violations. employees and
Rights policy
environment contract labourers
employed within
2 Code Prohibition Prevention Right our premise. Our

of employment of of to fair Awareness, training and key suppliers were
of conduct assessed against
remuneration capacity building of Human
• child labour • modern day slavery Rights across the organisation pre-determined
3
• forced/ bonded/ • human trafficking and value chain. human rights-related
Equal
unpaid labour criteria (included in
Employment
ESG assessment),
opportunity policy
to be eligible for
Freedom Right
4
consideration in
Monitoring and publishing
of association to collective the procurement
Diversity performance transparently
bargaining through annual and sustainability process.
and inclusion policy
reports, websites and internal
communication channels.
5 Supplier
Code of conduct Identifying and
Mitigating the Risk
Reporting and Redressal of
Human Rights Violations
Robust grievance redressal
6
We have a comprehensive system to We have institutionalised a system mechanisms including whistle
Whistle identify, evaluate and address existing which allows for both reporting and blower channels to register No incident/
blower policy complaints.
and potential human rights-related risks redressal of human rights violations in complaint/
within our own operations as and in our a timely manner.
grievance was
7
value chain.
Prevention Employees can raise concerns
Of sexual harassment To mitigate these risks we take a regarding their employment through
Responsive and timely reported on
redressal of complaints and
policy (POSH) proactive approach, ensuring no our grievance redressal mechanism.
levy penalties for violations.
human rights
infringement of human rights within our
violation
8
Prevention operations, supply chains, communities Stakeholders can report grievances
Of personal anonymously under the whistle blower
or business relationships.
harassment policy mechanism.
(POPH)
154 155
Zero-Tolerance for Discrimination Equal Employment Opportunity Measure and sustain change
and Harassment [GRI-2-24]
We provide equal employment We regularly measure and track the
opportunities and create an progress towards the key deliverables
inclusive work environment. and organisation goals in areas like:
We have implemented policies and

Zero tolerance for processes to ensure that we continue
discrimination to provide a workplace free from
discrimination and a ‘equal opportunity’ Adherence to our commitment
merit based environment. on Human Rights
Adherence to applicable
Zero tolerance for
labour laws
harrassment
We respect and support human rights in Gender diversity %
accordance with the Indian Constitution
Prevention of Harassment at & applicable labour laws.
Workplace
No
We have robust policies to prevent any Preventing any form of
form of sexual harassment at workplace to child labour discrimination and harassment
and provide every employee with a safe,
secure, and enabling environment.
No to forced/ bonded/
unpaid labour
Enhancing employee engagement
No to modern day slavery

or human trafficking
and satisfaction
100%
Employees trained on Yes to fair and timely payment
to employees and workers
Health and Safety
POSH and POPH
Annually, these metrics appear in

the HR scorecards and some are
No also reported at various board level
committees like ESG Committee,
Complaint was reported to POSH
& Nomination and Remuneration
committee about any sexual and/or
Committee.
personal harassment
Metrics on gender diversity, health
and safety and aspects of employee
engagement are also included in the
annual KRAs of Lodha leadership
Employees are trained on POSH team is regularly reported and
reviewed.
policy and are encouraged to
report any incident of sexual 100%
Employees were covered in learning
harassment to the POSH committee. sessions on Human Rights, Code of
Conduct, Policies on Ethical Business
Practices and Sustainability.
156 157
Social and Relationship Capital Integrated Report 2022-23
SOCIAL AND RELATIONSHIP CAPITAL

We make a meaningful impact in PERFORMANCE HIGHLIGHTS
Building a Sustainable and the areas of women empowerment,

education, health and well-being
through various initiatives that benefit 4L+
Equitable Future for All our external stakeholders such as supply
chain partners, our customers, and the
Lives impacted
local community.
As responsible corporate citizens,

we are committed to safeguarding J 223.0 Mn
our country’s present and future CSR expense
opportunities, particularly for children,
youth and future generations, by
investing in excellent education and
sponsoring talent.
4.64
Our commitment is reflected in CSAT score
everything we do, from our community
engagement programmes to our
customer service initiatives. We believe
that by placing a greater emphasis on
social and environmental impact, we
can create a more sustainable and
equitable future for all.
For us, the road to ‘Building a CAPITAL INTERLINKAGES

Better Life’ starts with stronger Social and Relationship Capital
bonds with stakeholders, resting on
key pillars of mutual trust, respect
and transparency. Financial Human Manufactured Intellectual Natural
Capital Capital Capital Capital Capital
H 223.0 Mn 1,200+ Customer satisfaction Innovative township Mobilising and

We contribute to nation building by creating CSR expenditure volunteers score of 4.64 and city development enabling our
a positive impact on society at large through contributing towards offerings impacting stakeholders to
social impact community reduce their carbon
our initiatives aimed at empowering women development both footprint
and securing the future of India’s youth. within and near the
developments
(GRI 2-6, 204-1, 308-1, 408-1, 409-1, 412- 3, 413- 2, 417- 2, 417-3, 418-1, 419-1)
158 159
CLOSER TO THE COMMUNITY Female workforce participation

79 India could lose up Through Unnati, we are BPO, ITeS & Education
We are steadfastly committed to creating a
positive and sustainable impact on society,
80
70
to USD 6 trillion in developing a platform Focus sectors for Unnati to bring more women
into the formal workforce.
which enables women get
64
not just through our community-facing
60 57
GDP by 2050 if we
initiatives aligned with the United Nations’
Sustainable Development Goals (SDGs) 50
54
do not utilise the into the formal work force
but also through our community initiatives female workforce.
and the way we conduct business - which
40
36 and earn a fair income.
FLPR (%)
30
contribute directly and indirectly in
enabling livelihoods. 20 20 20
Our initiatives are carefully designed 10 Renuka Keswani
to empower individuals and uplift their – 37 years old
overall quality of life, thereby helping to
al
S.
sia
sh
en
a
or
di
create a better, more equitable world.
U.
ep
de
m
ne
In
ap
N
Ye
la
do
Renuka followed her ambitions of independence and self-reliance despite personal

ng
Our focus is on women empowerment

ng
In
Si
Ba
and education. circumstances that drove her to work at a young age. She began teaching young pre-
primary kids at the age of 15, while also continuing her own schooling.
Women Her commitment to learning and hard work paid off, as she landed a data-entry
Empowerment position with a financial institution after graduating. Her journey, however, was far from
easy. She was compelled to take a sabbatical from employment after marriage and
The female workforce participation in Our approach
children owing to family responsibilities. This absence resulted in a five-year gap in her
our country is less than 20% and comes
job, but she refused to give up on her dreams and was ready to return to work.
at a huge economic and social cost. We
firmly believe that empowering women is With the Unnati programme, she gained newfound strength and motivation. The
one of the most effective ways to unlock programme has been instrumental in restoring her self-confidence and enhancing her communication skills. With a workplace
the next phase of growth for India. close to home, where she can balance her responsibilities with ease, she is committed to making her dreams a reality.
Our focus on creating an enabling Skill and prepare Offer financial incentives
environment for women to enter the women for formal and logistical support to
formal workforce begins by incentivising employment corporates to increase
and supporting employers to hire their female workforce
more women. Also, we are creating a
conducive environment to help women
become employable with the help of
necessary support systems to thrive
professionally.
Our vision
Provide supportive Advocate for policies
To advance social and economic services to working that create enabling
development of India by enabling women to lower attrition, conditions for women at
women to obtain formal employment increase productivity and the workplace
with regular monthly salary and less enable growth
than 30 minutes commute time.
First batch of women enrolled under Unnati programme
160 161
Quality
Education
Building Social Infrastructure through
our K12 Schools
>400 >11,000
Students benefitted through quality
Through our social infrastructure assets,
As India’s economy quadruples, we will The Lodha Genius Programme is a joint them to use their talent for personal success Women offered job opportunities as education
we strive to give back to society and
face a massive shortage of high quality initiative between Lodha and Ashoka University, and contributing to the nation will result in teaching professionals
serve the community. We have started this
managerial and technical talent. We are India’s premier liberal arts university, known tremendous socio-economic growth.
journey by establishing schools within our
committed to addressing this gap as it for its interdisciplinary approach to education,
The Lodha Genius Programme is open project developments with the intention to
is important to increase the quantum world-class faculty, and commitment to social
to students in grades 9 to 12 who impart quality education to young Indians
and quality of high calibre students in impact. The program seeks to address the acute
demonstrate exceptional academic and empower them to become ‘leaders
our country. There is also a need for a shortage of high-quality talent in the country by
performance, leadership potential and a of tomorrow’. Presently, our educational
higher level of civic, social, and national supporting academically bright school students
passion for learning. The programme will portfolio boasts of seven K12 schools, and
commitment among India’s most capable and provides them with the knowledge, skills,
entail on-campus seminars and projects we are rapidly expanding to increase our
citizens. Unlike other countries such and network they need to succeed in today’s
at Ashoka University, alongwith continued reach and intensify our impact on society.
as Singapore, the USA, and Australia, complex, interconnected world.
India lacks well-defined programmes for off-campus mentoring. Students will be
We aim to significantly increase the Lodha Scholarship Endowment Fund
academically talented students. trained by world-renowned mathematicians
proportion of young Indians who have the and scientists from the best institutions in The Lodha Scholarship Endowment
ability to become high quality technical India and abroad. Through continued Fund has been instituted with an aim to
and managerial resources and enable/ mentorship, support and peer learning, the provide financial support can be provided
inspire them to give back to the nation programme will build a strong foundation to meritorious students every year. The
and society. for the success of the students. programme offers financial assistance to
students from Std. V to Std. XII living in the
India has academically bright students, who
Mumbai Metropolitan Region (MMR) whose
are unable to reach their full potential due to
lack of resources and opportunities, mental
100 annual household income is less than
Students H 4,50,000. The scholarship covers 75% of
health and family issues. Supporting these
the fee and other expenses. The programme
students from a young age and teaching
is implemented in collaboration with the
schools which identify and refer the students.
With our endowment fund, we seek to
alleviate the financial burden that can impede
educational opportunities, ensuring that
every child has an equal chance to thrive
academically and pursue their aspirations.
J 900,000
Disbursed towards the scholarship
375
Students supported through scholarship
Our educational institutions Lodha World School, Lodha World School, Lodha Oakwood
align with Lodha’s vision of Thane Palava School Lodha World
‘Building a Better Life’ and School, LSG The Shri
are committed to shaping #17 in Mumbai #18 in Mumbai Ram Universal School
the future of the nation by Times School Survey Times School Survey
nurturing and empowering 2022 2022 Top Emerging
young minds. Schools in Mumbai
#4 in Thane #2 in Kalyan
Times School Survey
It gives us immense pride and joy to Education World India Education World India
2022
have our efforts recognised. Rankings 22-23 Rankings 22-23
Lodha Genius Programme

162 163
Building
Resilient
housing projects at Taloja, Thane and
Upper Thane, which significantly improve
Generating livelihoods
12 19% 3% 15%
Communities the liveability quotient of the community at We are a significant generator of CSR programmes Of the total revenue Of the total revenue tax Of the total revenue
large, at highly competitive price points. employment. We directly employ over conducted by Lodha contributed to nation contributed by employees tax paid to the
Improving Lifestyles 4,305 professionals and over 80,000+ Foundation every month building and suppliers government
Our commitment to providing quality jobs are created across construction,
Purchasing a home is a universal
affordable housing options is enabled by property management and supply chain.
aspiration, entailing, a substantial
our cost effective process, which benefits
investment. We strive to make this
dream achievable for as many people
our customers financially, and helps Through Lodha Foundation we run 1,030 1% 2%
them live a flourished life with a more continuous learning programmes to
as possible, while continuing to maintain Young adults are Of the total revenue Of the total revenue
sustainable future. bridge the learning gaps in the youth
our high standards of quality. skilled and empowered strengthen ULBs paid to service delivery
from our local communities in terms of
With these initiatives we have observed a to build enabling
We provide a plethora of amenities digital literacy and life skills.
substantial impact on not just liveability livelihoods for
like green spaces, club houses, sports The organisation also contributes to themselves
scores, but also a downward impact on
infrastructure etc., at our affordable nation building with 8% of its revenues
crime levels in the neighbourhood.
contributed in the form of taxes.
Shot at CROWN TALOJA
164 165
Supporting This year, volunteers conducted a of Lodha World School to conduct Our other community initiatives
changemakers reading programme and distributed enriching learning experiences for the
books and learning materials to students. children, providing them with the tools We are committed to the well-being of
they need to succeed. the communities surrounding our micro-
Our leadership, employees and residents
play a critical role in realising our vision
Empowering Local Communities
through School Adoption 8,400 Through this initiative, we aim to
empower young underserved children
markets, such as Malabar Hill, Dombivli,
and Thane. We have implemented a
of ‘Building a Better Life’ through our Volunteering hours by providing them with better education
community initiatives. We have created We have adopted a local Zilla Parishad opportunities and infrastructure. Our 200+ mobile health clinic programme to
ensure that families in distress have
the ‘Guardians of Change’ programme, school in Khoni village to improve the commitment to this cause is evident Students participated in the access to quality healthcare services.
a platform that allows our residents and quality of education and infrastructure. through its collaboration with local reading programme These mobile clinics are run by medical
employees participate in and contribute The initiative brought together our residents, employees, and students professionals, equipped with necessary
to our community initiatives by donating employees, residents of Palava, and
equipment to offer primary healthcare
their time and expertise. students of Lodha World School to
services to the communities.
curate and conduct enriching learning
experiences for the underserved children This programme ensures that families
of the community. who may not have access to healthcare
services due to financial or geographic
barriers are still able to receive the care
they need. By providing these services,
we aim to improve the overall health
and well-being of our community and
empower them to lead healthier and
more fulfilling lives.
14,153
Number of citizens benefitted
from the mobile health vans
4L+
Citizens benefitted from the
sanitation drive
166 167
CREATING AN ENRICHING LIFE Ensuring unparalleled customer for a quality home or work space and CUSTOMER ENGAGEMENT
FOR OUR CUSTOMERS experience remains one of our foremost continues long after as we maintain the
priorities, and we continue to implement developments and deliver superior after-
We are deeply invested in the
In-house Customer
various measures to strengthen this sales services. Pre-Possession My Lodha
communities we build and strive 01 Customer 02 03 04 Satisfaction
commitment. Support Team Walkthrough Community Portal Surveys (CSAT)
to develop a lifestyle that provides Through a range of personalised and
individuals and families opportunities to immersive customer engagement
initiatives, we are committed to nurturing We have a dedicated Another key initiative of We also provide customers The CSAT survey is an
thrive, build fulfilling social bonds and Delivering a Customer-Centric
their well-being with meaningful and customer support team, well our customer engagement with easy access to self- effective tool to measure
achieve their full potential. Right from Experience
supportive engagements that build equipped to handle customer process is the Pre-Possession information at all times customer satisfaction at the
the common spaces we build to how
Our relationship with our customers lasting relationships. queries and issues in a timely Walkthrough. This is a guided through our community time of handing over the
they are run and programmed – all are
commences when they start looking and efficient manner. tour of the project that is portal. This portal allows unit is a proactive approach
intended to achieve the same purpose.
conducted close to the actual customers to access all the that enables us to ensure
A dedicated Relationship possession date. During information pertaining to customer satisfaction and
Manager (RM) is assigned the walkthrough, customers their unit, including the status improve our services to
to each customer and serves can view all amenities and of the project, payment meet the evolving needs and
as the primary point of the actual flats, which helps information, and other expectations of its customers.
contact for any questions, to ensure that they have a important details. The survey provides valuable
concerns, or issues that the clear understanding of what insights into the customer’s
customer may have. The RM to expect when they take overall experience, including
proactively communicates possession of their unit. Customers can also their interactions with the
with customers every 60 days This tour also provides an contact their relationship sales team, the quality of
to keep them informed about opportunity for customers managers via phone, the property, the level of
the progress of their project to ask any questions they email, or in-person customer service provided
and to address any concerns may have and to provide meetings to resolve any by the Company, and the
they may have. This regular feedback to the Company. queries or concerns they handover process itself.
communication helps to build may have. Our focus on customer
trust and a strong relationship We have taken strides satisfaction is a key part of
between the customer and towards fully digitising our strategy to build trust and
the Company. customer journeys, thereby loyalty with our customers.
eliminating manual errors
and enhancing efficiency.
354 We have also launched a 4.64
In-house customer care dynamic app that serves CSAT score
team as an interactive digital
platform, providing customers
with increased convenience
Through these strategic
and accessibility.
initiatives, we have further
solidified ourselves as a
customer-centric organisation
that values customer
satisfaction and prioritises
customer experience above
all else.
168 169
Encouraging Sustainable Living government’s vision for a sustainable

future. Our efforts towards green 1,000+
Our commitment to a sustainable living mobility are an important step towards Residents engaged in
is evident in our efforts towards green creating eco-friendly communities initiative
mobility. We prioritise the promotion of that promote healthy lifestyles and
sustainable transportation options in our sustainability.
communities, including bicycle sharing,
buses, and electric vehicle (EV) charging ‘Building a Sustainable Future’ 309 kgs
infrastructure. Campaign Plastic upcycled
We integrate dedicated bicycle lanes We also launched a ‘Building a

and parking spaces for bicycles in
our residential projects to encourage
Sustainable Future’ campaign in
collaboration with ‘Better India’, to 765 kg CO2
residents to use bicycles for commuting educate and engage residents across Emissions averted
and recreation. This not only reduces the the seven Lodha projects to engage in
community’s carbon footprint but also waste segregation and minimise plastic
promotes a healthy lifestyle.
100
consumption.
We develop residential projects in areas Residents enthusiastically participated in
with easy access to public transportation, Benches donated to the
the campaign, collecting plastic waste
such as metro stations and bus stops, school
that was upcycled into school benches.
reducing the need for private vehicles, to Through this initiative, we donated these
further promote sustainable mobility. benches to the adopted Zilla Parishad
We also provide charging infrastructure school at Khoni, further supporting
for EVs to our residents, encouraging the education and infrastructure of the
use of clean energy and supporting the underserved community.
Prioritising Health and Well-being Hospitality and Property Secure Living Spaces
Management
Our foremost priority is to provide a safe
Ensuing health and well being of
Our commitment to delivering the best- and comfortable living environment for
our customers is a top priority for
in-class amenities is evident in our luxury all residents. We have implemented a
us. With that in mind we ensure that
residential projects that are at par with range of emergency response facilities
our projects have plenty of green
international standards. Our focus is to including security and surveillance
spaces and clean and safe drinking
build a strong community that values initiatives, safety training, mock drills,
water. Recognising the importance
the unique experience of being part of a and ease of access to building entry/exit/
of a healthy lifestyle, we ensure that
Lodha development. emergency exits, which ensure safety of
our developments provide access to
residents at all our properties.
varied options for physical activities We believe that a well-defined approach
and healthy nutritional diets. Our food to hospitality services is crucial to Our commitment to structural safety is
and beverage offerings with club-style creating a distinct proposition for Lodha evidenced by the efficient design features
pricing focus on value and wellness. developments and building a strong we incorporate in our buildings. Our
brand in the long run. structures are designed to withstand
Our efforts to provide easy access to
various calamities, such as fire, wind,
public transportation have also been We strive to set a benchmark
flood, and seismic activity, providing our
instrumental in reducing travel time for hospitality standards in our
residents with a secure living space. We
and improve the lives of our customers. developments.
strive to maintain the highest standards
We also conduct cultural activities and of structural integrity and safety, and
provide top-notch sports coaching and we continuously invest in innovative
academic counselling for children. solutions to achieve this.
THE RESERVE,
LODHA BELMONDO
170 171
ENGAGEMENT WITH VALUE Seamless procurement practices Extensive performance evaluation Constructon spends break-up
CHAIN PARTNERS across the engagement lifecycle
Our efficient procurement processes have • Capture synergistic opportunities Labour workforce
We are committed to building a network well-defined central & local procurement through economies of scale We have implemented comprehensive vendor Other materials
team roles to capitalise on centralised performance guidelines in FY23, which are designed Quality Sustainable materials
of suppliers who will evolve and • Enhanced local coordination
grow with our operations, leveraging expertise and localised connect. The teams with vendor development & issue to assess major vendors across key parameters such
collaborate to consolidate requirements, as quality, safety, delivery, sustainability, and other 100%
technological advances, expertise and resolution
new skills. We have developed a robust plan materials, reduce inventory, relevant factors. The assessment process involves Safety 90% 16%
• Supplier market excellence
framework consisting of sound policies and prevent wastage. Our efficient evaluating vendors based on the stage of work. 80%
and supportive interventions to facilitate procurement processes are designed to 70%
minimise waste and reduce costs with data As the nature of our supply chain is multi-tiered, we Sustainability
a transparent and seamless supply chain. 60% 50%
analysis and vendor collaboration. consider supply chain opacity as an emerging risk
This framework encompasses training 50%
due to increase in number of suppliers and evolving
and development, safe and conducive
regulations on transparent reporting. To mitigate 40%
workplaces, and fair contractual terms Delivery
Loca the regulatory impact of this risk on our business, 30%
that aim to nurture and empower n lm
suppliers. tio we plan to implement a monitoring system to track 20%
34%
cu
suppliers’ performance on established standards.
ar
10%
xe
ke
Agile e
By nurturing strong relationships with
t
0%
dynamics
suppliers and supporting their growth Category
and development, we are able to create expertise
a reliable and efficient supply chain
Sustainable procurement
that delivers exceptional value to our
customers. We have a robust procurement policy that supports sustainable sourcing and a
Ve
ndo ip
r relationsh circular economy model. We prioritise buying from local communities and strategically
creating job opportunities for vendors and allied service providers to positively impact
their economic growth. We carefully evaluate and monitor vendor performance to
maintain our high standards for quality, safety, and sustainability. Our approach
Robust framework with sound policies supports the vendors and contributes to the socioeconomic well-being of the region.
Relationship & Training & Collaboration

Engagement Development & Innovation
MSME Local Awareness Sustainability Sustainable
procurement sourcing Sessions Assessment materials
MSME procurement Geo-mapping was Conducted webinars Conducted survey Sustainable and
35% of the input done for ~72% for all our major on awareness recycled material
material was directly of total material vendors to increase and sustainability contribute to ~25%
sourced from medium procurement and their awareness on practices with key of the construction
and small scale within this we found Sustainability aspects vendors covering spends on material
enterprises that ~72% of ~40% spend by
material is procured value. In the next FY,
from within 400 km we aim to increase
radius the coverage by
including the larger
supplier base
Safe & Conducive Continuous

Workplace Improvement
172 173
Supplier Relationship Strategic Partnership Ethical and Humane Supply

Management Approach Chain
During this year, we further strengthened With the objective to have better We, at Lodha, firmly believe in ethical
relationships with our key vendors by control on planning and cost, we and socially responsible business
initiating a series of structured open are exploring avenues for long-term practices. Hence, we ensure that
house meetings. These meetings framework agreements with strategic our suppliers uphold similar values
helped us articulate our strategic vendors for major categories. This will and principles. We have updated
and sustainable roadmap, and also enable us to enhance our supply chain our empanelment process to include
actively seek out feedback and insights resilience with a pool of highly capable acceptance of our Transparency and;
from our vendors. By leveraging these vendors, explore more avenues for Ethics Policy along with our Supplier
interactions, we foster a culture of value engineering, reduce the vendor Code of Conduct which is available
collaboration and partnership that is appointment and mobilisation timeline, online at www.lodhagroup.in/
rooted in transparency, accountability, and have better control on the quality, sustainability/
and mutual respect. safety and statutory compliances.
Budgeting & Digitisation of the

Estimation Vendor
value chain
Onboarding
We have been progressively digitising the
vendor engagement lifecycle to achieve
overall operational improvement,
Digitised efficiency, and better governance &
vendor transparency.
engagement
Invoicing & lifecycle
Payment e-Tendering ENGAGING WITH INVESTORS
We are committed to providing clear with our investors and analysts. These In all of our interactions with the investor
and concise disclosures that allow include investor and analyst conferences, community, we strive to highlight
our stakeholders to make informed periodic meetings, our integrated annual our strong operating and financial
Order
decisions about their investments. We report, press releases or media updates, performance, as well as our commitment
Management
firmly believe that transparency, honesty, and earnings calls. to sustainability disclosures.
and consistency are key elements in
Working together towards a shared

building value with our shareholders. In
order to achieve this, we are committed
to providing accurate and up-to-date
information to the financial market, vision for success, we foster a sense
including current and potential investors,
analysts, and other stakeholders. of partnership and mutual respect
We have established various channels
to facilitate meaningful interactions
with our investors.
174 175
Macrotech Developers Limited
GRI Content Index
GRI CONTENT INDEX

Section of the Mapping Mapping
GRI GRI Description Page No. Mapping with BRSR
Report with SDGs with TCFD
GRI 2- GENERAL DISCLOSURES 2021
2-1 Organizational details About the Report, BRSR 02, 219 - - Section A: General
disclosures - Part I
2-2 Entities included in the About the Report, BRSR 02, 221,222 - - Section A: General
organization’s sustainability disclosures - Part I
reporting
2-3 Reporting period, frequency and About the Report, BRSR 219 - - Section A: General
contact point disclosures - Part I
2-4 Restatement of information Natural Capital, BRSR 242, 245 - - -
2-5 External assurance Independent Assurance 219 - - -
Report
2-6 Activities, value chain and other BRSR 219 8 - Section A: General
business relationships disclosures - Parts II, III,
IV & V
2-7 Employees BRSR 219 8 - Section A: General
disclosures - Part IV
2-8 Workers who are not employees BRSR 219 8 - Section A: General
disclosures - Part IV
2-9 Governance structure and Corporate Governance 17 - - -
composition Report - Board
composition
2-10 Nomination and selection of the Corporate Governance 258, 252 - - -
highest governance body Report - Board
Membership Criteria
and Selection
Process’ and “Board
composition”
2-11 Chair of the highest governance Corporate Governance 252 - - -
body Report - Separate
Posts of Chairman and
Managing Director &
CEO
2-12 Role of the highest governance BRSR 219 - TCFD Report Section B: Governance,
body in overseeing the -Governance leadership & oversight -
management of impacts Part II
2-13 Delegation of responsibility for BRSR 219 - - Section B: Governance,
managing impacts leadership & oversight -
Part II
2-14 Role of the highest governance BRSR, TCFD 219, 50 9 TCFD Report - Section B: Governance,
body in sustainability reporting Governance leadership & oversight -
Part II
2-15 Conflicts of interest BRSR 229 - - Principle 1: LI 2
2-16 Communication of critical BRSR 226 - - Section B: Governance,
concerns leadership & oversight -
Part VII
2-17 Collective knowledge of the BRSR 228 - - Principle 1: EI 1
highest governance body
176
Statutory Reports
Integrated Report 2022-23

2-18 Evaluation of the performance of Corporate Governance 259 - - -
the highest governance body Report - Board
Evaluation
2-19 Remuneration policies Corporate Governance 261 - - -
Report - Directors’
remuneration
2-20 Process to determine remuneration Corporate Governance 261 - - -
Report - Directors’
remuneration
2-21 Annual total compensation ratio BRSR 239 - - Principle 5: EI 3
2-22 Statement on sustainable Managing Director & 20 8, 9 - -
development strategy CEO’s message
2-23 Policy commitments Human Capital - Our 154, 251 - - -
commitments towards
human rights and
Corporate Governance
Report
2-24 Embedding policy commitments Human Capital - 156 - - -
Measure and sustain
change
2-25 Processes to remediate negative BRSR 240 - - Principle 5: LI 1 & 2
impacts
2-26 Mechanisms for seeking advice BRSR 240 - - Principle 5- EI 5
and raising concerns
2-27 Compliance with laws and BRSR 228 - - Principle 1 - EI 2
regulations
2-28 Membership associations BRSR 247 - - Principle 7 - EI 1(a) & 1(b)
2-29 Approach to stakeholder Stakeholder 247 - - BRSR P8 EI -1
engagement Engagement and BRSR
2-30 Collective bargaining agreements BRSR 232 - - Principle 3 - EI 7
GRI 3- MATERIAL TOPICS 2021
3-1 Process to determine material Materiality Assessment 42 - - -
topics
3-2 List of material topics Materiality Assessment 42 - - -
3-3 Management of material topics BRSR 223 - - Transparency & Disclosures
- Part VII
GRI 201: ECONOMIC PERFORMANCE 2016
201-1 Direct economic value generated Financial Capital - 63 8 - -
and distributed Value created and
distributed
201-2 Financial implications and other Risk Management 50, 224 13 TCFD Risks & Transparency & Disclosures
risks and opportunities due to TCFD Disclosures and opportunities - Part VII
climate change BRSR
201-3 Defined benefit plan obligations Consolidated Financial 332, 341 - - -
and other retirement plans Statements - Significant
Accounting policies-
No 16 and note 47
177
GRI Content Index

201-4 Financial assistance received from We have not - - - -
government received any financial
assistance from the
Government.
GRI 202: MARKET PRESENCE 2016
202-1 Ratios of standard entry level wage BRSR 238 - - Principle 5- EI 2
by gender compared to local
minimum wage
202-2 Proportion of senior management Human Capital - Talent 144 8 - -
hired from the local community Acquisition and On
-Boarding
GRI 203: INDIRECT ECONOMIC IMPACT 2016
203-1 Infrastructure investments and ‘Manufactured Capital- 74, 93, 160 - - -
services supported Revolutionising Urban
Living
Natural Capital -
Green Mobility;
Social and Relationship
Capital - Closer to the
community
203-2 Significant indirect economic ‘Manufactured Capital- 74, 160 - - -
impacts Revolutionising Urban
Living
Social and Relationship
Capital - Closer to the
community
GRI 204: PROCUREMENT PRACTICES 2016
204-1 Proportion of spending on local Social & Relationship 173 - - -
suppliers Capital - Engagement
with local value chain
partners - Sustainable
procurement
GRI 205: ANTI CORRUPTION 2016
205-1 Operations assessed for risks BRSR 228 - - Principle 1- EI 4
related to corruption
205-2 Communication and training BRSR 229 - - Principle 1- LI 1
about anti-corruption policies and
procedures
205-3 Confirmed incidents of corruption BRSR 228 - - Principle 1- EI 5
and actions taken
GRI 206: ANTI COMPETITIVE BEHAVIOUR 2016
206-1 Legal actions for anti-competitive BRSR 247 16 - Principle 7- EI 2
behavior, anti-trust, and monopoly
practices
GRI 207: TAX 2019
207-1 Approach to tax Corporate Policies and 282 - - -
Codes
207-2 Tax governance, control, and risk Corporate Policies and 282 - - -
management Codes
178
Statutory Reports

207-3 Stakeholder engagement and Corporate Policies and 282 - - -
management of concerns related Codes
to tax
207-4 Country-by-country reporting BRSR 219 - - Section A: General
disclosures - Part I
GRI 301: MATERIALS 2016
301-1 Materials used by weight or BRSR 243 - - Principle 6- EI 7
volume
301-2 Recycled input materials used BRSR 231 - - Principle 2- LI 3
301-3 Reclaimed products and their BRSR 231 - - Principle 2- LI 4
packaging materials
GRI 302: ENERGY 2016
302-1 Energy consumption within the BRSR 241 7,8,12,13 - Principle 6- EI 1
organization
302-2 Energy consumption outside of the Natural Capital, BRSR 106, 241 7,8,12,13 - -
organization
302-3 Energy intensity BRSR 241 7, 8 , 12 - Principle 6- EI 1
302-4 Reduction of energy consumption Natural Capital - 106, 241 7, 8, 12, 13 - -
Energy Consumption
and Intensity
302-5 Reductions in energy requirements BRSR 245 7, 8, 12, 13 - Principle 6- LI 4
of products and services
GRI 303: WATER AND EFFLUENTS 2018
303-1 Interactions with water as a shared Natural Capital - Water 102 6 - -
resource management approach
and measures
303-2 Management of water discharge- Natural Capital - Water 102 3, 6, 12 - -
related impacts management approach
and measures
303-3 Water withdrawal Natural Capital - BRSR 241 6 - Principle 6- EI 3
303-4 Water discharge Natural Capital - Water 102, 241 6, 12 - Principle 6- EI 3
management approach
and measures
303-5 Water consumption Natural Capital - Water 102, 242 6, 12 - Principle 6- EI 4
management approach
and measures
GRI 304: BIODIVERSITY 2016
304-1 Operational sites owned, leased, Natural Capital 244 15 - Principle 6- EI 10
managed in, or adjacent to, -Operations / sites in
protected areas and areas of protected / high bio-
high biodiversity value outside diversity areas
protected areas
BRSR
304-2 Significant impacts of activities, Natural Capital - 115 15 - -
products and services on Biodiversity approach
biodiversity and measures
304-3 Habitats protected or restored Natural Capital - 115 15 - -
Biodiversity approach
and methods
304-4 IUCN Red List species and Natural Capital - 115 15 - -
national conservation list species Biodiversity approach
with habitats in areas affected by and methods
operations
179
GRI Content Index

GRI 305: EMISSIONS 2016
305-1 Direct (Scope 1) GHG emissions Natural Capital - GHG 108, 242 13 - Principle 6 - EI 6
Emissions and Intensity
BRSR
305-2 Energy indirect (Scope 2) GHG Natural Capital - GHG 108, 242 13 - Principle 6 - EI 6
emissions Emissions and Intensity
BRSR
305-3 Other indirect (Scope 3) GHG BRSR 108, 245 13 - Principle 6- LI 4
emissions
305-4 GHG emissions intensity Natural Capital - GHG 108 13 - Principle 6- EI 6
Emissions and Intensity
BRSR
305-5 Reduction of GHG emissions BRSR 243 13 - Principle 6- EI 7
GRI 306: WASTE 2020
306-1 Waste generation and significant Natural Capital - Waste 111, 243, 244 - - Principle 6 EI 8
waste-related impacts management approach
and measures
BRSR
306-2 Management of significant waste- Natural Capital - Waste 111, 243, 244 - - -
related impacts management approach
and measures
306-3 Waste generated Natural Capital -Waste 111, 243, 244 - - Principle 6- EI 8(a)
management approach
and measures’
BRSR
306-4 Waste diverted from disposal Natural Capital -Waste 111 12 - -
management approach
and measures
306-5 Waste directed to disposal Natural Capital -Waste 111 12 - -
management approach
and measures
GRI 308: SUPPLIER ENVIRONMENTAL ASSESSMENT 2016
308-1 New suppliers that were screened BRSR 246 - - Principle 6- LI 9
using environmental criteria
308-2 Negative environmental impacts in BRSR 246 - - Principle 6- LI 8
the supply chain and actions taken
GRI 401: EMPLOYMENT 2016
401-1 New employee hires and Human Capital - 137 - - Section A: General
employee turnover Performance highlights disclosures- Part IV
BRSR
401-2 Benefits provided to full-time BRSR 231 8 - Principle 3- EI 2
employees that are not provided to
temporary or part-time employees
401-3 Parental leave Human Capital 141 - - -
180
Statutory Reports

GRI 403: OCCUPATIONAL HEALTH & SAFETY 2018
403-1 Occupational health and safety Human Capital - 148 3,8 - Principle 3- EI 10
management system Occupational Health
and Safety
BRSR
403-2 Hazard identification, risk BRSR 233 3,8 - Principle 3- EI 10 (b), 10(c
assessment, and incident ),12
investigation
403-3 Occupational health services BRSR 233 3,8 Principle 3- EI 12
403-4 Worker participation, consultation, Human Capital - 150 3,8 - -
and communication on Occupational Health
occupational health and safety and Safety
403-5 Worker training on occupational Human Capital - 149 3,8 - Principle 3- EI 8
health and safety Occupational Health
and Safety
BRSR
403-6 Promotion of worker health BRSR 233 3,8 - Principle 3- EI 10(a) &
10 (b)
403-7 Prevention and mitigation of BRSR 234 3,8 - Principle 3- EI 12
occupational health and safety
impacts directly linked by business
relationships
403-8 Workers covered by an BRSR 233 3,8 - Principle 3- EI 10 (a)
occupational health and safety
management system
403-9 Work-related injuries BRSR 234 3,8 - Principle 3- EI 11
403- Work-related ill health BRSR 234 3,8 - Principle 3- EI 13
10
GRI 404: TRAINING & EDUCATION 2016
404-1 Average hours of training per year Human Capital - 145 4 - -
per employee Capability building
404-2 Programs for upgrading employee BRSR 232, 235 4 - Principle 3- EI 8,
skills and transition assistance Principle 3 - LI 4
programs
404-3 Percentage of employees receiving BRSR 233 8 - Principle 3- EI 9
regular performance and career
development reviews
GRI 405: DIVERSITY & EQUAL OPPORTUNITY 2016
405-1 Diversity of governance bodies Human Capital - 153 - - Section A: General
and employees Gender Diversity Data disclosures- Part IV
BRSR
405-2 Ratio of basic salary and BRSR 238, 239 5 - Principle 5- EI 2 and EI 3
remuneration of women to men
GRI 406: NON DISCRIMINATION 2016
406-1 Incidents of discrimination and BRSR 240 5 - Principle 5- EI 6
corrective actions taken
181
GRI Content Index

GRI 407: FREEDOM OF ASSOCIATION & COLLECTIVE BARGAINING 2016
407-1 Operations and suppliers in which BRSR 232 - - Principle 3- EI 7
the right to freedom of association
and collective bargaining may be
at risk
GRI 408: CHILD LABOUR 2016
408-1 Operations and suppliers at Human Capital - Our 154 8 - -
significant risk for incidents of child commitment to Human
labor Rights
GRI 409: FORCED OR COMPULSORY LABOUR 2016
409-1 Operations and suppliers at Human Capital - Our 154 8 - -
significant risk for incidents of commitment to Human
forced or compulsory labor Rights
GRI 410: SECURITY PRACTICES
410-1 Security personnel trained Human Capital - Our 154 8 - -
in human rights policies or commitment to Human
procedures Rights
GRI 415: PUBLIC POLICY 2016
415-1 Political contributions Consolidated Financial 418 - - -
Statements - Note 46
GRI 417: MARKETING & LABELLING 2016
417-3 Incidents of non-compliance BRSR 249 - - Principle 9- EI 3
concerning marketing
communications
GRI 418: CUSTOMER PRIVACY 2016
418-1 Substantiated complaints BRSR 249 - - Principle 9- EI 3
concerning breaches of customer
privacy and losses of customer
data
182
Statutory Reports
DIRECTORS’ REPORT
To the Members,
The Directors are pleased to present the 28th Annual Report (and the 2nd Integrated Annual Report) of the Company for the financial
year ended March 31, 2023.
OVERVIEW OF OPERATIONS
We are among the largest residential real estate developers in do JDA on their land assets. This enabled the Company to add
India with presence across luxury, premium, mid-income and 12 new projects for 14 million square feet area amounting to
affordable segments through over 30 operating projects. We nearly H 200.0 Bn GDV during the year across various micro-
also develop commercial spaces comprising corporate offices, markets of MMR, Pune & Bengaluru largely through JDAs.
IT campuses, boutique offices and high street retail as part of
our large developments. We not only develop these projects but In terms of completion, the Company received occupation
also manage them post completion. Recently, we added a digital certificates for 9.3 million square feet. Significant ramp up in
layer to our already established property management business construction was seen in FY23 as effects of the pandemic
through BelleVie, an integrated digital platform, to provide wider waned. With construction now in full swing, we expect significant
ambit of services to residents residing in our developments. We completion to continue FY24 onwards..
are focused on three of the largest cities of India - MMR where we
are No. 1 player with a dominant market share and a growing Focusing on green growth
presence in Pune and Bengaluru which we entered in FY23.
We are also developing digital infrastructure parks across India Over the past year, we made major advances towards transitioning
mainly through our joint venture with India Opportunities Fund to net zero and creating a sustainable future for our stakeholders.
SSA Scheme I and Ivanhoe Warehousing Inc, funds managed by We have switched our electricity needs to renewable sources in
Bain Capital and Ivanhoe Cambridge (an arm of CDPQ). our entire operations and assets through a mix of direct purchase
and on-site generation of renewable energy. With this we aim to
achieve net zero carbon in our operations (scope 1, 2) within
Best ever year
FY24, well ahead of our target (For more details refer the Net
FY23 continued to build on the momentum seen in the previous Zero Carbon Roadmap on page 107 of the Integrated Report).
year and emerged as the best ever year for the Company on We also design all our projects as green buildings, our present
several parameters. The Company achieved its best ever pre- certified/pre-certified portfolio is over 20 million sqft with an
sales of H 120.6 Bn (34% YoY) as well as best ever collections additional 30 million sqft under review for certification.
at H 106.1 Bn (23% YoY). The year also marked our entry into
This year, we took significant steps across the focus areas of
a new city i.e. Bengaluru where we acquired a JDA project.
the Lodha Net Zero Urban Accelerator viz embodied carbon
Company continued to reduce its net debt on a consistent basis
reduction, passive designs, equipment efficiency, clean energy
through organic means with net debt for the year ending at
and green mobility. We partnered with Xynteo on the 'Build
H 70.7 Bn (reduction of H 22.3 Bn).
Ahead Coalition' that also aims to unite multiple stakeholders
During the financial year, the Company launched 12 new from the construction value chain in India to achieve net zero
projects and subsequent phases of existing projects. Some of the built environment in India. With an unwavering focus we continue
key launches during the year included Lodha Malabar, Lodha to work towards creating a development template for the real
Bellevue, Lodha Divino, Ascenza, Crown Kolshet, Villa Royale estate industry which will demonstrate that growth decoupled
Palava in MMR, and Lodha Giardino & Lodha Panache in Pune from emissions is possible.
etc.
We were also ranked in the top-tier of various global
In FY23, the Company continued to add new projects in the leading sustainability benchmarks this year including S&P
under-represented micro markets of MMR & Pune where our Global Corporate Sustainability Assessment (CSA), GRESB,
brand is already well recognized and also marked our foray Sustainalytics, and others. For more details on our performance
into Bengaluru market with acquisition of our first project. Our across sustainability benchmarks refer the sustainable growth
ability of quick turnaround from land acquisition to launch of the section on page 57 of the Integrated Report.
project has made us the preferred partner for the landowners to
183
Directors’ Report
HIGHLIGHTS OF OPERATING & FINANCIAL RESULTS
Operating Results
Year ended March Year ended March

Particulars UoM
31, 2023 31, 2022
Pre Sales (Developable Area) Million square feet (Mn Sq ft) 9.4 8.0
Pre Sales Number of units 8,303 7,237
Pre Sales Value H Billion (Bn) 120.6 90.2
Collections H Billion (Bn) 106.1 86.0
Completed Developable Area Million square feet (Mn Sq ft) 9.3 5.3
Completed units Number of units 9,623 4,551
Financial Results
Standalone Financial Highlights

(J Bn)
Particulars FY 2022-23 FY 2021-22
Revenue from operations 87.3 83.5
Total Income 89.9 84.5
EBIDTA before exceptional items 18.4 19.6
Finance Cost 6.0 3.9
Profit Before tax 1.9 16.0
Profit for the year 3.0 11.3
Revenue from operations increased by ~5% YoY to H 87.3 Bn, primarily due to significant ramp up in construction activity leading to
higher project completions and consequently higher receipt of occupancy certificates.
Profit for FY23 was H 3.0 Bn as compared to profit of H 11.3 Bn during the previous FY. The sharp decrease in profit was on account
of exceptional item recognized in books pertaining to provision created on UK loans.
Consolidated Financial Highlights
The Audited Consolidated Financial Statements for the financial year ended March 31, 2023 have been prepared in accordance with
Indian Accounting Standard (Ind AS) - 110 on ‘Consolidated Financial Statement’ read with Ind AS-28 on ‘Investments in Associates
and Joint Ventures’, notified under the Act, read with the Indian Accounting Standards Rules as applicable and same are in compliance
with the Companies Act, 2013.
(H Bn)
Particulars FY 2022-23 FY 2021-22
Revenue from operations 94.7 92.3
Total Income 96.1 95.3
EBIDTA before exceptional items 20.7 21.8
Finance Costs 4.8 6.8
Profit Before tax 4.5 17.2
Profit for the year 4.9 12.1
Revenue from operations increased by ~3% YoY to H 94.7 DIVIDEND AND RESERVES
bn, primarily due to significant increase in pre-sales and area
completed. Finance costs (other than included in Costs of Project) The Board of Directors at its meeting held on April 22, 2023,
decreased by ~30% to H 4.8 Bn in FY23, primarily on account of has recommended payment of H2/- i.e., 20% per equity share of
sharp reduction in debt levels and lower interest rates. H10/- each of the Company on pre bonus paid-up equity share
capital (being adjusted proportionately after bonus allotment
Profit for the year was H 4.9 Bn as compared to H12.1 Bn in to H1/- i.e, 10% per equity share) aggregating to H1.0 Bn as
FY22. The sharp decrease in profit was due to recognition of maiden dividend for the FY23. The dividend, is subject to the
exceptional item pertaining to provision created for UK Loans. approval of shareholders at the ensuing Annual General Meeting
of the Company, will be paid on or after September 18, 2023.
The consolidated financial results and the results of operations The record date for the purpose of payment of final dividend is
are further discussed in the Management Discussion and Analysis September 08, 2023. As per the Income Tax Act 1961, dividend
which forms part of this Integrated Annual Report. paid or distributed by the Company shall be taxable in the hands
184
Statutory Reports
of the Shareholders. The Company shall accordingly, make the Company to eligible qualified institutional buyers at H 1,026 per
payment of the final dividend after deduction of tax at source. share. This was achieved well ahead of the statutory timeline of
April 18, 2024.
The Company has not transferred any amount to General
Reserve during the year. Merger Schemes
Details on the merger schemes approved, filed and withdrawn

DIVIDEND DISTRIBUTION POLICY during FY23 are provided in note 64 to the Standalone
financial statements. Five wholly owned subsidiaries of the
In terms of Regulation 43A of the Securities and Exchange
Company viz Bellissimo Constructions and Developers Private
Board of India (Listing Obligations and Disclosure Requirements)
Limited, Homescapes Constructions Private Limited, Primebuild
Regulations, 2015, (‘Listing Regulations’) the Board of Directors
Developers and Farms Private Limited, Palava Institute of
of the Company (the ‘Board’) formulated and adopted the
Advanced Skill Training Private Limited and Center for Urban
Dividend Distribution Policy (the ‘Policy’) which sets out the
Innovation Private Limited merged with the Company with effect
parameters and circumstances to be considered by the Board
from May 20, 2023, pursuant to approvals granted by the
in determining the distribution of dividend to its shareholders
National Company Law Tribunal, Mumbai bench.
and/or retaining profits earned by the Company.The Policy is
available in the investor section of the Company’s website at Debentures
www.lodhagroup.in/investor-relations.
During the year under review, the Company has redeemed NCDs
aggregating to H 7,428.7 Mn. The Company has issued Senior,
SHARE CAPITAL Secured, Redeemable, Listed, Rated NCDs aggregating to H 3.7
Authorised share capital Bn during FY 23. The total debentures outstanding as on March
31, 2023 is H 12,382 Mn.
As on March 31, 2023, the authorised capital of the Company
was H 13,076.4 Mn divided into 1,29,49,45,750 equity shares Early redemption of Senior Notes by subsidiary
of H 10 each aggregating to H 12,949.5 Mn and 1,26,96,250
Lodha Developers International Limited, Mauritius, wholly owned
Preference Shares of H 10 each aggregating to H 127.0 Mn.
subsidiary of the Company fully prepaid the US$ 225 million,
The authorised equity share capital increased by H 372.2 Mn
Singapore Stock Exchange listed 14% Senior Secured Notes
on account of merger of certain subsidiaries with the Company.
in two instalments, in March 2022 and September 2022, six
Offer for sale by promoters / promoter group to months prior to its contractual redemption date.
eligible QIBs Credit Ratings
The promoters and certain members of the promoter group sold
The Company is rated by three domestic rating agencies namely,
3,45,70,506 equity shares of the Company through an Offer
ICRA Limited and CRISIL Ratings Limited and India Ratings &
for Sale by way of a QIP to eligible qualified institutional buyers
Research Private Limited.
on December 12, 2022, taking the public shareholding of the
Company to 25% as mandated under the SEBI regulations. • ICRA Limited assigned a first time credit rating of ICRA A+
(Stable) for the Company’s line of credit facility of H 6.0 Bn.
Shares allotted pursuant to exercise of Stock Options
• CRISIL assigned a long term rating of CRISIL A/Stable and a
During the year, the Company issued and allotted 219,800
short term rating of CRISIL A1
equity shares of H 10 each and 62,712 equity shares of H 10
each to eligible employees pursuant to exercise of stock options • India Ratings upgraded the Company to A/positive in May
granted under Macrotech Developers Limited Employee Stock 2022, a two notch upgrade from their previous rating of
Option Scheme 2021 (ESOP Scheme 2021-I) and Macrotech ‘BBB+/ Positive’ in December 2021.
Developers Limited Employee Stock Option Scheme 2021-II
(ESOP Scheme 2021-II) respectively. Consequently, the issued, Exceptional ESG Scores
subscribed and paid up equity share capital of the Company has
We were ranked amongst the top ~1% of the 867 global real
increased from H 4,815.1 Mn to H 4,817.9 Mn.
estate companies in the S&P Global Corporate Sustainability
Assessment (CSA 2022) and we received a score of 75 out of
MAJOR CORPORATE EVENTS 100 in our second year of participation. This is a significant
improvement over FY22 where we were placed in the top
Achievement of Minimum Public Shareholding 13%. We also received an overall ESG risk rating of 13.8 by
Sustainalytics, and were placed in the “low-risk” category
On December 12, 2022, your Company achieved Minimum
of ESG risk severity. In addition to these, scored well in other
Public Shareholding of 25% as stipulated under regulation 19(2)
sustainability assessments like GRESB where we received 5-star
(b) of the Securities Contracts (Regulation) Rules, 1957, by way of
rating with a score of 95/100 in the “Residential: Multi-family:
an Offer for sale of 3,45,70,506 equity shares of the Company
High-rise” category and were placed 3rd in Asia.
by promoters and certain members of the promoter group of the
185
Directors’ Report
Employee Stock Option Schemes an Independent Director for a period of 5 years was approved
by the shareholders by postal ballot with effect from September
The Company has two Employee Stock Option schemes, namely 20, 2022.
ESOP Scheme 2021-I and ESOP Scheme 2021-II (ESOP
Schemes). The primary objective of both schemes is to reward Mr Abhishek Lodha completed his present term as Managing
employees for their association, performance and contribution to Director & CEO of the Company on February 28, 2023 and was
the achievement of goals of the Company and to attract, retain reappointed for a further term of five years by the Board w.e.f.
and motivate key talent by rewarding good performance and March 1, 2023, based on the recommendation of the NRC and by
motivating them to contribute to the overall corporate growth the shareholders at the previous AGM held on August 10, 2022.
and profitability of the Company. The NRC administers and
monitors the Company’s ESOP schemes. Mr Rajendra Lodha completed his present term as Whole
time Director of the Company on February 28, 2023 and was
Both ESOP schemes are in compliance with ESOP regulations. reappointed for a further term of five years by the Board w.e.f.
The Company has received a certificate from Shravan A. Gupta March 1, 2023, based on the recommendation of the NRC and by
& Associates, Secretarial Auditor of the Company, certifying that the shareholders at the previous AGM held on August 10, 2022.
the schemes are implemented in accordance with the ESOP
Regulations and the resolutions passed by the members. The Ms Raunika Malhotra was appointed as Whole time director for
certificate is available for inspection by members in electronic a period of two years by the Board of Directors with effect from
mode. Details of ESOPs granted and vested are available in note June 26, 2023, based on the recommendation of the NRC and
63 of the Standalone financial statements. holds office till the conclusion of the ensuring AGM. Necessary
resolution for her reappointment forms part of the accompanying
Disclosures as required under the SEBI (Share Based Employee AGM notice.
Benefits and Sweat Equity) Regulations, 2021 (SBEB 2021),
with respect to the Company’s ESOP Schemes, as on March Retiring by rotation
31, 2023 are available on our website at www.lodhagroup.in/ Mr. Rajinder Pal Singh retires by rotation and being eligible,
investor-relations. offers himself for re-appointment.
Issuance of Bonus Equity shares A brief resume, nature of expertise, details of directorships held
The Company has alloted 48,18,05,547 bonus equity shares of in other companies, of the Directors proposed to be appointed/
face value H 10 each to the existing equity shareholders of the re-appointed, along with their shareholding in the Company,
Company, in the ratio of 1:1, by utilising the securities premium as stipulated under the Secretarial Standards and Listing
reserve and capital redemption reserve aggregating to H 4,818.1 Regulations, is appended as an Annexure to the Notice of the
Mn, pursuant to shareholders approval granted by postal ballot ensuing AGM.
on May 23, 2023. The Company’s issued and paid up equity Key Managerial Personnel
share capital after the allotment of bonus shares has increased
to 96,36,11,094 equity shares of face value H 10 each fully paid. Key Managerial Personnel as per Section 203 of the Act as on
The Company has also made necessary adjustments to vested March 31, 2023 are:
and unvested stock options granted under the Company’s ESOP
schemes as per the SBEB 2021. • Mr. Abhishek Lodha, Managing Director & CEO
• Mr. Rajendra Lodha, Whole time Director

DIRECTORS AND KEY MANAGERIAL PERSONNEL
• Ms. Raunika Malhotra, Whole time Director
Appointments
• Mr. Sushil Kumar Modi, Chief Financial Officer
Mr. Rajeev Bakshi was appointed as an Additional Director
under the category of Independent Director of the Company • Ms. Sanjyot Rangnekar, Company Secretary & Compliance
with effect from June 29, 2022 by the Board of Directors on the Officer
recommendation of the NRC in accordance with Section 161(1)
Declarations by Independent Directors
of the Act and the Articles of Association. His appointment as an
Independent Director for a period of 5 years with effect from June The Company has received declarations from all Independent
29, 2022, was approved by the shareholders at the previous Directors of the Company confirming that they continue to meet
Annual General Meeting (AGM) held on August 10, 2022. the criteria of independence, as prescribed u/s 149 of the Act
and the Listing Regulations and that they are not aware of any
Ms Harita Gupta was appointed as an Additional Director under circumstance or situation which exists or may be reasonably
the category of Independent Director of the Company with effect anticipated that could impair or impact their ability to discharge
from September 20, 2022 by the Board of Directors on the their duties. The Independent Directors have also confirmed that
recommendation of the NRC in accordance with Section 161(1) they have complied with the Company’s Code of Conduct.
of the Act and the Articles of Association. Her appointment as
186
Statutory Reports
Policy on appointment and Remuneration of Directors, Subsidiaries incorporated during FY23:

Key Managerial Personnel and Other Employees and
Board Diversity Policy 1. Bellissimo In city FC Mumbai 1 Private Limited
The Board has adopted a Nomination & Remuneration Policy 2. Bellissimo In city FC NCR 1 Private Limited
on appointment and remuneration of Directors, Key Managerial
Entities which ceased to be subsidiaries of the
Personnel & Senior Management and also a Board Diversity
Company on account of mergers during FY23:
Policy. Salient features of the NRC Policy are annexed as
Annexure 1 to the Board’s Report. These policies are available 1. Anantnath Constructions and Farms Private Limited
on our website at www.lodhagroup.in/investor-relations.
2. Sitaldas Estate Private Limited
Board Evaluation and familiarisation programme
3. MMR Social Housing Private Limited
The Board carried out an annual evaluation of its own
performance, board committees, and individual directors 4. Bellissimo Estate Private Limited
pursuant to the provisions of the Act and the Listing Regulations.
5. Renovar Green Consultants Private Limited
Further details on the evaluation framework, criteria, process
and outcome are provided in the Corporate Governance Report 6. Kora Constructions Private Limited
which forms part of this Integrated Annual Report. All Directors
participated in the performance evaluation process. The results 7. Luxuria Complex Private Limited
of evaluation were discussed in the NRC and Board meeting held
on April 22, 2023, where it was concluded that there was a high 8. Odeon Theatres and Properties Private Limited
level of board effectiveness with no areas of major concerns and
9. Palava Industrial and Logistics Park Private Limited
the Board committees and the directors were performing their
duties adequately. Subsidiaries which became joint ventures of the
Company during FY23:
A note on the familiarisation programme adopted by the
Company for orientation and training of Directors is provided 1. Palava Induslogic 4 Private Limited
in the Corporate Governance report which forms part of this
Integrated Annual Report. 2. Palava Induslogic 2 Private Limited
BOARD COMMITTEES AND MEETINGS OF THE 3. Bellissimo In city FC Mumbai 1 Private Limited
BOARD Entities which ceased to be subsidiaries of the
In compliance with the statutory requirements, the Company has Company on account of mergers in FY24:
constituted five mandatory Committees viz. Audit Committee, 1. Bellissimo Constructions & Developers Private Limited
Nomination & Remuneration Committee, CSR Committee,
Risk Management Committee and Stakeholders’ Relationship 2. Homescapes Constructions Private Limited
Committee. The Company has also constituted three operating/
special purpose committees for better administration viz an 3. Center for Urban Innovation Private Limited
Executive Committee, an ESG Committee and a Committee for
4. Palava Institute for Advanced Skill Training Private Limited
Fund Raise.
5. Primebuild Developers and Farms Private Limited
All the recommendations made by all Board Committees, including
the Audit Committee, were accepted by the Board. A detailed The financial statements of each of the subsidiary companies
update on such Board Committees, its composition, governance of are available on the Company’s website at https://www.
committees, terms and reference, number of Board and Committee lodhagroup.in/investor-relations/. A copy of the same will also
meetings held during FY23 and attendance of the Directors at each be available electronically for inspection by the members during
meeting is provided in the Corporate Governance Report, which the AGM. Physical copies of annual financial statements of the
forms part of this Integrated Annual Report. subsidiary, associate and joint venture companies will also be
made available to the investors of the Company and those of the
respective companies upon request.
SUBSIDIARIES, JOINT VENTURES, ASSOCIATES
Pursuant to Regulation 16(1)(c), Cowtown Infotech Services Private
As on March 31, 2023, the Company had 17 consolidating Limited (Cowtown) was a material subsidiary of the Company
subsidiaries, 20 subsidiaries considered as joint ventures under during FY23 however did not qualify as a material subsidiary in
IND AS 28 and 3 associates (including 1 associate considered as terms of Regulation 24(1) of the Listing Regulations. A copy of
subsidiary under IND AS 110). A statement containing the salient the Secretarial Audit Report of Cowtown is provided in Annexure
features of financial statements and details of performance of 2 to the Boards’ report. It does not contain any qualification,
the Company’s subsidiaries and associates is attached to the reservation, adverse remark or disclaimer. Cowtown continues to
financial statements of the Company in Form AOC-1. remain a material subsidiary of the Company.
187
Directors’ Report
AUDITORS & AUDITOR’S REPORTS Company to identify and assess business risks and opportunities.
The scope of the Risk Management Committee includes identifying
Statutory Auditors and reviewing risks at both enterprise level and at project level,
risk mitigation planning, implementation and monitoring. The
MSKA & Associates, Chartered Accountants were re-appointed
Audit committee evaluates internal financial controls and risk
as Statutory Auditors of the Company at the AGM held on
management systems. Further details on the Risk Management
September 3, 2021, for a second term of five consecutive years
processes and systems are provided in the MD&A and other parts
and hold office upto the conclusion of the AGM for FY26.
of the Integrated Annual Report.
The statutory auditor’s report for FY23 does not contain any
Adequacy of Internal Financial Controls
qualifications, reservations or adverse remarks and is enclosed
with the financial statements with this Integrated Annual Report. The Company has a robust internal financial control system
commensurate with the size, scale and complexity of its operations.
Internal Auditors
It has put in place adequate controls, procedures and policies for
The Company has an Internal Audit department which is led by ensuring orderly and efficient conduct of its business including
the Chief Internal Auditor. The scope of internal audit is based on adherence to policies, safeguarding its assets, prevention and
an internal audit plan approved annually by the Audit Committee. detection of frauds and errors, accuracy and completeness of
accounting records. The internal controls over financial reporting
Secretarial Auditors are identified by the management and are checked for effectiveness
across all locations and functions by the management and tested by
The Company had appointed Shravan A. Gupta & Associates
the Auditors on sample basis. No reportable material weaknesses
Practicing Company Secretary to conduct Secretarial Audit for
were observed during the year under review. The Board is of
FY23. The Secretarial Auditor has confirmed compliance by the
the opinion that the Company’s internal financial controls were
Company of all the provisions of applicable corporate laws. The
adequate and effective during FY23.
Report does not contain any qualification, reservation, disclaimer
or adverse remark. The Secretarial Audit Report is annexed as Compliance Management
Annexure 2 to the Board’s report. The Board has reappointed
Shravan A. Gupta & Associates Practicing Company Secretary as The Company has in place a robust automated Compliance
Secretarial Auditor of the Company for FY24. Framework based on the inventory of all applicable laws and
compliance obligations, which are regularly monitored and
Cost auditors and cost audit updated basis the changing requirements of law.
The Company is required to maintain cost records and have the cost
records audited by a cost auditor as specified u/s 148 of the Act. CORPORATE SOCIAL RESPONSIBILITY
Cost records have been prepared and maintained by the Company
Our CSR initiatives and activities are aligned with the
for FY2. The Cost audit report for FY23 does not contain any
requirements of Section 135 of the Act. The CSR Committee
qualification, reservation, disclaimer or adverse remark.
has been constituted in accordance with Section 135 of the Act.
The Board on the recommendation of the Audit Committee The Annual Report on Corporate Social Responsibility alongwith
has approved the appointment of D. C. Dave & Co, Cost salient features of the CSR Policy is annexed as Annexure 6 to
Accountants, as Cost Auditors, for FY24. The resolution for the Board’s Report. The CSR Policy is available on our website at
ratification of remuneration payable to the Cost Auditors for www.lodhagroup.in/investor-relations.
FY24 forms part of the accompanying AGM notice.
Reporting of Frauds by Auditors OTHER STATUTORY DISCLOSURES
None of the Auditors of the Company have reported any fraud as Whistle Blower Policy - Vigil Mechanism
specified under the second proviso of Section 143(12) of the Act.
The Company has adopted a Whistle Blower Policy and
has established the necessary vigil mechanism for directors,
RISK MANAGEMENT & ADEQUACY OF INTERNAL
employees and other stakeholders to voice genuine concerns
FINANCIAL CONTROLS
and report concerns about unethical conduct in conformation
Risk Management with Section 177 of the Act and the Listing Regulations, This Policy
is available on the Company’s website at www.lodhagroup.in/
Your Company has adopted a Risk Management policy which is investor-relations. Further details on whistle blower policy are
based on three pillars: Business Risk Assessment, Operational provided in the Corporate Governance Report which forms part
Controls Assessment and Policy compliance. The policy lays of this Integrated Annual Report.
down broad guidelines for timely identification, assessment and
prioritisation and mitigating risks. Annual Return
The Company has constituted a Risk Management Committee The Annual Return of the Company as on March 31, 2023 in
consisting of members of the Board and key executives of the Form MGT - 7 in accordance with Section 92(3) of the Act and
188
Statutory Reports
Rules is available on our website at https://www.lodhagroup.in/ Prevention of Sexual Harassment at Workplace

investor-relations/
In compliance with the Sexual Harassment of Women at the
Particulars of loans, guarantees and investments Workplace (Prevention, Prohibition and Redressal) Act 2013,
the Company has an Internal Complaints Committee (ICC) for
In compliance with the provisions of the Act and Listing providing a redressal mechanism pertaining to sexual harassment at
Regulations, the Company extends financial assistance in the the workplace where any such incident can be reported to the ICC
form of investment, loan and guarantees to its subsidiaries, from as per the process defined under the policy. Details regarding the
time to time in order to meet business requirements. Neither policy, including the details of the complaints received and disposed
the Company nor any subsidiary has extended any financial of, are provided elsewhere in this Integrated Annual Report.
assistance to promoter or promoter group entities which has been
written off during last 3 years. Particulars of loans, guarantees
and investments are detailed in Notes to the standalone financial GENERAL DISCLOSURES
statements provided in this Integrated Annual Report.
Your Directors state that for the FY23, no disclosures are required
Related Party Transactions in respect of the following items and accordingly confirm as under:
Transactions/contracts/arrangements, falling within the purview a. The Company has neither revised the financial statements
of provisions of Section 188(1) of the Act, entered by the nor the report of Board of Directors.
Company with related parties as defined under the provisions of
b. There are no material changes or commitments affecting the
Section 2(76) of the Act, during the financial year under review,
financial position of the Company between March 31, 2023
were in the ordinary course of business and have been transacted
and the date of this report.
at arm’s length basis. Material contracts, arrangements or
transactions with related parties referred to in Section 188, c. The Company has not accepted any deposits.
entered during FY23 in Form AOC-2 are provided in Annexure
3. The Related Party Transactions Policy is available on our website d. No significant or material orders were passed by the
at www.lodhagroup.in/investor-relations. Disclosures as required Regulators/Courts/Tribunals which impact the going
pursuant to para A of Schedule V of the Listing regulations form concern status and Company’s operations in future.
part of the Standalone Audited Financial Statements for FY23.
e. There was no change in the nature of the business of the
Particulars of employees Company.
Disclosures relating to remuneration of Directors u/s 197(12) f. There has been no issue of equity shares with differential
of the Act read with Rule 5(1) of Companies (Appointment and rights as to dividend, voting or otherwise.
Remuneration of Managerial Personnel) Rules, 2014 is annexed
as Annexure 4 to the Board’s report. g. The Company has complied with applicable Secretarial
Standards issued by the Institute of the Company Secretaries
Particulars of employee remuneration, as required u/s 197(12) of of India.
the Act and read with Rule 5(2) and Rule 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, h. The Company was not required to transfer any amount to
2014 forms part of this Integrated Annual Report. In terms of Investor Education and Protection Fund under section 125
the provisions of the first proviso to Section 136(1) of the Act, of the Act.
the Integrated Annual Report is being sent to the shareholders
i. No petition/ application has been admitted under Insolvency
excluding the aforementioned information. The information
and Bankruptcy Code, 2016, by the National Company Law
will be available for inspection at the registered office of the
Tribunal.
Company on all working days upto the date of AGM and a copy
of the same will also be available electronically for inspection
by the members during the AGM. Any member interested in CONSERVATION OF ENERGY, TECHNOLOGY
obtaining such information may write to the Company Secretary ABSORPTION, FOREIGN EXCHANGE EARNINGS
at the registered office of the Company. AND OUTGO
The details of energy conservation, technology absorption and

foreign exchange earnings and outgo as required u/s 134(3)
of the Act and Rules is annexed as Annexure 5 to the Board’s
report.
189
Directors’ Report
INTEGRATED ANNUAL REPORT DIRECTORS’ RESPONSIBILITY STATEMENT
SEBI has recommended voluntary adoption of ‘Integrated Pursuant to the requirement of clause (c) of sub-section (3) of
Annual Reporting’ (IR) by the top 500 listed companies in India Section 134 of the Act, your Directors confirm that:
with effect from 2017-18. The 2nd Integrated Annual Report of
the Company is guided by the principles of International <IR> a. in the preparation of the annual accounts for the FY ended
Framework developed by the International Integrated Annual March 31, 2023, the applicable accounting standards read
Reporting Council (“IIRC”). The report encompasses both with the requirements set out under Schedule III to the Act, have
financial and non-financial information to enable stakeholders been followed and there are no material departures thereof.
to take well informed decisions and have a better understanding b. they have selected such accounting policies and applied
of the Company’s long term perspective. them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of
MANAGEMENT DISCUSSION AND ANALYSIS the state of affairs of the Company as at March 31, 2023 and
of the profit of the Company for the FY ended on that date;
The Management Discussion and Analysis report for the year
c. they have taken proper and sufficient care for the
under review forms part of the Integrated Annual Report.
maintenance of adequate accounting records in accordance
with the provisions of this Act for safeguarding the assets of
CORPORATE GOVERNANCE REPORT the Company and for preventing and detecting fraud and
other irregularities;
The Corporate Governance report pursuant to regulation 34 of
the Listing Regulations for the year under review forms part of the d. they have prepared the annual accounts on a going concern
Integrated Annual Report. A certificate from Shravan A Gupta basis;
& Associates, Practicing company secretary and our secretarial e. they have laid down internal financial controls to be followed
auditor, confirming compliance with conditions of Corporate by the Company and such internal financial controls are
Governance is annexed as Annexure 7 to the Board’s report. adequate and operating effectively.
f. they have devised proper systems to ensure compliance with
BUSINESS RESPONSIBILITY AND SUSTAINABILITY the provisions of all applicable laws and that such systems
REPORT were adequate and operating effectively.
The Business Responsibility and Sustainability Report pursuant to ACKNOWLEDGEMENT

regulation 34 of the Listing Regulations, describing the initiatives
taken by the Company from environmental, social and governance Your Directors would like to express their grateful appreciation
perspective for FY 23 forms part of the Integrated Report. for the assistance and support extended by all stakeholders.
For and on behalf of the Board

Date: June 06, 2023 Mukund Chitale Abhishek Lodha

Place: Mumbai Chairman Managing Director & CEO
DIN: 00101004 DIN: 00266089
190
Statutory Reports
ANNEXURE 1
SALIENT FEATURES OF THE NOMINATION & REMUNERATION POLICY [GRI 2-19]
1. Objectives of the policy 4. Additional criteria for independent directors
To set out the criteria for identifying persons who are a. Meet the baseline definition and criteria of
qualified to become Directors and persons who may be “independence” as set out in Section 149 of the Act
appointed in Senior Management and Key Managerial and the Listing Regulations
positions, including their remuneration.
b. Should not hold the position of Independent Director in
more than seven Indian listed companies and if serving
2. Objectives of appointment of Directors, KMP and as Whole-time Director in any Indian listed company
Senior Management Personnel then in not more than three Indian listed companies.
a. The NRC shall ascertain the integrity, qualification, c. Should not hold any Board/ employment position with
expertise and experience of the person identified for a competitor. The Board may waive this requirement at
appointment as Director, KMP or Senior Management its discretion
and recommend his/her appointment to the Board.
b. A person to be appointed as Director, KMP or Senior 5. Remuneration to Directors, KMP and Senior
Management should possess adequate qualification, Management Personnel
expertise and experience for the position he / she is
considered for. General
c. The candidate should possess impeccable reputation Overall limits of remuneration of the Board members
for integrity, deep expertise and insights in sectors / including Executive Board members are governed by the
areas relevant to the Company, ability to contribute to provisions of Section 197 of the Act and the Rules and shall
the Company’s growth. be approved by the shareholders of the Company and shall
be subject to availability of profits of the Company. The
Board can determine the remuneration within the overall
3. Additional criteria for proposed directors limit approved by the shareholders, on the recommendation
of the NRC.
a. Should be eligible for appointment as a Director on
the Board and should not be disqualified in terms of Remuneration should be reasonable and sufficient to attract,
Section 164 and other applicable provisions of the Act retain and motivate top talent aligned to the requirements
and the Listing Regulations. of the Company (taking into consideration the challenges
faced by the Company and its future growth imperatives)
b. Should have attained minimum age of 25 years
and shall be consistent with recognised best practices.
c. Should not hold directorship in more than twenty
Where any insurance is taken by the Company on behalf of
companies (including private and public limited
its Directors, for indemnifying them against any liability, the
companies) or ten public limited companies
premium paid on such insurance shall not be treated as part
incorporated in India of which not more than seven
of the remuneration.
shall be Indian listed companies.
d. Should be able to devote sufficient time and efforts in 6. Executive Directors’ Remuneration
discharge of duties and responsibilities effectively.
a. Increments may be recommended by the NRC to the
e. Re-appointment/ extension of term of any Board Board which should be within the limits approved by the
members shall be on the basis of their performance shareholders
evaluation report
191
Directors’ Report
b. The Company may implement reward & retention subject to approval of the shareholders, pay remuneration
schemes from time to time as per organizational needs. to a director in terms of Schedule V of the Act.
These shall be subject to approval of the NRC.
c. Executive Directors shall not be entitled to sitting fees for 8. Remuneration to Key managerial personnel (other
attending meetings of the Board and its Committees. than Executive Directors), Senior Management
and other employees
d. If in any three financial years during the tenure of the
director, the Company has inadequate profits / losses, a. The remuneration to key managerial personnel and
the Board may on the recommendation of the NRC and senior management shall be sufficient to attract and retain
subject to approval of the shareholders, pay minimum talented and qualified individuals suitable for a role.
remuneration to the Director in terms of Schedule V of
the Act. b. Senior Management shall be assigned grades according
to their qualifications, work experience and competencies
and their role and responsibility in the organization.
7. Independent Directors’ Remuneration Individual remuneration shall be based on various
factors such as job profile, skill sets, seniority, experience,
a. Independent Directors shall be entitled to a commission
performance and other benchmarking parameters.
as may be approved by the Board in addition to sitting
fees for attending Board / committee meetings. The c. Remuneration to key managerial personnel shall be
NRC shall recommend to the Board the quantum of a balance of fixed and a performance linked variable
commission for each director based on the outcome pay component as per the Company Policies. The
of the evaluation process, including factors relating to performance linked variable pay shall be linked to
attendance and time spent in the Board and committee individual and business performance. They shall also be
meetings, individual contribution at meetings and entitled to annual increments which shall be reviewed
contributions made by directors other than in meetings. and approved by the NRC annually. Additionally they
may be paid / offered other benefits / perquisites,
b. The Company may pay a fair and reasonable
housing grants and ESOPs as per Company policies.
expenditure, as may have been incurred by the director
while performing his role as a director of the company,
in addition to sitting fees and commission. 9. Policy implementation
c. Independent directors shall not be entitled to any stock The NRC is responsible for recommending the remuneration
options policy to the Board. The Board is responsible for approving and
overseeing implementation of the remuneration policy.
d. The remuneration payable shall be inclusive of any
remuneration payable for services rendered by such
Director in any other capacity unless the services 10. Modification and amendment
rendered are of a professional nature and the
Any changes or modification to this Policy shall be recommended
Committee is of the opinion that the Director possesses
by the NRC to the Board for its approval. This Policy may be
requisite qualification for the practice of the profession.
reviewed and amended by the Board as and when any changes
e. Where in any three financial years during the tenure of are to be incorporated due to changes in the regulations or as
a director, the Company has inadequate profits / losses, thought necessary or appropriate by the Board.
the Board may on the recommendation of the NRC and


Place: Mumbai Chairman Managing Director & CEO
DIN: 00101004 DIN: 00266089
192
Statutory Reports
ANNEXURE 2
FORM NO MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023
[Pursuant to section 204(1) of the Act and rule No.9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To
The Members
MACROTECH DEVELOPERS LIMITED
CIN: L45200MH1995PLC093041
412, Floor 4, 17 G Vardhaman Chamber,
Cawasji Patel Road, Horniman Circle,
Fort Mumbai 400001
I have conducted the secretarial audit of the compliance of (v) The following Regulations and Guidelines prescribed under the
applicable statutory provisions and the adherence to good Securities and Exchange Board of India Act, 1992 (‘SEBI Act’);
corporate practices by MACROTECH DEVELOPERS LIMITED
(hereinafter called the “company”). Secretarial Audit was (a) The Securities and Exchange Board of India (Substantial
conducted in a manner that provided me a reasonable basis Acquisition of Shares and Takeovers) Regulations,
for evaluating the corporate conducts/statutory compliances and 2011;
expressing my opinion thereon.
(b) The Securities and Exchange Board of India (Prohibition
Based on my verification of the Company’s books, papers, minute of Insider Trading Regulations) 2015;
books, forms and returns filed and other records maintained by
(c) The Securities and Exchange Board of India (Issue of
the company and also the information provided by the Company,
Capital and Disclosure Requirements) Regulations, 2018;
its officers, agents and authorized representatives during the
conduct of secretarial audit, I hereby report that in my opinion, (d) The Securities and Exchange Board of India (Share Based
the company has, during the audit period covering the financial Employee Benefits and Sweat Equity) Regulations, 2021;
year ended on 31st March, 2023, complied with the statutory
provisions listed hereunder and also that the Company has (e) The Securities and Exchange Board of India (Issue and
proper Board-processes and compliance-mechanism in place Listing of Non- Convertible Securities) Regulations,
to the extent, in the manner and subject to the reporting made 2021
hereinafter:
(f) The Securities and Exchange Board of India (Registrars
I have examined the books, papers, minute books, forms and to an Issue and Share Transfer Agents) Regulations,
returns filed and other records maintained by Company for the 1993 regarding the Companies Act and dealing with
financial year ended on 31st March, 2023 according to the client;
provisions of:
(g) The Securities and Exchange Board of India (Delisting
(i) The Companies Act 2013 and the Rules made thereunder of Equity Shares) Regulations, 2021 - Not Applicable
during the audit period and
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
and the Rules made there under; (h) The Securities and Exchange Board of India (Buyback of
Securities) Regulations, 2018 - Not Applicable during
(iii) The Depositories Act, 1996 and the Regulations and Bye- the audit period
laws framed there under;
(vi) The other laws as are applicable specifically to the
(iv) Foreign Exchange Management Act, 1999 and the rules Company are compiled as per representation made by the
and regulations made thereunder to the extent of foreign management of company during the audit period.
direct investments, overseas direct investments, external
commercial borrowings; - (Foreign Direct Investment and I have also examined compliance with the applicable
External Commercial Borrowings are not applicable to clauses of the following:
the Company during the Audit Period).
(i) Secretarial Standards issued by The Institute of Company
Secretaries of India
193
Directors’ Report
(ii) The Securities and Exchange Board of India (Listing Ninety Nine Crore only), on a private placement basis on
Obligations and Disclosure Requirements) Regulations, 05th September, 2022.
2015 and amendments made there under.
b. Allotted 1010 Senior, Listed, Rated, Secured, Transferable,
During the audit period, the Company has complied with the Redeemable, Non-Convertible Debentures of H 10,00,000
provisions of the Act, Rules, Regulations, Guidelines, Standards, each (Rupees Ten Lakhs each), aggregating up to H
etc. mentioned above. 101,00,00,000 (Rupees One Hundred and One Crore
only), on a private placement basis as on 20th September,
I further report that, during the audit period: 2022.
The Board of Directors of the Company is duly constituted c. Allotted 1000 Senior, listed, rated, secured, redeemable,
with proper balance of, Executive Directors and Independent transferable, rupee denominated non-convertible debentures
Directors. The changes in the composition of the Board of (“Secured NCDs”) of H 10,00,000 each (Rupees Ten Lakhs
Directors that does not took place during the audit period were each), aggregating up to H 100,00,00,000 (Rupees One
carried out in compliance with the provisions of the Companies Hundred Crore only), on a private placement basis as on
Act, 2013 and listing Regulations. 23rd December, 2022
Adequate notice is given to all directors to schedule the Board d. Allotted 680 Senior, listed, rated, secured, redeemable,
Meetings, agenda and detailed notes on agenda were sent at transferable, rupee denominated non-convertible
least seven days in advance, a system exists for seeking and debentures (“Secured NCDs”) of H 10,00,000 each (Rupees
obtaining further information and clarifications on the agenda Ten Lakhs each), aggregating up to H 68,00,00,000
items before the meeting and for meaningful participation at the (Rupees Sixty-Eight Crore only), on a private placement basis
meeting. as on 30th December, 2022
All decisions at Board Meetings and Committee Meetings are e.
Promoter and promoter group, has made offer
carried out unanimously as recorded in the minutes of the for sale of 3,45,70,506 equity shares of face
meetings of the Board of Directors or Committee of the Board, value of H 10 each aggregating to approximately
as the case may be. H 35,469.34 million through qualified institution placement.
I 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 Shravan A. Gupta & Associates
laws, rules, regulations and guidelines. Practicing Company Secretary
P.R. No. 2140/2022
I further report that, during the period, the Company
has:
Shravan A. Gupta
a. Allotted 990 Senior, Listed, Rated, Secured, ACS: 27484, CP: 9990
Transferable, Redeemable, Non-Convertible Debentures Place: Mumbai
(“Secured NCDs”) of Rs. 10,00,000 each (Rupees Ten UDIN : A027484E000154371
Lakhs each), aggregating up to H 99,00,00,000 (Rupees Date: April 20, 2023
Note: This report is to be read with our letter of even date which is annexed as ‘ANNEXURE A’ and forms an integral part of this report.
194
Statutory Reports
Annexure - A
To
The Members
CIN: L45200MH1995PLC093041
412, Floor 4, 17 G Vardhaman Chamber,
Fort Mumbai 400001
My report of even date is to be read along with this letter:
1. Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express an
opinion on these secretarial records based on my audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the
contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial
records. I believe that the process and practices, I followed provide a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
4. Wherever required, I have obtained Management Representation about the compliance of laws, rules and regulations and
happening of events, etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of
management. My examination was limited to the verification of the procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.
Shravan A. Gupta & Associates

Practicing Company Secretary
P.R. No. 2140/2022
Shravan A. Gupta
ACS: 27484, CP: 9990
Place: Mumbai
UDIN : A027484E000154371
Date: April 20, 2023
195
Directors’ Report
Form No. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2023
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To,
The Members,
Cowtown Infotech Services Private Limited
412, Floor - 4, 17G Vardhaman Chamber,
Fort, Mumbai – 400001
I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by M/s Cowtown Infotech Services Private Limited (hereinafter called “the Company”). Secretarial Audit was conducted
in a manner that provided me a reasonable basis for evaluating the corporate conduct/statutory compliances and expressing my
opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by
the company and also the information provided by the Company, its officer, agents and authorized representatives during the conduct
of secretarial audit, I hereby report that in our opinion, the company has, during the audit year covering the financial year ended on
March 31, 2023, 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:
I have examined the books, papers, minutes books, forms and returns filed and other records maintained by the Company for the
financial year ended on March 31, 2023, according to the provisions of:
i. The Companies Act, 2013 (the Act) and the rules made thereunder;
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder:- Not Applicable for the year under
review
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, Overseas Direct Investment and External Commercial Borrowings:- Not Applicable for the year under review
v. I have observed that the Company is not a listed company and hence, the Regulations and Guidelines prescribed under the
Securities and Exchange Board of India Act, 1992 are not applicable.
I further report that, the compliance by the Company of applicable financial laws such as direct and indirect tax laws and maintenance
of financial records and books of accounts have not been reviewed in this Audit since the same have been subject to review by the
statutory financial auditors, tax auditors, and other designated professionals.
I have also examined compliance with the applicable clauses of the following:
• Secretarial Standards issued by The Institute of Company Secretaries of India During the year under review the Company has
complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.
I further report that, during the year under review:
• The Board of Directors of the Company is duly constituted with adequate count of total number of directors. There are changes
in the composition of the Board of Directors that took place during the year under review were carried out in compliance with the
provisions of the Act.
• 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.
• As per the minutes of the meetings duly recorded and signed by the Chairman, the decisions of the Board were unanimous and
196
Statutory Reports
no dissenting views have been recorded. I further report that based on the information provided 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.
I further report that during the audit period, there were no specific events/actions having major bearing on Company’s affairs in
pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.
For Sharatkumar K Shetty & Associates

Sharatkumar Shetty
CP No. 18123
Membership No.: 31888
Place: Mumbai
Date: 24/05/2023
UDIN: A031888E000367289
Peer Review No – 2326/2022
Note: This report is to be read with our letter of even date which is annexed as ‘ANNEXURE A’ and forms an integral part of this report.
Annexure A
To,
The Members,
Cowtown Infotech Services Private Limited
412, Floor - 4, 17G Vardhaman Chamber,
Cawasji Patel Road, Horniman Circle, Fort, Mumbai – 400001
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an
opinion on these secretarial records based on our audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the
contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial
records. I believe that the processes and practices we followed provide a reasonable basis for our opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, I have obtained the Management representation about the compliance of laws, rules and regulations and
happening of events etc.
5. The compliance of the provisions of corporate laws, rules, regulations, standards is the responsibility of management. Our
examination was limited to the verification of procedures on test basis.
6. The secretarial audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.
For Sharatkumar K Shetty & Associates

Sharatkumar Shetty
CP No. 18123
Membership No.: 31888
Place: Mumbai
Date: 24/05/2023
UDIN: A031888E000367289
Peer Review No – 2326/2022
197
Directors’ Report
ANNEXURE 3
FORM NO. AOC-2

Particulars of material contracts or arrangement or transactions at arm’s length basis (Pursuant to Clause (h) of sub-section
(3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014
This form pertains to the disclosure of particulars of contracts/arrangements entered into by the company with related parties referred
to in sub-section (1) of Section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto.
1. Details of contracts or arrangements or transactions not at arm’s length basis:
There were no contracts or arrangement or transactions entered into during the financial year ended March 31, 2023, which were
not at arm’s length basis.
2. Details of material contracts or arrangement or transactions at arms’ length basis
Salient terms of Amount

Nature of Duration of Date(s) of
Name(s) of the related the contracts or paid as
contracts/ the contracts / approval by
party and nature of arrangements or advance,
arrangements/ arrangements/ the Board, if
relationship transactions including if any J in
transactions transactions any
the value, if any Mn
Cowtown Infotech Construction and Ongoing As per agreement N.A N.A
Services Private Limited Development Cost
Wholly Owned
Subsidiary
Cowtown Infotech Purchase of Ongoing As per agreement N.A N.A
Services Private Limited trading and
Wholly Owned Building materials
Subsidiary


Place: Mumbai Chairman Managing Director& CEO
DIN: 00101004 DIN: 00266089
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Statutory Reports
ANNEXURE 4
PARTICULARS OF REMUNERATION
[Pursuant to Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014]
INFORMATION PURSUANT TO RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF

MANAGERIAL PERSONNEL) RULES, 2014
1. The ratio of the remuneration of each director to the median remuneration of the employees of the
Company and percentage increase in remuneration of each Director, Chief Executive Officer, Chief
Financial Officer and Company Secretary in the financial year
Ratio of remuneration of each director

% increase in
Name to median remuneration of the
remuneration in FY23
employees of the Company 4&5
Executive Directors
Mr. Abhishek Lodha 56.61 3.13%
Mr. Rajendra Lodha 1 56.61 182.86%
Ms Raunika Malhotra 4 27.92 8.50%
Independent Directors
Mr. Mukund Chitale 5.77 0.50%
Mr. Ashwani Kumar 5.12 0.11%
Mr. Lee Polisano 4.78 1.21%
Mr. Rajeev Bakshi 2 3.68 N.A.
Ms. Harita Gupta 2 2.52 N.A.
Non-Executive Non Independent Director
Mr. Rajinder Pal Singh 3 N.A. N.A.
Chief Financial Officer
Mr. Sushil Kumar Modi 4 N.A 7.00%
Company Secretary
Ms. Sanjyot Rangnekar 4 N.A. 8.50%
Notes:
1. Mr Rajendra Lodha voluntarily chose not to receive any remuneration or performance linked incentive during FY22. The limit approved by the shareholders in
FY18 was H 80 Mn.
2. Mr. Rajeev Bakshi and Ms. Harita Gupta were appointed as independent directors in FY23 and therefore % increase over previous year is not applicable.
3. Remuneration was paid by a subsidiary of the Company.
4. For all employees and KMPs, remuneration is taken at cost to company and excludes all one time payments and notional amortisation value of stock options.
5. Employees who have worked for part of the fiscal are not considered in this working for the purpose of calculation of median.
2. The percentage increase in the median remuneration of the employees in the financial year
There was an increase of 8.57% in the median remuneration of employees in FY23.
3. The number of permanent employees on the rolls of the Company
There were 4,200 permanent employees on the rolls of the Company as on March 31, 2023.
4. Average percentage increase already made in the salaries of employees other than the managerial
personnel in FY 2022-23 and its comparison with the percentage increase in the managerial remuneration
and justification thereof
The average annual percentage increase in the salaries of employees other than key managerial personnel was 10.82% as
against an average annual percentage increase of 27.71% to KMPs. This was primarily on account of increase in remuneration of
Mr Rajendra Lodha who had voluntarily decided to not receive any remuneration in FY22.
5. Affirmation that the remuneration is as per the remuneration policy of the Company
The Company affirms that the remuneration paid is as per the Nomination & Remuneration policy of the Company.

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ANNEXURE 5
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE

EARNINGS AND OUTGO
Particulars as required under the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies
(Accounts) Rules, 2014 in respect of conservation of energy, technology absorption, foreign exchange earnings and outgo etc. are
furnished below.
Our vision Overarching goals
Ensure sustainability in our operations by positively

impacting the natural environment. Climate resilience: Be resilient to climate change
while not contributing to global warming
To not contribute to global warming and operate
through a resilient value chain Achieve carbon neutrality: Achieve carbon neutrality
in operations (Scope 1 & 2 emissions) within FY24
Align Scope 3 emissions reduction road map with

the Paris Agreement goals
A. Conservation of Energy a. Energy modelling at the design stage: We use

energy modelling software to simulate and analyze
We recognize the importance of conserving energy to the energy performance of a building during the
minimize our environmental impact, reduce operational design phase. This helps in identifying the potential
costs, and promote sustainable development. This approach energy-saving opportunities and optimize the
not only contributes to a greener environment but also building design for maximum energy efficiency.
provide our clients with comfortable, eco-friendly living and
working spaces, underlining our commitment to responsible b. Energy-efficient appliances and equipment:
and sustainable real estate development. We use high efficiency energy equipment like star
rated air conditioners and geysers, LED lights,
1. Steps taken or impact on conservation of premium efficiency motors, high coefficient of
energy performance in chillers, lighting control systems etc
to ensure that the energy consumption is optimized
Our environmental sustainability strategy rests on
and energy costs remain low.
the pillars of resilience and decarbonization. We
have developed Lodha Net Zero Urban Accelerator c. Deploying building management systems:
in partnership with Rocky Mountain Institute (RMI), Building management systems and efficient
a leading global think tank, to specifically focus on equipment controls including timers and sensors
decarbonization of the built environment. help optimally utilize energy for desired functional
and comfort requirements in buildings and outdoor
The accelerator takes a whole systems approach and
areas.
addresses full spectrum of emissions in the urban
built environment, including embodied emissions, d. Sustainable building materials: We work
operational emissions, supply-side emissions and towards lowering lifecycle emissions of the
even emissions beyond the operational boundaries of buildings by using sustainable, low carbon building
the buildings. Apart from the emission reduction and materials such as greener concrete mixes, recycled
energy conservation measures that are being piloted in steel, aluminium, etc.
the Lodha Net Zero Urban Accelerator, we have already
adopted certain approaches that help us conserve e. Passive design measures: At the design stage,
energy in our operations and products, listed as follows: we use software such as Design Builder, Ansys, and
more to conduct in-depth analyses of ventilation,
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heat gain, and shading. This enables us to 3. Capital investment on energy conservation
appropriately orient our buildings to maximize equipment
the benefits of natural ventilation and daylighting
while minimizing solar heat gains, reducing the a. All our projects are developed as Green Buildings
need for artificial lighting and heating systems. By projects. The expenditure on green features in all
conducting such studies, we gain critical insights such projects are considered inclusive in the base
into leveraging cross ventilation, stack effect, and costs and are not separately accounted.
strategically placed windows and vents, enabling us
b. We spent an additional of ~ H 14.0 Mn on the
to minimize our reliance on active air conditioning
Lodha Net Zero Urban Accelerator that helps us
systems and promote a more sustainable approach
with identifying initiatives to enable decarbonization
to real estate development.
of our products.
f. Stakeholder engagement: We engage with
our customers to create awareness about energy B. Technology Absorption
efficiency and other sustainable practices as that
not only leads to a lower environment footprint 1. Efforts made towards technology absorption
but also results in comfort and affordability for
everyone, thereby also helping the nation towards a. Climate Risk Assessment: We have conducted
energy security and resilience. a detailed climate risk assessment using latest
technological tools and global climate models
2. Steps taken by the company for utilizing (GCMs) for Shared-Socioeconomic Pathways
alternate sources of energy SSP-2 and SSP-5 scenarios as per the latest IPCC
reports. This exercise helped us to understand the
We have adopted several renewable energy alternatives risk with a high level of granularity and to ascertain
at our projects and construction sites and offices, such that mitigation provisions are in place.
as solar water heating, rooftop solar PV systems, and
renewable energy for construction. b. Embodied carbon reduction roadmap: We have
conducted life cycle assessment studies of a few
a. Renewable energy sources at projects: representative projects to establish the embodied
carbon footprint of our products. We used software
i. Our projects feature renewable energy
tools and public databases to further calibrate our
measures, such as solar water heating and
study. The outcome of this study helped us release
solar rooftop photovoltaics. In Palava itself,
our embodied carbon reduction roadmap during
over 4 MW of solar power installations have
this year and enabled us to create a toolkit that can
already been completed over residential
be used to calculate and mitigate the embodied
societies, helping them offset most of their
carbon emissions of any of our buildings.
common area electricity needs.
c. Digitization and Data Analytics: We have
ii. Over 3 MW of cumulative on-site solar
implemented a SaaS based sustainability data
installations are active/work-in-progress over
management platform for recording and analyzing
central amenities and commercial projects
the ESG data such as energy consumption, water
at our larger developments. These plants
consumption, waste generation, etc. This platform
will cater to the energy requirements of city
helps us make data-driven decisions and improve
infrastructures, such as multi-level car parks,
overall sustainability of the projects.
pump rooms, clubhouses, and more.
d. Design and analysis software: Use of design
b. Renewable energy sourcing at construction
software and performance analysis tools help us
sites and standing assets: Over 90% of electricity
design and deliver eco-friendly and optimal designs
utilized at all our construction sites and standing
which leads to user comfort and operational cost
assets is exclusively sourced from renewable
optimization.
energy sources. We procure this renewable energy
through some captive plants, and largely through e. Stakeholder engagement: We continue to
a mix of onsite generation through third party explore latest technologies with our vendors and
renewable energy developers and direct purchase partners to ensure that the next gen solutions
of renewable energy from the electricity distribution can be tried and tested prior to scaling up across
companies. portfolio. This includes equipment as well as
construction technology that can lead to lower
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Directors’ Report
carbon and enhanced speed and quality of improvements, data analytics contributes in
development. We also partnered with Xynteo on reducing operational costs.
the ‘Build Ahead Coalition’ that aims to create a
platform for organisations to work together across e. Green buildings invariably have lower running
the construction value chain. Collective effort costs because they use energy and water more
through this coalition will enable adoption of low- efficiently.
carbon materials and use of new technologies and
f. Green buildings approach encourages locally
practices to accelerate decarbonisation.
sourced materials reducing the need of imports.
2. Benefits derived like product improvement,
3. Imported Technology
cost reduction, product development or
import substitution Certain software tools mentioned above are imported
however there is an ardent focus on utilizing local
The adoption of various technology initiatives result in
materials and most of the energy efficient equipment
numerous benefits for the entire ecosystem as explained
and construction technology is sourced from within
below:
India. Various equipments do have components that
a. More resilient and adaptable designs, improving are imported, however there is a gradual convergence
the overall quality, comfort and longevity of of Supply Chain towards local manufacturing.
projects.
C. Foreign Exchange Earnings & Outgo
b. Proactively addressing the climate risks avoids
costly retrofits and repairs in the future. During FY23, foreign exchange earnings and outgo was
H 25.3 Mn and H 161.3 Mn respectively.
c. Optimisation of the use of materials and resources
potentially reduces the construction costs.
d. By identifying inefficiencies and potential


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ANNEXURE 6
ANNUAL REPORT ON CSR ACTIVITIES OF THE COMPANY
1. A brief outline on Corporate Social Responsibility in the country by supporting academically bright school
(CSR) Policy of the Company: students and provides them with the knowledge, skills, and
network they need to succeed in the world.
The Company strives to be a socially responsible company
and strongly believes in development which contributes to In the same spirit, we have provided a generous grant
nation building in an impactful manner and is beneficial to Ananta University for infrastructure, programs and
for the society at large. We believe that aligning social scholarships to meritocratic students to develop/hone talent
activities with our business objectives is critical for ensuring in the design field.
sustainable growth. Guided by our vision of ‘Building A
Our Unnati program aims to bring women into the formal
Better Life’, we contribute to nation building by creating a
workforce with regular monthly salaries and less than a 30
positive impact on society at large through our initiatives
minute commute. As part of this program, we are providing
aimed at empowering women and securing the future of
employers who commit to hire women subsided real estate,
India’s youth.
provide support in skill training and mentoring women to
Our flagship initiatives: join/stay in formal employment, and provide other support
infrastructure (crèches) so that they do not have to drop out
The Lodha Genius Programme is a joint initiative between of the workforce.
Lodha and Ashoka University, India's premier arts university,
known for its interdisciplinary approach to education, world-
class faculty, and commitment to social impact. The program
seeks to address the acute shortage of high-quality talent
2. Composition of the CSR committee
No of meetings of the CSR

Sr.
Name of Director Designation/Nature of Directorship Committee during the year
No.
Held Attended
1. Mr. Ashwani Kumar Chairman, Independent Director 1 1
2. Mr. Rajinder Pal Singh Member, Non-Independent, Non-Executive Director 1 1
3. Ms. Raunika Malhotra Member, Executive Director 1 1
3. Web-link where composition of the CSR committee, CSR Policy and CSR projects approved by the board
are disclosed on the website of the Company:
www.lodhagroup.in/investor-relations
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable:
Not applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
Social Responsibility) Rules, 2014 and amount required for set off for the FY, if any:
Amount available for set off Amount required to be set

Financial year
from preceding FY off for the FY, if any*
FY21 H 0.9 mn Nil
FY22 H 8.5 mn Nil
*the Company has an excess spend of H 87.4 Mn for FY 23. Thus an amount of H 96.8 Mn is available for set off in succeeding financial years.
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Directors’ Report
6. Average net profit of the Company as per Section 135(5): H 6,127.7 Mn
7. SI.
Particulars Amount in J Mn
No.
a. Two percent of average net profit of the Company as per section 135(5) 122.6
b. Surplus arising out of the CSR projects or programmes or activities of the previous FYs Nil
c. Amount required to be set off for the FY, if any Nil
d. Total CSR obligation for the FY (7a+7b-7c) 122.6
8. a. CSR amount spent or unspent for the financial year
Total Amount transferred Amount transferred to any fund specified

to Unspent CSR Account as under Schedule VII as per second proviso
Total Amount Spent for the FY.
per section 135(6). to section 135(5).
(in J Mn)
Date of Name of Amount Date of
Amount
transfer the Fund transfer Transfer
210.0 Not applicable Not applicable
b. Details of CSR amount spent against ongoing projects for the financial year
Nil
c. Details of CSR amount spent against other than ongoing projects for the financial year
(1) (2) (3) (4) (5) (6) (7) (8)
Item from Amount Mode of implementation
Local Mode of
the list of Location of the project spent (Through implementing
SI Name of the area implementation –
activities in for the agency)
No. Project (Yes/ Direct
schedule VII project CSR registered
No) State District (Yes/No) Name
to the Act (in J Mn) Number
1. Contribution to Various Yes Maharashtra Palava, 60.0 No Sitaben SR00006175
Trust sectors Dombivali & Shah
covered by MMR Memorial
Schedule VII Trust
of the Act
2. Contribution to Education No Gujarat Ahmedabad 150.0 No Anant CSR00002869
Anant National National
University University
d. Amount spent in Administrative Overheads: Nil
e. Amount spent on impact assessment, if applicable: Not Applicable
f. Total amount spent for the FY (8b+8c+8d+8e): H 210.0 Mn
g. Excess amount for set off, if any:
SI.
Particulars Amount J Mn
No.
i. Two percent of average net profit of the Company as per section 135(5) 122.6
ii. Total amount spent for the FY 210.0
iii. Excess amount spent for the FY [(ii)-(i)] 87.4
iv. Surplus arising out of the CSR projects or programmes or activities of the previous FY, if any Nil
v. Amount available for set off in succeeding FY [(iii)-(iv)] 87.4
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Statutory Reports
9. a. Details of Unspent CSR amount for the preceding three financial years: Not applicable
b. Details of CSR amount spent in the FY for ongoing projects of the preceding FY(s): Not applicable
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
through CSR spent in the FY (asset-wise details): Not Applicable
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per Section 135(5):
Not Applicable

Abhishek Lodha Harita Gupta

Date: June 06, 2023 MD & CEO Chairperson of CSR Committee
Place: Mumbai DIN: 00266089 DIN: 01719806
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Directors’ Report
SALIENT FEATURES OF THE CSR POLICY

[Pursuant to Section 135 of the Act & Rules made thereunder]
Mission Statement
Guided by the vision of ‘Building A Better Life’; the Company has been making significant efforts in improving and uplifting the
areas it works in and the communities it works with. Our CSR mission is to contribute to the social and economic development of
the community through our initiatives centered around Education and Women Empowerment. We have adopted a Corporate Social
Responsibility policy in compliance with the requirements of the Act and the Companies (Corporate Social Responsibility) Rules, 2014.
Salient features of the CSR Policy
A. Policy Objectives
The objective of this Policy is to set out guiding principles for carrying out CSR activities and also to set up process of implementation
and monitoring of CSR activities to be undertaken by the Company.
B. Implementation
All CSR projects/activities will be over and above the normal course of the Company’s business and will be implemented as
permissible under the applicable provisions of the Act.
C. Governance
CSR implementation shall be periodically reviewed and monitored by the CSR Committee of the Board constituted as per the
requirements of Section 135 of the Act.
D. CSR focus areas
The company has chosen to embark on several initiatives aligned with the UN SDGs and endeavours to continuously learn from its
experiences and adapt its policies and implementation strategies on an ongoing basis. The Company may undertake the following
activities under the ambit of CSR:
1. Education
• Provide quality education to talented, young children and hone them into next generation leaders through our Lodha
Genius Programme
• Vocational training and skill enhancement
2. Women Empowerment
• Bring women into the formal workforce with regular income stream and less than a 30 minute commute through our
Unnati Programme
3. Social transformation:
• Promoting healthcare and sanitation

• Making available safer drinking water
The Company may contribute to other areas of interest as permitted under Schedule VII of the Act from time to time.
The implementation and monitoring of CSR policy is in compliance with CSR objectives and policy of the Company.
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Statutory Reports
ANNEXURE 7
CERTIFICATE ON CORPORATE GOVERNANCE
To
The Members
We have examined the compliance of the conditions of Corporate Governance by Macrotech Developers Limited (‘the Company’) for
the year ended on March 31, 2023, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub- regulation (2) of Regulation
46 and para C, D and E of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”). The compliance of the conditions of Corporate Governance is the responsibility of the management of the Company.
Our examination was limited to the review of procedures and implementation thereof, as adopted by the Company for ensuring
compliance with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and the representations made by
the Directors and the Management and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and
Exchange Board of India warranted due to the spread of the COVID-19 pandemic, we certify that the Company has complied with the
conditions of Corporate Governance as stipulated in the SEBI Listing Regulations for the year ended on March 31, 2023.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.

Shravan A. Gupta
ACS: 27484, CP: 9990
Place: Mumbai
UDIN: A027484E000367221
Date: May 24, 2023
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Management Discussion & Analysis
MANAGEMENT DISCUSSION & ANALYSIS
Review of Global Economy monetary tightening initiated by the Central Banks will at the very
least hit a pause during the year.
The financial year 2023 saw impact of the Covid especially in
countries like China, heightened geopolitical tensions led by
Russia-Ukraine war, the resultant high inflation and the global Review of Indian Economy
fight on inflation spearheaded by all Central Banks. However,
The financial year 2023 started on a rather gloomy note with the
in the new financial year, while we have come out of the Covid
Russia-Ukraine conflict and the resultant energy price inflation –
challenge, most of the other issues continue to linger on, albeit
often India’s Achilles heel. India has weathered the storms of the
with lower intensity.
previous year remarkably well and remained an oasis of calm in
Despite the challenges faced by the global economies, Global troubled global macro conditions. Led by efficient vaccination
GDP growth thus far has surprisingly remained in the positive roll out, India emerged stronger than some of the other larger
territory though slowing down considerably as compared to the economies. To fight the inflationary pressures, global central banks
previous year. Unprecedented monetary tightening done by the led by the US Fed have raised benchmark policy rates substantially.
central banks has had somewhat less than expected impact on This also forced RBI to raise policy rates by an unprecedented 250
the overall economic activity. This has strengthened the view bps in the financial year 2023 – fastest increase in policy rates
that the developed economies led by US are likely to have a in last two decades. However, given the fiscal prudence adopted
‘soft landing’ or a ‘no landing’ rather than a recession or ‘hard by the Indian Government during the early part of the pandemic
landing’. IMFs latest forecast: Growth will slow from 3.4 in CY22 period, Indian macro conditions remain conducive of robust
to 2.8 percent in 2023 before accelerating to 3.0 per cent in growth in spite of the above normal inflation seen recently which
2024. remain manageable to a large degree. Despite the challenges,
Indian economy managed to grow by 7.2% in FY23 (Source:
In line with earlier commodity cycles, most commodity prices NSO), showcasing the structural nature of growth.
which had shot up in the early part of the previous financial year
have eased off noticeably. Prices for most of the commodities The Indian economy appears to have moved on after its encounter
such as metals etc. are expected to be below the average levels with the pandemic, staging a full recovery in FY22 ahead of many
seen in 2022. nations and largely ascending to the pre-pandemic growth path
in FY23 and beyond. At the same time three key challenges
After rising sharply over 2021 and much of 2022, inflation in remain entrenched largely from global macro side which will
most of the world has started slowing down, mostly driven by pose hindrance to India’s growth potential. First, inflation is likely
falling energy and food prices and fading supply chain pressures. to remain at an elevated level even though it may have already
This is paving the way for a reduction in the pace and intensity of peaked. Secondly, aggressive tightening of monetary policies
interest rate hikes by the world’s major central banks, suggested across the central banks of advanced economies is likely to
at their recent meetings. However, while the inflation has been cause a global slowdown this year, impacting trade and may also
moderating in the face of steep policy rate hikes initiated by the result in capital outflows and a rising imbalance in the balance
Central Banks, the pace of moderation remains unsatisfactory of payment account. Third, higher energy prices is likely to keep
for policy makers and it remains above the comfort level of most the current account deficit at a higher level thus pressuring the
inflation targeting economies. This has made policy makers fear currency. Additionally, on the domestic front - uneven spread of
that inflation is becoming sticky prompting them to keep the the recovery has meant that parts of the economy have still not
interest rates higher for longer resulting in a downward bias to reached their pre-pandemic levels leading to slower rural recovery.
global growth forecasts. Also, with no end in sight for the Russia
Ukraine war, any further worsening in the geopolitical tensions The government’s focus has rightly been on sectors such as
could once again disrupt global trade and supply chain leading infrastructure, construction, and manufacturing that create jobs
to another round of high inflation especially in the energy prices. for workers across all skills. Production-Linked Incentive (PLI)
Schemes for various industries rolled out over the past few years
As per IMF estimates, annual average inflation for various have started to bear fruit. Though still in infancy, these sectors
economies is expected to decline in 2023 vs. 2022. However, have huge potential to effectively kick-start the manufacturing
it is expected to remain above the pre-pandemic levels as well engine for the country thus diversifying the growth drivers for
as the targets of the central banks. For advanced economies, it the country. Growth is expected to be brisk in FY24 on the
is projected to decline from 7.3% in 2022 to 4.7% in 2023. In back of robust credit growth, positive capital investment cycle
emerging market and developing economies, projected annual given the demand as well as the strengthening of the balance
inflation declines from 9.8% in 2022 to 8.6% in 2023 and sheets of the corporate and banking sectors. Further support to
6.5% in 2024. With softening of inflation, it is expected that the economic growth will come from the expansion of public digital
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platforms and path-breaking measures such as PM GatiShakti, Q42014. The supply side consolidation in the industry continues to
the National Logistics Policy, increased spending on various strengthen which augers well for all the participants – consumers,
transportation infrastructure and the PLI schemes to boost reputed developers as well as financial institutions. The disciplined
manufacturing output. RBI expects GDP growth for FY24 to be supply has meant moderately rising capital values of homes. As
6.5% which will translate into general optimism in the economy per various industry reports, residential prices have increased by
and job sentiments. around 5-7% across various geographies. This positive nominal
price growth has kick started the virtuous price demand cycle
where, while the nominal increases have incentivised end user
Indian Real Estate Industry Overview
demand to go up but price growth being below the wage growth
Real estate sector in general and housing sector in particular has has continued to keep the affordability intact.
always played a critical role in shaping the global economies.
The importance of the ‘brand’ in real estate has continued its
The multiplier effect of housing sector through direct and indirect
upward journey. Housing is increasingly becoming a branded
as well as through induced impact is significantly large on both
‘consumer product’. A strong housing brand in consumer’s minds
the GDP as well as employment generation. There are a number
stands for superior product quality, avenue for life style upgrade, an
of ancillary industries which support the growth of real estate
aspirational address and above all certainty of timely delivery. The
construction sector, like cement, steel, other non-ferrous metals,
above can only be delivered by branded tier 1 developers, leading
tiles, glass, brick, and certain consumer durables etc. Further, the
to the demand side consolidation. Branded tier-1 developers
industries that provide the inputs to these ancillary industries also
with strong execution capability are expected to leverage this
gain momentum. Hence, due to the inter-linkages among all the
opportunity to gain even more market share by bringing newer
sectors of economy, the overall economic impact of a real estate
products suitable for the demand dynamics whilst offering quality,
far exceeds the direct impact especially in employment generation.
and a sustainable environment as well as social ecosystem.
India by virtue of its demography and development cycle is at
a place where demand for quality urban housing is immense. MMR housing market overview
This is only going to strengthen with each passing year as India
graduates from being a low income economy to a middle income Mumbai Metropolitan Region (MMR) is the largest residential
economy. As per industry estimates, India would see creation of market in India with over 30% contribution to absorption volume
100 million new households who will become ‘home ownership and around 45% by value. Given the higher capital values and
capable’ by virtue of rise in income levels by the end of the profit margins, MMR is also the most profitable market with likely
decade. This creates a ‘once in a lifetime’ opportunity for the accounting for over 50% of the profit pool of the residential
Indian real estate industry. market in Indian top-7 cities.
Due to the structural nature of demand, Indian real estate As per Anarock Research, MMR reported an absorption of more
industry has continued to gain momentum during FY23 despite than 1,10,000 units, showing a growth of 44% compared to
the uncertainties posed by global economic slowdown as well the previous year. In value terms, MMR recorded absorption of
as steep interest rate hikes. While the market for office spaces H 1,570.0 bn showing a growth of 60% on a YoY basis. Similarly it
staged a comeback in the post-pandemic period with ‘back to recorded a launch of more than 1.25 lakh units in 2022 showing
office’ normalization, the residential market further gained on the a growth of 119% compared to previous year. The strong pace of
momentum seen in FY22. Despite the 250 bps repo rate hike, the absorption has meant that the overall available inventory in the
robust performance of the sector especially in the housing segment MMR is now just above 20 months of sales. Pricing growth has
signifies the strength of the underlying demand for property. remained stable in the MMR market witnessing around 7% YoY
growth which has kept the affordability intact given salary growth
seen across most industry has been in the range of 8% to 10%.
Indian Housing Market overview
Indian housing market went from strength to strength surpassing Pune housing market overview
previous peaks seen during the last year. As per property research
firm, Anarock Research, housing sales in 2022 grew by more Pune is a hub for manufacturing activities across various industries
than 50% YoY to 3,65,000 units, surpassing the previous peak such as automobiles, defence, engineering goods etc. It also has
seen in 2014 at 3,40,000 units. What is heartening to note is that a presence of a large number of IT Services companies. The
this happened in a year when there was still some residual impact diversified nature of job providers has made Pune an attractive
of the pandemic in the beginning of the year and mortgage rates and steadily growing residential market. Pune market stood third
went up sharply by more than 200 bps. This reinforces the view in terms of both new launches and home sales across the top 7
that housing demand in India is structural in nature. Sales once cities – comprising total share of 18% and 16% respectively of
again exceeded launches in the top 7 cities making the available overall top -7 cities. As per Anarock Research, Pune reported a
inventory at the lowest level since 2014. Launches for the year in 59% YoY growth in unit absorption and achieved sales of over
the top 7 cities stood at around 3,60,000 units. 57,000 units. Similar to MMR, available inventory in Pune is now
around 20 months of sales. Home prices in the Pune market
Rising sales coupled with falling inventory has brought the have witnessed a growth of 5% YoY in 2022.
inventory levels down to 21 months in Q42023 from 32 months in
209
Bengaluru housing market overview at approximately at 7% as compared to developed and

mid-income economies where the contribution is in mid-teens.
Bengaluru often termed as the Silicon Valley of India is home As India sees its per capita incomes grow from US$ 2000 to
to large number of IT and Tech companies. It has witnessed approximately US$ 5000 by end of the decade, it will move from
significant wealth creation on the back of new age technology being a low income to a mid-income economy. By then, real
companies and thus making the city one of the most attractive estate sector is also likely to find its rightful share in the economy.
housing markets in the country. As per Anarock Research, During the course of the decade, India is likely to witness more
residential market of Bengaluru has witnessed almost equivalent than doubling of the households, currently categorized as mid-
number of launches and absorption of approximately 49,000 income or high-income households, from 75 million to 175
units in 2022 showing a growth of 60% and 50% respectively. million households. These 100 million new households will have
Disciplined supply has made Bengaluru the city with the lowest incomes of above H 0.5 mn and thus will be capable of owning a
inventory levels amongst the top 7 cities at 14 months of sales. home. This creates a huge opportunity for the housing sector with
Home prices in the Bengaluru market have witnessed a growth demand coming through over the course of next decade as well.
of approximately 7% YoY in 2022. This addition in new ‘home ownership capable’ households will
happen on account of several factors which are well understood
Indian logistics and warehousing overview now. Key among them are –
India’s logistics and warehousing industry is undergoing a • Rising household incomes

dramatic transformation from a small unorganized ‘godown’
• Rapid urbanization boosting urban population
led industry, into a prominent asset class. Strong growth in
organised retail and e-commerce, rising consumption, change • Nuclearization of families
in consumer buying patterns as well as ‘China+1’ strategy • Improving education levels leading to rising number of
adopted by various global MNCs have all led to a need to STEM graduates
create an efficient supply chain infrastructure. Rollout of GST has
Our company by virtue of being one of the largest residential
further accelerated the formalization of the sector. Companies
player in the country will be a disproportionate beneficiary of this
have started the move to be present near consumption centres
opportunity.
rather than production centres as was the case historically. With
impetus provided to manufacturing industry through various PLI Significant affordable & mid-income opportunity
schemes and diversification by global manufacturers through
China + 1 strategy means that demand for industrial and light Affordable & mid-income housing is poised for a significant
manufacturing is also on the rise. expansion as the bulk of the household addition as explained
above is expected to happen in this segment. Given our focus
There is currently a scramble to reduce delivery timelines by all
on the segment and our experience in delivering large scale
e-commerce as well as organized retail players, substantially
affordable & mid-income projects makes us well prepared
boosting demand for the in-city fulfilment centres. With the
to capture this opportunity. We are not only among the early
pandemic vaulting the e-commerce sector on a high growth
entrants in this segment but also the pioneers of providing high
trajectory and the entry of players such as the Tata Group and
quality amenities at scale in this segment. This has helped us
the Reliance Group in this highly competitive space, in-city
create a brand image of luxury even for our affordable & mid-
warehouses have started becoming mainstream phenomena
income projects. We have two separate brands for our affordable
much earlier than anticipated.
housing projects – ‘CASA by Lodha’ and ‘Crown – Lodha Quality
As per Anarock Research, Grade-A warehousing space Homes’. This helps us in better targeting of our different segment
absorption is expected to grow by 15% CAGR over 2021-25 of customers. The current share of affordable & mid-income
in volume terms to 85 mn sqft. On the back of strong demand, housing in our housing pre-sales is over 60% which is likely to
rentals are also rising by an estimated 4%-8% per annum across inch to 70% over the course of next 3 to 5 years.
various top cities.
Supply & demand consolidation
Opportunities
This is one of the megatrends of the industry which started in
India has strong structural drivers in place for housing demand 2016-17 period and has started gaining momentum over the
and it is at an early stage of a multi-year upcycle. Impact of past 3 years or so. This consolidation is unique as it is happening
cyclical factors such as interest rates etc. will be felt from time from both demand side as well as supply side. Due to the past
to time, however the structural nature of demand will overpower experiences, consumers today have become very brand conscious
them to a large degree similar to the way industry has performed and prefer to buy only from branded tier-1 developers, thus
this year in spite of the steep mortgage rate hikes. leading to demand side consolidation towards branded players.
Similarly, lenders prefer to lend only to handful of branded
Structural nature of demand developers. In absence of formal credit as well as customer
advances, significant supply side consolidation is underway. As
Housing in India is expected to be both the participant as well per Anarock Research, more than 50% of incremental supply is
as the driver of GDP growth over the course of the decade. now coming from branded developers.
Real estate contribution to GDP in India currently stands
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By virtue of having a strong consumer brand, our Company Strengths

is able to not only get a larger share of pre-sales but also is
garnering raw material i.e. land through JDA partnership mode. Our company is one of the largest residential real estate companies
This will help us achieve above industry growth over medium by pre-sales with over more than four decades of experience of
term in a predictable manner. delivering high quality homes with world class lifestyle. Over time
we have built a consumer brand which is perceived as luxury
Expansion into new micro-markets and cities by consumers in all the segments. We are mainly focussed on
the housing segment with expanding presence in logistics and
The ongoing consolidation is helping larger players with strong warehousing as well as facilities management. We also develop
brands to expand into newer micro-markets and cities, especially commercial real estate, as part of mixed-use developments in
companies with superior execution capabilities. Over the course and around our larger residential projects to bring vibrancy to
of last two years, our Company has expanded into Eastern and our residential developments and provide ‘walk-to-work’ options
Western suburbs of MMR as well as Pune. We have also entered for our residential customers.
the city of Bengaluru which is currently in a ‘seed phase’ for us
with significant scale up likely after brand and team building over Over time we have built unique strengths which have helped us
the next three years. Over the medium term, our aim will be to grow to become the largest residential real estate company and
get to a 20% market share in the MMR and 15% market share in will enable us to continue our growth trajectory. Some of these
Pune. We would explore other cities to enter in a gradual manner are as follows:
after achieving scale in existing cities.
1. Strong consumer brand
Product innovation - Ability to sell at scale at launch and continue to sell
during sustenance
In an environment where consumers are increasingly tilting
- Nearly 20% of new sales to existing customers
towards strong brands, it is also necessary to be in tune with
their preferences. Our strong ‘customer super-team’ comprising - Premium pricing as compared to market
of our consumer facing teams of sales, marketing and customer
2. Superior in-house execution capability with ~50% of our
experience helps us be close to consumers. We are also among
over 4,000 employees focussed on engineering and, design
few residential focused companies which have their own
dedicated to delivering world’s finest developments
construction management team with deep engineering talent.
With this combination, we are able to quickly innovate and 3. Unique ability to develop townships and generate growing
bring in products in synch with consumer preferences. For e.g. ‘annuity like’ cash flows from them
we saw a change in customer preference of owning homes with
decks during Covid and we were among the first in supplying the 4. Presence across price points starting from H2.5 mn to H1bn+
market with such a product in a very short time period. Similarly, per unit, serving a wide part of the demand
we have brought in the Villa plots in the MMR – also among the
first to get such a product. Product innovation not only helps 5. Strong focus on sustainability and transparency
us garner more sales but also helps us churn our land asset in 6. Ample raw material
parallel catering to multiple product demands in tandem, thus
significantly boosting our ROEs. - Large existing land holding
- Partner of choice for land owners for JDA partnership
Threats and challenges 7. Innovation in product as well as sales and marketing
strategies
While we remain well placed to capture the opportunities, few
challenges may have an impact on the industry in the near term. 8. Exceptional management capabilities with decentralized
We always keep a watchful eye for any of challenges which, if organization structure
they fructify, can impact the upward trajectory of the industry. Our
strong management team in consultation with the board takes
mitigating actions in light of such challenges. Some of these Strategies
challenges in the near term could be: To maximize shareholder value, our company is focused on
delivering twin objectives of 20% CAGR in pre-sales and
• Further increase in interest rates by the Central Banks
20% ROE over the medium term. In order to achieve the twin
including RBI to tackle the sticky high inflation
objectives, the Company is focussing on the following –
• Escalation of geo-political tensions leading to another round
of supply chain disruption Achieve reasonable market share in each micro-
market of the cities where we operate
• Significant slowdown in India
• Souring of job sentiment The ongoing consolidation has thrown growth opportunities for
stronger brands like us pan India. However, in order to have
• Significant increase in home prices effected by developers
strong profitability, it is important to achieve a certain scale in
which in turn starts to impact affordability
every city we operate. Prior to our IPO in 2021, we were present
211
at scale in only 3 of the 7 micro-markets of MMR with insignificant Logistics & warehousing business
presence in the rest of the 4 micro-markets and the city of Pune.
Given our brand is already well recognized in these micro- We are developing warehousing, logistics and, light industrials,
markets, our current focus is to expand in the 4 micro-markets of catering to digitization of economy. To significantly scale up in this
MMR and Pune and get to our deserved market share which we segment, we have formed a pan-India platform with Bain Capital
believe is bare minimum 15%. Our strong brand and execution (through India Opportunities Fund) and Ivanhoe Cambridge
capability is enabling us to grow in capital light mode through (arm of CDPQ) which will develop over 25 million square feet
JDAs in these under-served markets. In the last two years, we of warehousing and in-city fulfilment space over the next 3-4
have added 23 projects in the under-served micro-markets with years. Our efforts in this segment will also enable us accelerated
a cumulative GDV of H 350 Bn, largely through JDAs. monetisation of large land assets around our townships and thus
enhancing capital efficiency.
Two phase expansion strategy in new cities
Facilities management with a digital layer
We will enter new cities every 3 to 4 years after achieving scale
in existing cities. In order to de-risk such entry into any new city, We have a growing facilities management business on the back
we will have two-phase entry strategy for every new city. The first of rising number of households staying in Lodha developments.
phase of the entry will be more like a three to four year ‘seed We are managing nearly 60,000 homes and given our long
phase’ where we will focus on brand as well as team building association, have developed deep understanding of our
and learn the local consumer preferences along with building customers and their spending pattern. Leveraging technology,
supplier networks. We intend to start limited number of projects we are adding a digital layer to already established facility
largely through the JDA route and focus on delivering superior management business to provide seamless customer experience
product as well as customer experience. This will establish our through an integrated platform offering several services
brand in a capital efficient organic manner. The subsequent e.g. home improvement services, real estate services, ‘near
phase will involve rapid scale up when the brand is already commerce’ etc. Over time, we will have the potential to onboard
established thus greatly reducing the risk and capital intensity of other developments of non-competing developers (in addition
the business. to our own captive developments) and add a critical mass of
Continue debt reduction to create a strong balance consumers. This will enable us to generate recurring fee income
sheet with improving ROE.
Our overall growth target is secondary to our strategy of having Select high quality office & retail assets
a strong resilient balance sheet. In this regard, we will continue
to reduce our net debt such that it is always below 1x of our While we are primarily a residential real estate company, we
operating cash flow or 0.5x of equity, whichever is lower. We also develop retail and office spaces as part of our mixed use
will likely achieve these thresholds during the course of FY24. developments. In the past, we have developed retail assets and
However, we will continue to reduce our leverage thereafter and monetized the same. In order to bring diversity to our income
create a headroom, which will enable us to capture the abundant stream, we intend to retain some of these assets, which we
opportunities that may come our way in a cyclically bad year for believe have high probability of significant capital appreciation
the sector. (in addition to their rental yield) on account of their superior
location, product quality or tenant mix. Given these assets
Capital light expansion strategy through optimum would be developed along with our residential developments on
mix of JDA project larger land parcels suitable for mixed use developments, capital
intensity of the same would be significantly lower helping us
We intend to leverage our brand and leadership position to
generate strong ROEs.
grow our business by entering into JDAs with landowners and
other smaller developers. We believe that such an approach will
enable us to be more capital efficient and reduce our upfront Business Performance Overview
land acquisition costs. We intend to follow this strategy in the
For the FY23, our company has achieved Pre-sales of
MMR, Pune and Bengaluru, especially in micro-markets where
H 120.6 Bn registering a growth of 34% over FY22. 32% of the
we have a limited presence. In the steady state, we intend to have
sales came from launches at new locations. The strong pre-sales
approximately 40% of our pre-sales from JDA projects. While
performance at new locations as well as existing locations signify
projects with owned land generate ROE in the range of 15%-
strong consumer intent to own a home despite steep increase in
20%, JDA projects generate over 30% ROE. Thus an optimum
mortgage rates.
mix of JDA projects would enable us to achieve our objective of
20% ROE while pursuing the 20% CAGR in pre-sales. Pre-sales
Focus on generating annuity income with good ROEs Performance for our key micro-markets in terms of pre-sales is
as follows:
In order to diversify our business, we are focusing on multiple
South & Central Mumbai – In the South Central Mumbai
business segments which will generate sizeable annuity income
where the Company has a significant market share, it achieved a
streams and create significant shareholder value over time.
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pre-sales of H 39.1 Bn (23% YoY growth). This was on the back of the next 3-5 years.
strong performance of the new launch at Malabar Hill as well as
strong performance at existing projects such as Lodha Park, The Pune: Pune is one of the success stories of our expansion
World Towers etc. We have new launches planned in this micro- strategy. We entered Pune with our first project Lodha Belmondo
market even in FY24 which will help us grow further. in the middle of last decade. Over the latter half of the previous
decade, we built our brand in the city on an organic basis through
Extended Eastern Suburbs: On the back of the strong superior customer experience and product delivery. During
performance seen in the two townships located in the Extended this period we learnt about the market and built our team and
Eastern Suburbs of Mumbai, the Company achieved pre-sales of ecosystem in the city. On the back of the established brand, team
H 22.6 Bn (16% YoY growth). We have continuously innovated and ecosystem, we started expanding rapidly in the city since
in this micro-market and brought new products. In FY23, we 2021 immediately post Covid. In FY23, we achieved presales
launched plotted development at Palava which has been well of H 11.3 Bn (103% YoY) and are well on track to be among the
received by consumers. Similarly, the launch of our ‘Crown’ top-3 developers by FY24 on the back of further new launches.
brand at Palava which is aimed at the first time home buyers
has done well. We expect significant ramp-up in Pre-sales Other micro-markets: From other micro-markets, the
momentum at both our townships on account of completion of Company achieved pre-sales of H 832.2 Mn mainly from
several landmark infrastructure projects which will substantially extended western suburbs of MMR.
improve the connectivity of the townships. Palava will benefit
immensely due to commissioning of the Airoli-Katai Naka Land and annuity asset monetization: We have been
expressway in FY24 which will bring the IT hub of Airoli within able to monetize our surplus land assets around our townships
approximately 20 minutes of driving distance. Some of the other on a consistent basis and generate recurring cashflow from the
notable infrastructure projects likely to get commissioned over same. For FY23, we sold land worth H 6.8 Bn mainly for Digital
next 2 to 3 years are – Navi Mumbai Airport, Mumbai Trans- Infrastructure usage. This creates a virtuous cycle for our nearby
harbour link, Kalyan – Taloja metro line. Similarly, our other township residential business due to job creation or infrastructure
township of Upper Thane is likely to benefit due to completion development. We also monetized annuity commercial assets of
of Thane-Dombivli Link Road in FY24 which will bring the Upper H 1.5 Bn.
Thane township within ten minutes driving distance of Dombivli Completions: Construction activity picked up after pandemic-
suburban railway station thus connecting it to Mumbai through led disruptions seen in the last 3 years. However, there were
the suburban train system. Additionally, phase-1 of Mumbai - minor disruptions due to extreme commodity price volatility on
Nagpur samruddhi Mahamarg is already operational from the back of Russia-Ukraine war. For the FY23, we achieved
Nagpur to Shirdi with phase-2 from Shirdi to Mumbai is likely completion of 9.3 msf area (58% YoY). Key completions during
to be operational over the next 12 months. Upper Thane being the year were in our townships at Palava and Upper Thane, Mira
on this expressway will greatly benefit by becoming a gateway to road, One Lodha Place, Crown Thane etc.
Mumbai for the entire North Maharashtra in addition to being in
close proximity to Mumbai. All these projects have the ability to Collections: In line with strong sales growth, collections at
propel Palava and Upper Thane at a significantly faster growth H 106.1 Bn also showed strong growth of 23% YoY. Collections
path in the medium term. will continue to grow in line with the growth in pre-sales and
execution.
Thane: The Company achieved H 12.6 Bn of pre-sales. We
are in the process of augmenting supply in the micro-market Business Development: In line with our strategy of expanding
given completion of few of the existing projects. In this regard, we into the all the micro-markets, the Company added 12 projects
have added two new projects in FY23 with a cumulative GDV of largely through JDAs for nearly H 200 Bn GDV. On account of
nearly H 15.0 Bn. Our focus will be to add more GDV in coming our short timespan from acquisition of land to launch of project
years considering brand Lodha has a very high resonanace in coupled with strong sales velocity, we have emerged as a partner
consumer mind in this market. of choice for various land owners in MMR and Pune. FY23
also marked as the year in which we entered Bengaluru and
Eastern Suburbs of Mumbai: Eastern Suburbs of Mumbai
signed up a JDA project. We continue to have a robust business
is one of the MMR micro-markets where we had no presence
development pipeline across the MMR and Pune which gives us
prior to our IPO as we had depleted our inventory. In line with
a strong visibility of growth in a capital light manner while we
our strategy of expanding into underserved micro-markets where
continue growing in Bangalore in measured way.
our brand is well recognised, we started adding projects since
FY22. On the back of multiple new launches in Vikhroli, Powai Digital Infrastructure: Our efforts to grow our digital
and Matunga, we achieved total pre-sales of H 12.3 Bn in infrastructure vertical is progressing well. FY23 saw several
FY23 showing 764% YoY growth. watershed milestones getting achieved. We concluded our
platform deal with Bain Capital and Ivanhoe Cambridge during
Western Suburbs of Mumbai: Similar to Eastern Suburbs,
the year. The year also witnessed us monetizing our financial stake
we started expanding meaningfully in this market only after
in our first JV with ESR. We also signed up few marquee tenants
our IPO. On the back of new launches in the micro-market in
for warehousing space at our Palava Industrial and Logistics Park.
FY23, we achieved total pre-sales of H 13.7 Bn. This micro-
We have a further strong leasing pipeline with advance ongoing
market is going to be one of the growth drivers for pre-sales over
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discussions underway with several marquee tenants, giving us the decarbonisation of built environment. During the year, we also
visibility to start generating leasing income from FY24. Over the partnered with Xynteo on the 'Build Ahead Coalition' that aims to
next 3-4 years, this platform will develop over 25 million square unite multiple stakeholders from the construction value chain to
feet of logistics, warehousing and in-city fulfilment centre space achieve net zero built environment in India.
enabling us to earn significant annuity income. As the operating
partner for the platform, we will also receive fee income in the In the previous year, we brought all our residential projects under
form of asset management fees, developer manager fees, facility the ambit of green certifications and this year we submitted
management fees and land acquisition fees. the documentation for close to 30 million square feet of our
developments, of which, we have received certificates for close
Achieving Minimum Public Shareholding (MPS) to two-thirds of our developments. We anticipate that all our all
through secondary sale of shares via QIP: Subsequent active projects will be green certified during the course of FY24.
to two primary issuances of capital in FY22 through an IPO in We also completed our physical climate risk analysis and we
April 2021 and through a QIP in November 2021, Company have presented the forecast climate data through a climate risk
achieved the regulatory threshold of 25% public shareholding toolkit to be taken into consideration by our designers while
in FY23, well in advance of the timeline, through a secondary designing new projects.
sale of shares by the Promoters of the company. The promoters
raised approximately H 35.5 Bn by selling approximately 7.2% With our continued efforts to make Lodha an equitable and
of the equity share capital of the Company through a Qualified preferred workplace for women, we are committed to achieve our
Institutional Placement (QIP) by way of offer for sale. gender diversity target of 44% by 2027. As a company engaged
in construction activity, health & safety is always at the forefront
of our operational agenda. Our stringent safety protocols and
Sustainability policies ensure a safe working environment for our workers
across sites. Our goal of building a stronger nation is being
Sustainability is ingrained in our vision of Building a Better
serviced through our efforts towards unleashing the potential of
Life. We give utmost importance to building responsibly and
young minds through Lodha Genius Programme in partnership
mitigating our environmental impact, while contributing to a
with Ashoka University, as well as empowering women through
more sustainable future for all our stakeholders. Over the past
Project Unnati.
year, we continued to make significant strides towards transition
to a low-carbon world and anticipate to become a Net Zero We are determined to create a sustainable and equitable world
company by operations (scope 1, 2 emissions) within FY 24. for all our stakeholders. Our commitment towards growing
sustainably also reflects in our exceptional performance in
Our initiatives under the Lodha Net Zero Urban Accelerator are
leading global sustainability benchmarks. We were ranked
progressing well and we expect that they will help us achieve
amongst the top ~1% of the 867 global real estate companies in
our decarbonisation goals well ahead of time. This was a
the S&P Global Corporate Sustainability Assessment (CSA 2022).
very active year for the Accelerator where we progressed on
We received an overall ESG risk rating of 13.8 by Sustainalytics
initiatives around green concrete, circularity in the supply chain,
and were placed in the “low-risk” category of ESG risk severity.
data analysis and modelling, engagement with varied set of
We also scored well in other sustainability benchmarks like
partners across the focus areas of the Accelerator. We expect
GRESB where we received a 5-star rating in the Development
to start publishing studies this year that can help guide the
Benchmark.
Financial Performance Overview
Our results of operations
The following table provides select financial data from our consolidated statements of profit and loss for financial years ended March 31,
2023 and March 31, 2022, respectively, the components of which are also expressed as a percentage of total revenue for such periods.
For the year ended March 31

2023 2022
Particulars
(% of Total (% of Total
(in J Bn) (in J Bn)
income) income)
INCOME
Revenue from Operations 94.7 98.5% 92.3 96.9%
Other Income 1.4 1.5% 2.9 3.1%
Total Income 96.1 100.0% 95.3 100.0%
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2023 2022
Particulars
(% of Total (% of Total
(in J Bn) (in J Bn)
income) income)
EXPENSES
Cost of Projects 60.6 63.1% 60.6 63.7%
Employee Benefits Expense 4.2 4.4% 3.5 3.7%
Other Expenses 9.2 9.5% 6.4 6.7%
EBITDA 20.7 21.5% 21.8 22.9%
Adjusted EBITDA* 29.7 30.9% 32.4 35.1%
Finance Costs 4.8 5.0% 6.8 7.1%
Depreciation, amortisation and impairment 0.9 1.0% 0.7 0.8%
expense
Total Expenses 79.8 83.0% 78.1 82.0%
Profit before exceptional item and tax 16.3 17.0% 17.2 18.0%
Exceptional Items (11.8) (12.2%) - -
Share of Net Loss in Associate (0.1) (0.1%) 0.0 -
Profit Before Tax 4.5 4.7% 17.2 18.0%
Tax Credit/ (Expense): 0.4 0.4% 5.1 5.3%
Profit for the Year 4.9 5.1% 12.1 12.7%
*Adjusted EBITDA = After Grossing up of Finance cost included in cost of project.
Cash Flows
The table below summarises our cash flows for the consolidated operations for the year ended March 31, 2023 and 2022.

Particulars (Amounts in J Bn)
2023 2022
Net cash generated from operating activities 27.5 20.0
Net Cash Flows from Investing Activities 17.8 11.4
Net Cash Flows from / (used in) Financing Activities (37.1) (28.9)
Net Increase / (Decrease) in Cash and Cash Equivalents 8.2 2.5
Indebtedness
As of March 31, 2023, our consolidated indebtedness is as set out below:
As at
Category of borrowings
31-Mar-23 31-Mar-22
Gross India Debt 90.4 111.2
Gross Overseas Debt - Senior notes (Secured) - 4.1
Cash & Cash Equivalent 19.7 18.2
Net India Debt 70.7 93.0
Total Gross Debt 90.4 115.4
Total Net Debt 70.7 97.1
Key Financial Ratios-
Ratios (Definition) FY23 FY22 % Change Reason for change
Trade Receivables Turnover 13.68 14.21 -4% Decrease in Trade Receivables

(Revenue from Operations/ Average Turnover Ratio is mainly due to
Trade Receivables) increase in trade receivable compared
to last year.
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Ratios (Definition) FY23 FY22 % Change Reason for change
Inventory Turnover Ratio - 1.22 1.24 -2% Decrease in Inventory Turnover Ratio is
Cost of project / Average of mainly due to increase in Inventory.
Inventory
Interest Coverage Ratio - 2.25 2.03 11% Improvement in Interest coverage ratio
(Earnings before Interest Expenses , # is mainly on account of decrease in
Depreciation and Tax (excludes Interest cost.
Exceptional Item) / Interest cost)
Current Ratio - 1.50 1.47 2% Improvement in Current ratio is due to
(Current Assets/ Current Liabilities) increase in Current Assets.
Debt-Equity Ratio - 0.74 0.98 -25% Improvement in Debt Equity ratio is
Debt / Total Equity (Share Capital + due to reductions in Total Debt.
Applicable Reserves)
Operating Profit Margin (%) - 31.38% 35.08% -11% Decrease in Operating Profit Ratio is
Earnings before Interest Expenses , # due to decrease in profit before tax
Tax, & Exceptional Item less Other compare to last year.
Income / Revenue from Operation
Net Profit Ratio - 5.09% 12.69% -60% Decrease in Net Profit Ratio is due to
Profit After tax / Total Income decrease in profit after tax compare
to last year on account of exceptional
items.
Return on Net Worth Ratio - 3.95% 14.74% -73% Decrease in Return on Equity Ratio
Profit after tax / Average of total is due to decrease in profit after tax
Equity compare to last year on account of
exceptional items.
#
Interest cost represents finance cost debited to statement of Profit and Loss and interest cost charged through cost of projects
Risks and Mitigation increase in interest rate. The cost of absorption for us has been
less than 30 bps of pre-sales annually making it like an insurance
Rise in interest rates against the rise in mortgage rates with a minimal cost to us. We
can likely restart this scheme in some form in case there is a
Risk: In order to contain inflation, global central banks have
significant increase in mortgage rates. This will greatly reduce
increased policy rates significantly throughout FY23. RBI has also
any residual adverse impact from rising mortgage rates.
raised Repo rate by 250 bps in FY23, steepest ever hike in a
year. This has also led to mortgage rates rising by over 200 bps. Slowing economic growth
Any further steep rise in mortgage rate could impact the industry
volumes adversely. Risk: India’s housing demand is closely linked to job sentiments
which in turn is related to overall health of the economy. On
Mitigation: While mortgage rates have risen steeply to 8.5%- account of the steep increase in policy rates, we have seen
9%, volumes have continued to grow at a rapid pace with a global growth come down with talks of some of the developed
modest price increase. This suggests a strong structural nature economies getting into a recessionary zone. Slowing global
of the demand for quality housing. Given the safe nature of growth coupled with RBI’s policy rate hikes, have seen slowing
mortgage lending, there is a strong competition among the down of the Indian economy. Any worsening of job sentiments
lenders in this segment. On account of this, transmission of policy in a slowing economy either due to loss of white collar jobs or
rate hikes has lagged and it is likely that complete transmission inadequate salary growth could lead to slower housing demand.
may not happen even going ahead. Additionally, given the
cycling down of the inflation, it is possible that the RBI will pause Mitigation: Indian housing is a domestic industry with domestic
its monetary tightening and look to reduce policy rates in the demand drivers with limited impact of global economy. While
latter half of the year. Coupled with the strong structural demand there has been impact of slower global growth on the Indian
drivers, consolidation in the industry and partial transmission of economy, it is still expected to be the fastest growing economy
policy rate hikes, the impact of the further increase in policy rates with approximately 6.5% growth rate for FY24. While the growth
will be muted. In order to help our consumers to get on the in hiring has come down, it is still in positive territory – thus
housing ladder, we had rolled out a scheme where we bear the keeping the job sentiments still robust. The strong structural
impact of increase in mortgage rates (upto 150 bps from 6.99%) drivers for housing, consolidation in the industry coupled with the
for two years. Beyond two years, wages increasing by 8%-10% all-time best affordability will likely negate any adverse impact of
annually will be able to address increased EMI consequent to economic slowdown to a large extent. We remain watchful of the
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situation on the ground and our strategy around sizing as well as into customer base which is employed into manufacturing,
timing of new launches on the one hand and ability to adjust the defence, automobile and mid-end IT services. On the other
same should enable us to address any such eventuality if it plays hand, our expansion into Bengaluru which is the technology hub
out. This will reduce the risk of slowdown to a large degree on of India, provides us diversification into customer base which
our business health. is employed into the high-end IT services, and new age start-
up ecosystem. Similarly to bring further diversification, we are
Cyclicality of the Industry developing digital infrastructure which includes warehousing,
logistic etc. as well as scaling up our facilities management
Risk: Real estate is considered to be a capital intensive industry
business. While we will continue to be residential focussed
impacted by overall macro cycles and thus being cyclical in
company, we will generate a sizeable annuity income from digital
nature. Currently, the cycle is at the start of a multi-year upswing.
infrastructure and facilities management business.
However, due to slowing economy, the cycle may take a short
pause, impacting the overall business for the industry.
Outlook
Mitigation: Cyclicality of the industry can be mitigated by
keeping a robust balance sheet. We are on a journey to reduce While the FY20-22 period saw unprecedented disruption on
our net debt to be below 1x of our operating cash flow or 0.5x of account of the pandemic, FY23 was largely a normal year in
equity, whichever is lower. We will likely achieve these thresholds terms of operating environment. However, it saw the fastest ever
during the course of FY24. However, we will continue to reduce monetary tightening seen in the last two decades. The demand
our leverage thereafter and create a headroom. This will enable has remained robust and intent of Indian consumers to own
us to capture the abundant opportunities that may come our way a home remains strong as ever. Consolidation of the industry
in a cyclically bad year for the sector. continues to accelerate with more than 50% of incremental new
supply now coming from branded developers. This consolidation
Worsening of Geopolitical tensions is expected to continue even going forward especially in context
Risk: Any flare up of the geopolitical tensions especially in of rising interest rates. Early read through of FY24 demand
Russia-Ukraine war could have an impact on the global growth suggest continuation of the strength seen in the housing demand
and return of energy price inflation which in turn feeds into in FY23. Your company is on track to deliver 20% growth in
overall inflation making the task of policymaking tougher. Any pre-sales on a consistent and predictable manner and FY24 will
material escalation could once again impact the global supply follow the same trajectory. We would see launch of new projects
chain and have adverse impact on global trade. in underserved micro-markets of MMR and Pune as well as select
project launches in Bengaluru. High visibility of project launches
Mitigation: While signs of any further flare up in geopolitical in new micro-markets will likely help us achieve our growth
tension are not presently visible, if it happens, will likely see objectives. We also have a robust business development pipeline
a knee-jerk reaction in prices of commodities in general and largely through JDAs for the FY24 which will serve us well to
energy in particular. However, as our experience of the past year deliver growth beyond FY24 as well. On the back of robust
has shown, such dislocations may not sustain for a longer term. demand and easing of interest rates in the latter half of the year,
Construction cycle by virtue of being a 3-4 years cycle will likely we expect pricing growth to remain in 6%-8% range for the year
adjust with minimal impact from such an issue. Secondly, real which will further boost sentiments towards owning a home.
estate has a completely local supply chain barring high speed
elevators which are imported. Thus, supply chain disruptions may We are also rapidly scaling up our digital infrastructure platform
not have any material impact on the business. As an ongoing in partnership with Bain Capital and Ivanhoe Cambridge (an
effort, we continue to increase diversification in our sourcing of arm of CDPQ). We expect the lease rentals from the platform
materials which helps us address such events. to commence in FY24 which is expected to ramp up significantly
over the next 3-5 years.
Concentration Risk
Risk: Historically, we have been present in the residential Internal Controls

segment within three micro-markets of MMR in a meaningful
The Company has a robust internal financial control system
manner. Any adverse impact on the residential segment or the
commensurate with the size, scale and complexity of its
three micro-markets of MMR could result in adverse outcome for
operations. It has put in place adequate controls, procedures
our company.
and policies for ensuring orderly and efficient conduct of its
Mitigation: We are diversifying our geographical presence by business including adherence to policies, safeguarding its assets,
expanding in all the micro-markets of MMR as well in the city of reasonable framework aimed at prevention and detection of
Pune. We have also entered Bengaluru in FY23 which will start frauds and errors, accuracy and completeness of accounting
contributing significantly after three years of ‘seed phase’. This records. Appropriate frameworks have been designed to have
geographical diversification also diversifies our customer profiles. internal controls over financial reporting, which ensures the
Mumbai is home to corporate head offices, BFSI, high value integrity of financial statements of the Company and reduces
consulting, entertainment, large SME base with some minimal IT possibility of malpractice.
services. Our expansion in Pune has provided us diversification
217
Design of key processes and various policies are reviewed A certificate from the CEO and CFO form part of the Corporate
periodically, from the point of view of adequacy of controls. Governance Report, confirming the existence and effectiveness
The Company has in place an Internal Audit (IA) function of internal controls, and reiterating their responsibility to report
headed by the Chief Internal Auditor. The internal audit plan Deficiencies to the Audit Committee and rectify the same.
for the year is approved by the Audit Committee at the start of
the financial year. Human Resources
The Management Audit Committee (MAC) meeting reviews the At Macrotech, we believe that our people and our “We Care”
detailed internal audit reports prior to placing the same before culture strengthen our processes and operations and are central
the Audit Committee. The MAC is chaired by the MD & CEO to our continued success. We are committed to build and further
and co-chaired by the CFO and the other functional heads enhance skills of our people and provide them with a safe, inclusive,
are invitees to the meeting as and when required. The Audit caring and an unbiased environment. Our workplace culture
Committee oversees the scope and coverage of the IA plan, and fosters creativity, agility, innovation and meritocracy. We respect
evaluates the overall results of these audits during the quarterly and are committed to uphold human rights of all our stakeholders
Audit Committee meetings. The functional leadership team - employees, subsidiaries, suppliers and other partners.
members join the meeting as and when necessary to provide
updates on developments regarding the status of controls and We had 4,200 permanent employees as on March 31, 2023 –
compliance within their respective functions. an increase of 25% over FY22. For more details on our employee
practices and processes refer to the Human Capital section on
Internal controls are tested for effectiveness, across all project pg 136 and the BRSR on pg 219 of the Integrated Report.
sites and functions by the Internal Audit team, which is reviewed
by the management for corrective action from time to time
and deviations, if any, are reported to the Audit Committee
periodically.
218
Statutory Reports
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT

SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity GRI 2-1,2-2, 2-3, 2-5
1. Corporate Identification Number (CIN) of the Listed Entity L45200MH1995PLC093041

2. Name of the Listed Entity MACROTECH DEVELOPERS LIMITED
3. Year of Incorporation 1995
4. Registered office address 412, Floor- 4, 17G Vardhaman Chamber Cawasji Patel Road,
Horniman Circle,
Fort, Mumbai MH 400001
5. Corporate office address Lodha Excelus, Apollo Mills Compound, N.M.Joshi Marg,
Mahalaxmi, Mumbai 400011
6. E-mail id [email protected]
7. Telephone +91 22 6773 7373
8. Website www.lodhagroup.in
9. Financial year for which reporting is being done 2022-2023
10. Name of the Stock Exchange(s) where shares are listed BSE Limited and National Stock Exchange of India Limited
11. Paid-up capital H 4.8 Bn
12. Name and contact details of the person who may be Ms Sanjyot Rangnekar
contacted in case of any queries on the BRSR report Company Secretary and Compliance Officer
Tel: +91 22 6773 7373
Email:[email protected]
Address: 10th Floor, Lodha Excelus, Apollo Mills Compound,
N M Joshi, Marg, Mahalaxmi, Mumbai 400011
13. Reporting boundary Disclosures are made on a consolidated basis for Macrotech
Developers Limited and its subsidiaries.
GRI Assurance: DNV Business Assurance Private Limited
has carried out an independent third party assurance of the
sustainability disclosures brought out in the Report 2022-23.
The scope and basis of assurance have been described in
their Assurance Statement
II. Products/services GRI 2-2, 2-6
14. Details of business activities (accounting for 90% of the turnover):
S. % of Turnover of the
Description of Main Activity Description of Business Activity
No. entity
1 Construction Development of 100%
a. Residential Projects,
b. Commercial Projects and
c. Digital Infrastructure park
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
S. % of total Turnover
Product/Service NIC Code
No. contributed
1 Construction and development of real estate and 410 100%
allied activities
219
Business Responsibility & Sustainability Report
III. Operations GRI 2-2, 2-6
16. Number of locations where plants and/or operations/offices of the entity are situated:
S. No. Location Number of plants* Number of offices Total

1 National 34 2 36
2 International 0 1 1
Notes: 1. The company does not have any plants. Total number of project offices is 34.
2. The Company has a representative sales office in Dubai.
17. Markets served by the entity

a. Number of locations
1 National (No. of States) 2

2 International (No. of Countries) 0
Note: The Company does not have any international projects. However the Company has a representative sales office in Dubai.
b. What is the contribution of exports as a percentage of the total turnover of the entity?
Nil
c. A brief on types of customers
In our “for-sale” business, our customers are generally individuals. In our commercial annuity and digital infrastructure
park business, our customers are financial institutions, business houses, high net worth individuals etc.
IV. Employees GRI 2-2, 2-7, 2-8
18. Details as at the end of Financial Year:

a. Employees and workers (including differently abled):
S. Male Female
Particulars Total (A)
No. No. (B) % (B / A) No. (C) % (C / A)
EMPLOYEES
1. Permanent (D) 4,200 3,443 82.0% 757 18.0%
2. Other than Permanent (E) 105 54 51.4% 51 48.6%
3. Total employees (D + E) 4,305 3,497 81.2% 808 18.8%
WORKERS
4. Permanent (F) 0 0 0 0 0
5. Other than Permanent (G) 12,709 12,709 100% 0 0
6. Total workers (F + G) 12,709 12,709 100% 0 0
Note: Workers at our construction sites are employed by our contractors and their sub-contractors. There are no workers on our pay roll.
b. Differently abled Employees and workers:
S. Male Female
Particulars Total (A)
No. No. (B) % (B / A) No. (C) % (C / A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 1 1 100% 0 0
2. Other than Permanent (E) 0 0 0 0 0
3. Total differently abled 1 1 100% 0 0
employees (D + E)
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 0 0 0 0 0
5. Other than Permanent (G) 0 0 0 0 0
6. Total differently abled 0 0 0 0 0
workers (F + G)
220
Statutory Reports
19. Participation/Inclusion/Representation of women [GRI 405-1]
No. and percentage of Females

Total (A)
No. (B) % (B / A)
Board of Directors 9 2 22.2%
Key Management Personnel 5 2 40.0%
20. Turnover rate for permanent employees and workers [GRI 401-1]
FY 2021 (Turnover rate

FY 2023 (Turnover rate FY 2022 (Turnover rate
in the year prior to the
in current FY) in previous FY)
previous FY)
Male Female Total Male Female Total Male Female Total
Permanent Employees 22.7% 26.5% 23.4% 21.0% 29.1% 22.4% 31.5% 27.5% 30.9%
Permanent Workers Not applicable
V. Holding, Subsidiary and Associate Companies (including joint ventures)
21. (a) Names of holding / subsidiary / associate companies / joint ventures [GRI 2-2]
Does the entity indicated

Name of the holding/ Indicate whether
% of shares at column A, participate in
subsidiary/ associate holding/ Subsidiary/
S.No. held by the Business Responsibility
companies/ joint Associate/ Joint
listed entity initiatives of the listed
ventures (A) Venture
entity? (Yes/No)
1 Sambhavnath Infrabuild Holding - No
And Farms Private Limited
2 Apollo Complex Private Subsidiary 100% No
Limited
3 Bellissimo Buildtech LLP Subsidiary 100% No
4 Bellissimo Constructions Subsidiary 100% No
And Developers Private
Limited2
5 Bellissimo In City FC NCR Subsidiary 100% No
1 Private Limited
6 Brickmart Constructions Subsidiary 100% No
And Developers Private
Limited
7 Center For Urban Subsidiary 100% No
Innovation Private Limited2
8 Cowtown Infotech Services Subsidiary 100% Yes
Private Limited
9 Cowtown Software Design Subsidiary 100% No
Private Limited
10 Digirealty Technologies Subsidiary 100% No
Private Limited
11 G Corp Homes Private Subsidiary 100% Yes
Limited
12 Homescapes Constructions Subsidiary 100% No
Private Limited2
13 Lodha Developers Subsidiary 100% No
International Limited
221

entity? (Yes/No)
14 Lodha Developers Subsidiary 100% No
International (Netherlands)
B.V
15 Lodha Developers U.S., Inc Subsidiary 100% No
16 National Standard (India) Subsidiary 73.94% Yes
Limited
17 One Place Commercial Subsidiary 100% Yes
Private Limited
18 Palava City Management Subsidiary 100% No
Private Limited
19 Palava Induslogic 3 Private Subsidiary 100% No
Limited
20 Palava Institute Of Subsidiary 100% No
Advanced Skill Training
Private Limited2
21 Primebuild Developers And Subsidiary 100% No
Farms Private Limited2
22 Roselabs Finance Limited Subsidiary 74.25% No
23 Sanathnagar Enterprises Subsidiary 72.7% Yes
Limited
24 Simtools Private Limited3 Associate 49.85% No
25 Thane Commercial Tower Subsidiary 100% No
A Management Private
Limited
26 Bellissimo Digital Joint Venture 60% No
Infrastructure Development
Management Private
Limited
27 Bellissimo Digital Joint Venture 60% No
Infrastructure Investment
Management Private
Limited
28 Bellissimo In City FC Joint Venture 33.34% No
Mumbai 1 Private Limited
29 Palava Induslogic 2 Pvt Ltd Joint Venture 100% No
30 Palava Induslogic 4 Private Joint Venture 33.34% No
Limited
31 Grosvenor Street Joint Venture 51% No
Apartments Limited1
32 Lincoln Square Apartments Joint Venture 51% No
Limited1
33 Lodha Developers 1GSQ Joint Venture 53.45% No
Holdings Limited1
34 Lodha Developers 1GSQ Joint Venture 53.45% No
Limited1
35 Lodha Developers 48CS Joint Venture 53.45% No
Limited1
36 Lodha Developers Dorset Joint Venture 53.45% No
Close Limited1
37 Lodha Developers Joint Venture 53.45% No
International (Jersey) III
Limited1
222
Statutory Reports

entity? (Yes/No)
38 Lodha Developers UK Joint Venture 51% No
Limited1
39 New Court Holdings Joint Venture 51% No
Limited1
40 1 GSQ Leaseco Limited1 Joint Venture 51% No
41 1 GS Residences Limited1 Joint Venture 53.43% No
42 1 GS Investments Limited1 Joint Venture 53.45% No
43 1 GS Properties Joint Venture 51% No
Investments Limited1
44 1GS Quarters Holdings Joint Venture 53.45% No
Limited1
45 Mayfair Square Apartments Joint Venture 45.9% No
Limited1
46 Mayfair Square Residences Joint Venture 45.9% No
Limited1
Notes:
1. Subsidiaries as per Companies Act 2013, considered under “joint control” as per Ind AS 110
2. Wholly owned subsidiaries merged with the Company w.e.f. 20.05.2023
3. Associate company, considered a subsidiary due to control under Ind AS 110
VI. CSR Details
22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No)
Yes
(ii) Turnover J 87.3 Bn
(iii) Net worth J 122.2 Bn
VII. Transparency and Disclosures
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct [GRI 2-16]
Grievance FY 2023 FY 2022

Redressal
Stakeh Mechanism Number of Number of
Number of
older group in Place (Yes/ complaints Number of complaints
complaints
from whom No) (If Yes, pending complaints pending
filed Remarks Remarks
complaint then provide resolution at filed during resolution
during the
is received web-link for close of the the year at close of
year
grievance year the year
redress policy
Communities Yes www. Nil Nil - Nil Nil -
lodhagroup.in/
sustainability
Investors Yes www. Nil Nil - Nil Nil -
Shareholders lodhagroup.in/ 4 Nil - Nil Nil -
investor-relations
223
Grievance FY 2023 FY 2022

Redressal
Stakeh Mechanism Number of Number of
Number of
older group in Place (Yes/ complaints Number of complaints
complaints
from whom No) (If Yes, pending complaints pending
filed Remarks Remarks
complaint then provide resolution at filed during resolution
during the
is received web-link for close of the the year at close of
year
grievance year the year
redress policy
Employees Yes www. 778 19 All pending 996 42 All cases
and workers lodhagroup.in/ cases closed closed
sustainability as on date.
Customers Yes www. 4,609 96 All pending 4,455 Nil 61 customer
lodhagroup.in/ cases closed complaints
sustainability as on date. were
16 customer converted
complaints into
were litigation
converted into and 31
litigation and customer
4 customer litigations
litigations were closed
were closed successfully.
successfully.
Value Chain Yes www. 2,730 51 All pending - - -
Partners lodhagroup.in/ cases closed
sustainability/ as on date.
Notes:
Number of customer complaints includes complaints received /addressed of any nature.
24. Overview of the entity’s material responsible business conduct issues [GRI 3-2, 3-3]
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters
that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the
risk along-with its financial implications
Financial
Indicate implications
Material whether of the risk or
Rationale for identifying the In case of risk, approach
issue risk or opportunity
risk/opportunity to adapt or mitigate
identified opportunity (Indicate positive
(R/O) or negative
implications)
Environmental Risk and Risk: 1. Developed a climate Positive
stewardship Opportunity Health impacts of heat stress, risk toolkit for aiding
water stress and flooding (water in masterplanning and
borne diseases and displacement); development of new land
Increase in peak energy demand; parcels and properties; toolkits
Impact on affordability (energy include mitigation measures
and water) against potential risks
Opportunity: 2. Robust infrastructure
Minimized urban heat island deployment on projects
effect; Improved health and well 3. Energy and water sufficiency
being of residents; Resilient project roadmaps for large
portfolio with sustained value developments
growth of real estate
4. Transition to renewable energy
224
Statutory Reports
Financial
Indicate implications
Material whether of the risk or
Rationale for identifying the In case of risk, approach
issue risk or opportunity
risk/opportunity to adapt or mitigate
identified opportunity (Indicate positive
(R/O) or negative
implications)
Workforce Risk and Risk: We provide a workplace which Positive
development Opportunity Inability to attract or retain the is both fulfilling and conducive
right talent or higher attrition due to professional and personal
to increasing number of career growth through our talent
options management approach coupled
Opportunity: with our culture and our We
Attract the best talent by providing Care approach
growth opportunities and nurturing
environment
Stakeholder Risk and Risk: We continue to strengthen our Positive
collaboration Opportunity 1. Environment - Higher scope engagement with stakeholders
& development 3 emissions in use of sold through various platforms and
products (downstream) and channels. For more details refer
emobied carbon emissions the Stakeholder Engagement
(upstream) section on page 38 of the
Integrated Report
2. Social - Communication gaps
with stakeholders and delay in
issues faced by them
3. Governance - Value chain
partners’ non-compliance with
sustainability related norms and
regulations
Opportunity:
1. Reduced costs, attracting pro
environment customers,
2. Creating long term sustainable
relationships with stakeholders
through continuous
engagement
3. Promoting inclusive growth
by educating VCPs about
the changing regulations
and benefits of integrating
sustainability with business
Responible Risk and Risk: 1. Strong board with diverse Positive
Business Opportunity Regulatory risks and uncertainties experience to guide
Conduct Opportunity: management through the
Build stakeholders trust by leading business cycles
ethically and through high degree 2. Strong risk management
of transparency and accountability framework
Data Risk and Risk: 1. Testing technologies in Positive
Protection & Opportunity 1. Prolific digitisation and collaboration with industry
Technology evoloving technological partners and policy makers
landscape thereby limiting the cost
impacts.
2. Regulations becoming
stringent on data protection 2. Technology transformation
and increasing threats to to achieve operational
information security excellenceand superior
customer experience
Opportunity:
3. Continuous enhancement of
Early mover advantages by
reliability and security of our
piloting promising technologies
systems
225
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
Policy and Management
1. a. Whether your entity’s policy/policies cover each principle and its core elements of the NGRBCs. (Yes/No)
P1 P2 P3 P4 P5 P6 P7 P8 P9
1 a. Whether your entity’s policy/policies cover each Yes Yes Yes Yes Yes Yes Yes Yes Yes
principle and its core elements of the NGRBCs.
(Yes/No)
b. Has the policy been approved by the Board? (Yes/ Yes Yes Yes Yes Yes Yes Yes Yes Yes
No)
c. Web Link of the Policies, [GRI 2-23] www.lodhagroup.in/sustainability
2 Whether the entity has translated the policy into Yes Yes Yes Yes Yes Yes Yes Yes Yes
procedures. (Yes / No)
3 Do the enlisted policies extend to your value chain Yes Yes Yes Yes Yes Yes Yes Yes Yes
partners? (Yes/No)
4 Name of the national and international codes/ ISO 45001: 2018
certifications/labels/ standards (e.g. Forest Stewardship ISO 14001:2015, IGBC, GBCI And LEED
Council, Fairtrade, Rainforest Alliance, Trustea)
standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted
by your entity and mapped to each principle.
5 Specific commitments, goals and targets set by the We have set specific Environmental, Social and Governance
entity with defined timelines, if any. [GRI 3-3] (ESG) goals and have defined our strategy to deliver
consistent, competitive, profitable, and responsible growth.
Top goals include:
1. Net Zero:
a. Scope 1 & 2: Accelerated decarbonisation trajectory
with a target of getting to Net Zero by 2027
b. Scope 3:
i) Achieve 51% reduction in Scope 3 emission
intensities by 2030
ii)
Emissions reduction pathway aligned with
1.5°C goal, i.e. achieving Net Zero by 2050
2. Diversity & Inclusion:

Achieve gender diversity target of 44% by 2027
(excluding construction workforce)
3. Health & Safety: Ensuring a safe working environment
as sties to achieve zero fatality, zero hospitalization,
and lowest LTIFR in the industry
For more details refer the Sustainable Growth section on
page 54 of the Integrated Report
6 Performance of the entity against the specific We constantly monitor our performance against our ESG
commitments, goals and targets along-with Goals’ and take adequate actions wherever required.
reasons in case the same are not met. 1. a) Scope 1 & 2: Renewable energy transition at 90%
of our construction sites and standing assets;
Anticipating to become operationally Net Zero
(scope 1, 2) by FY24
b)
17.8% YoY reduction in scope 3 emission
intensities in FY23; Launched Lodha Net Zero
Urban Accelerator, in partnership with RMI
2.
Gender diversity at 27.2% in FY23 (excluding
construction workforce)
3. 0.054 lost time injury frequency rate (LTIFR) and one
fatality in FY23
For more details refer the Sustainable Growth section on
page 54 of the Integrated Report
226
Statutory Reports
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets
and achievements (listed entity has flexibility regarding the placement of this disclosure) [GRI 2-22]
Refer the MD & CEO’s statement on page 22 of the Integrated Report.
8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy (ies).
[GRI 2-9, 2-13]
The ESG Committee of the Board is responsible for the following:
• Approve, note and ratify ESG goals, targets and strategy and monitor performance thereof including the ESG initiatives to
ensure long-term value creation for stakeholders
• Periodically review implementation, execution, progress and impact of the Company’s ESG initiatives and targets
• Review of ESG reporting in line with various national and global sustainability/ ESG indices and guidelines.
• Do all acts, deeds and things incidental and deemed necessary for achievement of ESG goals, targets and strategy of the
Company. Composition of the ESG Committee is provided in the Corporate Governance Report on page 270 of this Report.
9. Does the entity have a specified Committee of the Board/ Director responsible for decision making on sustainability
related issues? (Yes / No). If yes, provide details. [GRI 2-9, 2-11, 2-13, 2-14]
Mr Abhishek Lodha, Managing Director & CEO is responsible for decision making on sustainability related issues. The Company
has also constituted an ESG Committee with terms of reference as set out in point no 8 above.
10. Details of Review of NGRBCs by the Company:
Indicate whether review was Frequency

undertaken by Director/ Committee of (Annually/ Half yearly/ Quarterly/ Any
the Board/ Any other Committee other –please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against Yes. The review of performance of the Quarterly
above policies and Company against policies and follow up
follow up action
action was done by the Managing Director
Compliance with
& CEO.
statutory requirements
of relevance to
the principles, and,
rectification of any
non-compliances
11. Has the entity carried out independent assessment/ evaluation of the working of its policies by an external agency?
(Yes/No). If yes, provide name of the agency. [GRI 2-5]
Yes. Price Waterhouse Coopers Services LLP has done on Assessment evaluating the working of our Sustainable Design polices
and the CSR policy along with the Human Rights Due Diligence evaluating our Human Rights, Diversity and inclusion policies’
implementation in the Company in FY22.
DNV Business Assurance Private Limited has provided a limited assurance on non-financial sustainability disclosures based on GRI
standards for FY23.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Not applicable
227
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURES
PRINCIPLE 1
Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
Total number %age of persons in

Topics/ principles covered
of training and respective category
Segment under the training and its
awareness covered by the awareness
impact
programmes held programmes
Board of Directors 4 All 9 principles 100%
Key Managerial Personnel 4 All 9 principles 100%
Employees other than BoD 645 All 9 principles 99.8%
and KMPs
Workers 331 Business Ethics, Environment, 100%
Health and Safety and Well-being
Note: Impact of training
• Awareness and understanding on organization commitment towards ethical business practices, human rights, health and safety.
• Building awareness on organization commitment and targets on ESG.
• Zero cases of any violation on ethical business practices, human rights, discrimination and harassment.
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the
entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in
the following format (Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30
of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 and as disclosed on the entity's website):
Nil
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or
non-monetary action has been appealed.
NA
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide
a web-link to the policy. [GRI 205 - 1]
Yes. The Company has adopted an Anti Money laundering, Anti corruption and Anti Bribery policy. The Policy is applicable to
all our stakeholders and seeks to ensure that there are adequate procedures to prevent any involvement in any activity related to
bribery, facilitation payments, corruption or money laundering etc. Employees affirm the policy annually and other stakeholders
like vendors, channel partners etc at the time of onboarding and at the time of entering into contracts with the Company. The
policy is available on our website at www.lodhagroup.in/sustainability. There were no breaches on account of bribery or corruption
or money laundering in FY23.
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery/ corruption: [GRI 205 - 3]
FY 2023 FY 2022
Directors 0 0
KMPs 0 0
Employees 0 0
Workers 0 0
6. Details of complaints with regard to conflict of interest [GRI 2-15]
FY 2023 FY 2022
Number Remarks Number Remarks
Number of complaints received in relation to issues of Conflict of 0 0 0 0
Interest of the Directors
Number of complaints received in relation to issues of Conflict of 0 0 0 0
Interest of the KMPs
In FY 23, the Company did not receive any complaint with regard to conflict of interest from any stakeholder.
228
Statutory Reports
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by
regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and confiicts of interest.
Nil
Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:
%age of value chain partners covered

Total number
Topics/ principles covered (by value of business done with
S.No. of awareness
under the training such partners) under the awareness
programmes held
programmes
1 12 Product sustainability, Stakeholder 52
engagement, Environment
Protection, Inclusive growth
2. Does the entity have processes in place to avoid/ manage confiict of interests involving members of the
Board?(Yes/No) If Yes, provide details of the same. [GRI 2-15]
Yes. The Company receives annual declarations from its Directors and KMPs on the entities they are interested in and ensures
requisite approvals as required under the applicable laws as well as the Company's policies are in place before transacting with
such entities / individuals. The Nomination & Remuneration Committee considers potential conflict of interest scenarios at the
time of induction of directors to the Board. Interested directors do not vote or participate in decision on matters where they have
or may have a conflict of interest.
PRINCIPLE 2
Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and
social impacts of product and processes to total R&D and capex investments made by the entity, respectively
FY 2023 FY 2022 Details of improvements in environmental and social impacts

R&D 7.3% 6.9% In-house innovations in product design and strategic partnerships to ensure
environmentally sustainable buildings, which has led to increase in our green
certified portfolio. We are also addressing our full-spectrum of emissions
through the Lodha Net Zero Urban Accelerator in partnership with Rocky
Mountain Institute (RMI).
Capex 15.9% 16% Significant use of sustainable products in our developments, ensuring
considerations of circularity by use of recycled materials and operational
efficiency in the form of system renewable energy, recycled steel, fly ash and
ggbs, AAC blocks, star rated air conditioners and geysers, sewage treatment
plants, performance facade systems etc.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) [GRI 308-1]
Yes, We have a strong procurement policy that supports sustainable sourcing and a circular economy model. We prioritise hiring
from local communities and strategically creating job opportunities for vendors and allied service providers to positively impact
their economic growth. We carefully evaluate and monitor vendor performance to maintain our high standards for quality, safety,
and sustainability. Our approach supports the vendors and contributes to the socioeconomic development in the region. The
policy is available on our website www.lodhagroup.in/sustainability. For more details refer the Social and Relationship section
on page 158 of the Integrated Report.
229
b. If yes, what percentage of inputs were sourced sustainably?
Geomapping was done for ~72% of total material procurement and within this we found that ~72% of material is procured
from within 400 km radius.
For more details refer the Social and Relationship section on page 158 of the Integrated Report.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for:
a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.[GRI 306-2]
Not applicable
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity's activities (Yes/ No). If yes, whether the waste
collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not,
provide steps taken to address the same.
Not applicable
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format
Boundary Whether
for which the conducted by Results communicated
Name of % of total
NIC Life Cycle independent in public domain (Yes/
S.No. Product/ Turn over
Code Perspective/ external No) If yes, provide the
Service contributed
Assessment was agency (Yes/ weblink.
conducted No)
1 410 Construction 5% 1.81 yes Yes, www.lodhagroup.
of buildings in/blogs/embodied-
carbon-in-high-rise-
buildings-insights-from-
a-baselining-study?utm_
source=blog- lodha&utm_
medium=blog- lodha&utm_
campaign=lodha
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal
of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any
other means, briefiy describe the same along-with action taken to mitigate the same
Name of Product /
S.No. Description of the risk / concern Action Taken
Service
1 Construction of buildings The LCA confirmed that the embodied Actions taken for embodied carbon
carbon emissions outweigh the overall reduction: - Published EC base
emissions in the near-term. It is therefore lining for concrete buildings - Piloted
imperative for us to engage with the supply higher GGBS content cement
chain and also devise innovative designs to mix at UT; Planning LC2/3 pilot
reduce these upstream Scope 3 emissions. in FY24 - Central formwork yard
helping reduce significant Al related
emissions -Piloting agrocrete blocks
at Premier project
230
Statutory Reports
3. Percentage of recycled or reused input material to total material (by value) used in production (for
manufacturing industry) or providing services (for service industry).
Recycled or re-used input material to total material

S.No. Indicate input material
FY 2023 FY 2022
1 Steel 9.54 7.2
2 Fly ash and Ground granulated blastfurnace slag 0.57 0.19
(ggbs)
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
recycled, and safely disposed:
Not applicable
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product
category.
Not applicable
PRINCIPLE 3
Businesses should respect and promote the well-being of all employees, including those in their value chains
1. a. Details of measures for the well-being of employees [GRI 401-2]
% of employees covered by
Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Category Total
Number Number Number Number Number
(A) % (B/A) % (C/A) % (D/A) % (E/A) % (F/A)
(B) (C) (D) (E) (F)
Permanent employees
Male 3,443 3,443 100% 3,443 100% 0 0 3,443 100% 940 27.3%
Female 757 757 100% 757 100% 757 100% 0 0 387 51.1%
Total 4,200 4,200 100% 4,200 100% 757 18.0% 3,443 81.9% 1,327 31.6%
Other than Permanent employees
Male 54 26 48.1% 26 48.1% 0 0.0 26 48.1% 32 59.3%
Female 51 16 31.4% 16 31.4% 16 31.4% 0 0.0 37 72.5%
Total 105 42 40.0% 42 40.0% 16 15.2% 26 24.8% 69 65.7%
Health Insurance, Accident Insurance, Parental leave is applicable only for permanent employees and full time consultants.
b. Details of measures for the well-being of workers
The Company ensures that all workers have a “Fit for Work” medical certificate before induction. Labour welfare facilities e.g.
accommodation, food, recreation facilities, rest rooms, drinking water, toilets and urinals and health care facilities eg first
aid facilities, qualified doctors and nurses, ambulance & emergency care are provided by the company. Regular pest control,
fogging, sanitisation is conducted at sites. For more details refer the Human Capital section on page 136 of the Integrated
Report.
2. Details of retirement benefits for current FY and previous FY [GRI 201-3]
FY 2023 FY 2022
No. of No. of Deducted and No. of No. of Deducted and
employees workers deposited employees workers deposited
S.No Benefits
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a % of total authority
employees workers ( Y/N/N.A.) employees workers (Y/N/N.A.)
1 PF 100% 100% Yes 100% 100% Yes
2 Gratuity 100% NA NA 100% NA NA
3 ESI 1.3% 100% Yes 6% 100% Yes
Note: ESIC is applicable to employees as per the threshold limit prescribed under the ESIC Act.
231
3. Accessibility of workplace
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights
of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a
web-link to the policy.
The Company has an Equal Opportunity Policy which echoes our commitment to creating equal opportunities in employment and
an inclusive work culture. The policy is available on our website at https://www.lodhagroup.in/sustainability
5. Return to work and Retention rates of permanent employees and workers that took parental leave. [GRI 401-3]
Permanent employees Permanent workers

Gender Return to work rate Retention rate Return to work rate Retention rate
% % % %
Male 100% 82.6% NA NA
Female 100% 88.0% NA NA
Total 100% 83.4% NA NA
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If
yes, give details of the mechanism in brief. [GRI 102-33]
Yes/No(If Yes, then give details of the mechanism in brief)

Permanent Workers This is not applicable as the Company does not have any permanent workers.
Other than Permanent Workers Yes. Grievances can be registered in the complaint registers provided at all our
sites or online on our Stakeholders’ Grievance redressal portal. These complaints
are acted upon and closed by the site staff. Details are shared with Project EHS
associates on a monthly basis. EHS Associates conduct Camp inspections and
check the complaint register periodically to ensure timely closeout. Report on
outstanding complaints is reviewed in monthly project committee meetings.
Permanent Employees Yes. Grievances may be raised with the Human Resources Business Partners
Other than Permanent Employees assigned to the department / project site. Employees can also raise grievances
online on the Stakeholders Grievance redressal portal. The Company also
provides a whistleblower mechanism where complaints on violation of our Code
of Conduct or on illegal or unethical practices may be raised anonymously as
per our Whistleblower Policy.
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity [GRI 2-30]
Employees are allowed to associate with any trade union or seek collective bargaining agreements. As on March 31, 2023, no
employees were part of any independent trade union or collective bargaining agreements.
8. Details of training given to employees and workers [GRI 404-1]
FY 2023 FY 2022
On Health and On Skill On Health and On Skill
Category Total Total
safety measures upgradation safety measures upgradation
(A) ( D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 3,497 2,123 60.7% 3,359 96.1% 2,782 939 33.7% 1,982 71.2%
Female 808 313 38.7% 786 97.3% 577 29 5.0% 530 91.8%
Total 4,305 2,436 56.6% 4,145 96.3% 3,359 968 28.8% 2,512 74.7%
Workers
Male 12,709 12,709 100% 8,598 67.7% 10,879 10,879 100% 10,098 92.8%
Female NA NA NA NA NA NA NA NA NA NA
Total 12,709 12,709 100% 8,598 67.7% 10,879 10,879 100% 10,098 92.8%
232
Statutory Reports
9. Details of performance and career development reviews of employees and worker [GRI 404-3]
FY 2023 FY 2022
Category
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees
Male 3,497 3,469 99.2% 2,804 2,804 100%
Female 808 773 95.7% 586 586 100%
Total 4,305 4,242* 98.5% 3,390 3,390 100%
*Trainees and Interns are not included
10. Health and safety management system Yes. The Company has an OHS observations (unsafe
condition and unsafe act) and incident (accidents, near
a. Whether an occupational health and safety misses) reporting system and management process
management system has been implemented by the to ensure that all observations are closed, and work-
entity? (Yes/ No). If yes, the coverage such system?
related incidents are investigated and corrective and
[GRI 403-1]
preventive actions are implemented. Company has a
Yes. The Company is certified for ISO 45001:2018 Stop Work Policy and empowered all employees and
which is an Internationally well recognized and accepted workers to act immediately to remove themselves and
Occupational Health and Safety (OHS) Management co-workers from OHS risks. For more details refer the
System Standard, implemented at all of our facilities Occupational Health and Safety section on page 148
and projects in India. These certified locations of the Integrated Report.
constitute 100% of office footprint and 100% of people
footprint operating from these locations. The Company d. Do the employees/ worker of the entity have access
has a well-defined Occupational Health and Safety to non-occupational medical and healthcare services?
Management System which includes (OHS) policy, OHS (Yes/ No)
Manual and supporting processes to ensure the safety
Yes. We take a holistic approach to well-being of
and well-being of its employees and workers.
our employees. Our well-being programs cover
b. What are the processes used to identify work-related various aspects such as mental health, ergonomic
hazards and assess risks on a routine and non-routine health, physical health, and safety at home, delivered
basis by the entity? [GRI 403-2] through digital channels, hospital insurance services
and occupational health services. We have instituted
As a part of ISO 45001:2018 Occupational Health programs for employees and their families to
and Safety Management System, the Company has
help cope with the mental stress and anxiety. Our
a documented procedure to carry out assessment of
employees have various health benefits including
work-related hazards and risks by conducting hazard
medical insurance, 24x7 free doctor consultations,
identification and risk assessment sessions, daily site
in-house nutritionist and numerous other initiatives
inspections, weekly management walkabouts, audits, etc
which ensure their physical, mental and emotional
for all routine and non-routine activities carried out at all
well-being. Maternity benefits, crèche policy and other
our facilities and projects. Hazard and risk identification
is carried out by the process owners in consultation with exclusive wellness initiatives ensure that our women
the safety experts. The process owners are responsible to employees have a conducive work environment
ensure adequate controls are identified and implemented and are able to strike a work life balance. Regular
to control the identified OHS risks. For more details refer health campaigns/awareness sessions are conducted
the Occupational Health and Safety section on page in worker camps by the qualified doctors/NGOs.
148 of the Integrated Report. Regular medical check-ups for workers are organized.
Company has implemented “Substance Abuse Policy”
c. Whether you have processes for workers to report the at all our projects. For more details refer the Human
work related hazards and to remove themselves from Capital section on page 136 of the Integrated Report.
such risks. (Yes/ No) [GRI 403-2]
233
11. Details of safety related incidents [GRI 403-9, 403-10]
Safety Incident/Number Category FY 2023 FY 2022

Lost Time Injury Frequency Rate (LTIFR) Employees 0 0
(per one million-person hours worked) Workers 0.062 0.152
Total recordable work-related injuries Employees 0 0
Workers 8 17
No. of fatalities Employees 0 0
Workers 1 1
High consequence work-related injury or Employees 0 0
ill-health (excluding fatalities) Workers 0 0
12. Describe the measures taken by the entity to ensure a safe Some of the mitigation measures to prevent or mitigate
and healthy work place. [GRI 403-2,GRI 3-3, GRI 403-9, significant occupational health & safety impacts include,
GRI 403-10]
• Provision and maintenance of fire detection, alarm and
Occupational health and safety risks identified are typical suppression systems.
to our nature of operations including workplace ergonomic
risks arising due to computer usage at work stations, indoor • Regular mock drills for fire as well as medical emergencies
air quality, workplace illumination, noise and fire risk typical • Regular site OHS inspections and audits
to an office building; and general risks including slips, trips,
falls, electrical shock, etc. • Provision of ergonomically designed chairs and workstations
to prevent musculoskeletal disorders (MSD’s) and low
Hazard identification and risk assessment process is radiation computer monitors for better visual health
conducted to identify each such risk and ensure that proper
mitigation measures are put in place to create a healthy • Digital monitoring of indoor air quality and periodic cleaning
and safe work environment. A similar approach for hazard of the HVAC ducts to avoid sick building syndrome.
identification is followed at our projects where the OHS risks
are fall of persons/ materials, Working at height, manual and • Monitoring of air quality & noise monitoring at construction
mechanical material handling, electrical and mechanical sites which is conducted by third party vendor to ensure
hazards, fire, collapse of soil/scaffolding/structures, failure emission is within MPCB permissible limit.
of equipment/machinery, slips and trips, air quality, noise,
• Regular training on occupational health & safety training
illumination, etc.; measures include creating awareness
to sensitize employees on OHS aspects to inculcate a
through induction, OHS trainings, deployment of competent
culture of safety
work force, implementation of preventive measures as per
Risk Assessment of the activity, adopting safe work methods, • Employee engagement campaigns on health & safety
adopting zero tolerance to OHS violations, implementation topics such as Everyone home safe, fire safety, road safety,
of disciplinary and reward programs, etc. emergency evacuation, ergonomics among others.
13. Number of complaints on the following made by employees and workers [GRI 2-16]
FY 2023 FY 2022
Pending Pending
Filed
resolution at Filed during resolution at
during the Remarks Remarks
the end of the year the end of
year
year year
Working Conditions 1,948 0 All complaints 975 0 All complaints
Health & Safety 124 0 are addressed 23 0 are addressed
14. Assessments for the year [GRI 3-3]
% of your plants and offices that were assessed (by entity or

statutory authorities or third parties)
Health and safety practices 100%
Working Conditions 100%
234
Statutory Reports
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks
/ concerns arising from assessments of health & safety practices and working conditions [GRI 403-10]
There were no significant risks/ concerns arising out of the health & safety assessments carried out during the year. There were a
few slip, trip and fall related incidents during the year which were investigated and closed with necessary corrective and preventive
actions. For further details on the safety measures taken at our sites, refer the Occupational Health and Safety section on page
148 of the Integrated Report.
1. Does the entity extend any life insurance or any compensatory package in the event of death of (a)
employees and (b) workers (Y/N)
a. Employees (Y/N)
Yes. A monthly compensation equivalent to the last drawn salary of the deceased employee for a period of 12 months is paid to the
nominee of the deceased employee. For more details refer the Human Capital section on page 136 of the Integrated Report.
b. Workers (Y/N)
Yes. As a part of the contract, the contractor is liable to pay statutory compensation to a worker. Additionally, the Company
also pays a one-time compensation equivalent to twelve months wages to the nominee of the deceased worker.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and
deposited by the value chain partners
Contractors are required to submit valid PF and ESIC registrations and copies of attendance & wage registers, workmen
compensation policy and challans as a proof of payment of statutory dues on an ongoing basis.
3. Provide the number of employees / workers having suffered high consequence work- related injury / ill-
health / fatalities (as reported in Q11 of Essential Indicators above), who have been are rehabilitated and
placed in suitable employment or whose family members have been placed in suitable employment
No. of employees/workers that are rehabilitated

Total no. of affected employees/
and placed in suitable employment or whose family
workers
members have been placed in suitable employment
FY 2023 FY 2022 FY 2023 FY 2022
Employees 0 0 0 0
Workers 1 1 0 0
Note: In case of contract workers, it is the responsibility of the contractor to provide compensation/rehabilitation/alternate employment. There was one worker fatality
during the year. We ensured that the compensation has been paid by the contractor to the nominee of the worker.
4. Does the entity provide transition assistance programs to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment?(Yes/ No)
No, the Company does not have any formal policy on transition assistance, however, support is provided on case to- case basis.
5. Details on assessment of value chain partners
% of value chain partners (by value of business done with such

partners) that were assessed*
Health and safety practices
39%
Working Conditions
*suppliers and contractors
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from assessments of health and safety practices and working conditions of value chain partners
The value chain partners are required to maintain safe working conditions as per the Supplier’s Code of Conduct as well as the
general conditions of the contract. The contractors who are working at our project sites are governed by our safety policy. All
aspects related to health and safety measures and working conditions including risk identification and corrective measures are
common for the entire project, as enumerated in preceding questions.
235
PRINCIPLE 4
Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity. [GRI 2-29]
All individuals/ groups of individuals or entities which are affected by our operations, product and/or services,
or can influence and /or have interest in our operations, product and/or services are mapped as stakeholders.
Key stakeholders are identified basis the influence which a stakeholder has on the Company and vice versa. We
further categorise our stakeholders as internal or external basis the nature of their association with the Company.
Key stakeholder mapping:
• Internal stakeholders – Employees and contractual support staff
• External stakeholders – Investors, lenders, customers, channel partners, suppliers and other value chain partners, local
communities, Government and the media.
For more details refer the Stakeholder Engagement section on page 38 of the Integrated Report.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group
[GRI 2-12, 2-29]
Whether Purpose and scope of

identified as engagement including
Stakeholder Channels of Frequency of
S.No. Vulnerable & key topics and concerns
Group communication engagement
Marginalized raised during such
Group (Yes/No engagement
1 Investors and No • Investor and analyst Ongoing • Focus on strong
Lenders conferences operating and financial
• Periodic meetings performance.
• Annual report • Focus on highlighting
• Press releases or media sustainability
updates commitments and
• Earnings calls disclosures
2 Media No Press conferences Ongoing • Enhancing traditional

• Press releases and digital media
• Leadership presence
conversations and • Enhanced perception for
interviews the brand
• Industry events • Broadening media
• Product launches horizon with national
• Familiarization visits news
• Social media
• Participate in industry
news with trend stories
• Mitigate crisis situations
• Performance updates
3 Local Yes • Community meetings Ongoing • Enabling sustainable
Communities • CSR initiatives livelihoods
• Providing access to
education
• Empowering women and
promoting equality
4 Employees No • Coffee with CEO Ongoing • Attracting & retaining
• Townhalls diversity in talent
• HR connect • Providing a learning
• Project reviews environment
• Offsites • Providing engaging &
• Rewards & recognition enriching culture
• Employee engagement • Providing career &
surveys growth opportunities
• Lodha World newsletter
236
Statutory Reports
Whether Purpose and scope of

identified as engagement including
Stakeholder Channels of Frequency of
S.No. Vulnerable & key topics and concerns
Group communication engagement
Marginalized raised during such
Group (Yes/No engagement
5 Channel No • Channel partner meets Continuous • Generating business and
Partners • Product training leads
• Lodha CP portal • Expanding reach of
• Website innovative business
• Business reviews models and offerings
6 Suppliers No • One-on-one meetings Continuous • Ensuring quality &
• Training and awareness and meeting project
drives on sustainability schedules
topics • Expanding reach &
• Townhalls impact of sustainability
• CEO meets initiatives by integrating
sustainability principles
across the supply chain
7 Contractual Yes • Periodical review Continuous • Building responsible
Support Staff meetings citizenry
• CSR interventions • Socio-economic
• EHS training upliftment
• Skill building trainings
8 Customers Yes • Sponsored events Continuous • Understanding customer
• Mailers & newsletters requirements
• Brochures • Identifying opportunities
• Brand campaigns to improve our products
• Sales pitches & services
• Customer visits
• Website
• Webinars
• Media and social media
• Customer satisfaction
• Surveys
• Community events
For more details refer the Stakeholder engagement section on page 38 of the Integrated Report.
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental,
and social topics or if consultation is delegated, how is feedback from such consultations provided to the
Board. [GRI 2-29]
Our ESG team leads engage and consult with the relevant stakeholders and beneficiaries to identify the focus areas prevalent
to economic, environmental and social topics which are used as key inputs to design and define the Company’s sustainability
strategy. The findings from these consultations and the strategized initiatives are presented to the ESG Committee. Chairman of
the ESG Committee also provides updates to the Board and seeks their inputs. Feedback of the committee and the Board is then
incorporated in the final execution of initiatives.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and
social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on
these topics were incorporated into policies and activities of the entity.
Yes, stakeholder consultation is used to support the identification and management of environmental and social topics. For instance,
before the Lodha Unnati and the Lodha Genius Programme were conceptualized we used extensive stakeholder consultation in
237
desiging the programs. For Unnati, we conducted surveys within the local communities, key informant interviews and focus group
discussions with women in our low cost housing developments to understand their skill levels, employability and aspirations. We did
the same with employers to understand job roles in which women can be placed in their company. For the Lodha Genius Porgramme,
we conduced surverys and interviews with academically gifted students, thier teachers and parents. After understanding the issues they
face in nurturing and helping that talent flourish is what we pinned down as key interventions for the programme.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalized stakeholder groups.
The local business development team engages with marginalized stakeholder groups from communities closer to our projects. Apart
from that the CSR team frequently engages with the local communities to understand their challenges. Our CSR initiatives are derived
from the feedback obtained from the communities and are planned after understanding their challenges of the local communities.
The Lodha Unnati program is aimed at women in marginalized sections of society and our engagement has been focused on
women who either have not worked or while working have been earning below H 15000 per month. For the Lodha Genius
Programme as well, we reached out to large networks of NGO schools (Akanksha Foundation, Teach for India etc) and Government
schools (Jawahar Narvodaya Vidyalaya) to find the brightest students in our country. These schools have children from the most
marginalized sections of society.
PRINCIPLE 5
Businesses should respect and promote human rights
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity
FY 2023 FY 2022
No.of No.of
Category employees employees
Total (A) % (B / A) Total (C) % (D / C)
/ workers / workers
covered (B) covered (D)
Employees
Permanent 4,200 4,200 100% 3,359 3357 99.94%
Other than permanent 105 105 100% 97 96 98.97%
Total Employees 4,305 4,305 100% 3,456 3,453 99.91%
Workers
Permanent 0 0 0 0 0 0
Other than permanent 12,709 12,709 100%
Data was not available for FY22
Total Workers 12,709 12,709 100%
2. Details of minimum wages paid to employees and workers [GRI 405-2]
FY 2023 FY 2022
Equal to More than Equal to More than
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
(A) (D)
Employees
Permanent 4,200 0 0 4,200 100% 3,359 0 0 3,359 100%
Male 3,443 0 0 3,443 100% 2,782 0 0 2,782 100%
Female 757 0 0 757 100% 577 0 0 577 100%
Other than 105 0 0 105 100% 97 0 0 97 100%
Permanent
Male 54 0 0 54 100% 55 0 0 55 100%
Female 51 0 0 51 100% 42 0 0 42 100%
238
Statutory Reports
FY 2023 FY 2022
Equal to More than Equal to More than
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
(A) (D)
Workers
Permanent 0 0 0 0 0 0 0 0 0 0
Male 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0
Other than 12,709 0 0 12,709 100% 10,879 0 0 10,879 100%
Permanent
Male 12,709 0 0 12,709 100% 10,879 0 0 10,879 100%
Female 0 0 0 0 0 0 0 0 0 0
3. Details of remuneration/salary/wages [GRI 2-19, 2-20, 2-21]
Male Female
Median Median
remuneration/ remuneration/
Number salary/wages of Number salary/wages of
respective category respective category
(J Mn) (J Mn)
Board of Directors(BoD)
- Executive Directors 2 49.5 1 24.4
- Non Executive director 1 9.0 - -
- Independent Directors 4 4.3 1 2.2
Key Managerial Personnel 1 47.2 1 10.7
Employees other than BoD and KMP 3439 0.8 755 0.8
Workers - - - -
1. Ratio of Annual total compensation of highest-paid employee to the median annual total compensation for all
employees(excluding the highest-paid individual): 127.72
2. Ratio of % increase in annual total compensation of highest-paid employee to the median % increase for all employees
(excluding the highest-paid individual) : 1.02
Ratio of basic salary and remuneration of women to men
Average Ratio of
Average Average Average Ratio of Basic
Basic Basic
S. Employee Basic Salary Remuneration Remuneration Remuneration
Salary of Salary of
No. Category of Men of Men of Women of Women to
Women Women
(K Mn) (K Mn) (K Mn) Men
(K Mn) to Men
1 Senior 8.5 6.9 10.5 8.1 81% 78%
Management
2 Middle 1.4 1.3 1.7 1.5 90% 90%
Management
3 Junior 0.6 0.5 0.6 0.6 93% 101%
Management
4 Consultants 3.8 0.00 3.8 0.00 0% 0%
- PT
5 Consultants 3.8 2.2 4.1 2.8 58% 69%
- FT
6 Intern 0.1 0.1 0.1 0.1 113% 113%
7 Temporary 0.4 0.5 0.4 0.5 126% 126%
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business? (Yes/No) [GRI 2-12]
Yes
239
5. Describe the internal mechanisms in place to redress grievances related to human rights issues. [GRI 2-16]
Redressal mechanism has been provided to our stakeholders by encouraging them to raise concerns or make disclosures in relation
to any actual or potential violation of the Lodha Code of Conduct and other policies or law including human rights violations. The
Stakeholder grievance policy is available on our website www.lodhagroup.in/investor-relations.
6. Number of complaints on the following made by employees and workers [GRI 406-1]:
FY 2023 FY 2022
Pending Pending
Filed
resolution Filed during resolution
during the Remarks Remarks
at the end the year at the end
year
ofyear ofyear
Sexual Harassment 0 0 - 0 0 -
Discrimination at 0 0 - 0 0 -
workplace
Child Labour 0 0 - 0 0 -
Forced Labour/ 0 0 - 0 0 -
Involuntary Labour
Wages 0 0 - 0 0 -
Other human rights 0 0 - 0 0 -
related issues
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases [GRI 2-25]
During the pendency of an inquiry, on a written request made by the aggrieved woman, the Internal Complaints Committee may
recommend any of the following: 1) transfer the aggrieved woman or the respondent to any other workplace / site / department /
cell 2) grant leave to the aggrieved woman as deemed necessary in addition to the leave she would be otherwise entitled 3) grant
such other relief to the aggrieved woman as may be prescribed by the Internal Complaints Committee
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No) [GRI 2-23, GRI 2-2]
Yes. Our Supplier’s Code of Conduct which is affirmed by business partners at the time of empanelment. The Code reiterates the
requirement for business partners to adhere to human rights requirements.
9. Assessments for the year
% of your plants and offices that were assessed

(by entity or statutory authorities or third parties)
Child Labour 100%
Forced Labour/Involuntary Labour 100%
Sexual Harassment 100%
Discrimination at Workplace 100%
Wages 100%
10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments
at Question 9 above
There were no significant risks / concerns arising from human rights assessments.
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints
We are committed to providing a safe and positive work environment to our employees. Employees have access to several forums
where they can highlight matters or concerns faced at the workplace. There has been no human rights grievance/complaint
resulting in introduction/modification of business process.
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Statutory Reports
2. Details of the scope and coverage of any Human rights due-diligence conducted
We have completed human rights assessment by an independent external agency covering our operations including employees
and contractual worker (100% of our workforce) in FY 22. The topics covered include child labour, forced labour, harassment,
discrimination, work-life balance, training and education, occupational health and safety etc. The assessment was conducted in
combination of online and in-person interviews.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights
of Persons with Disabilities Act, 2016?
Yes
4. Details on assessment of value chain partners
% of value chain partners (by value of business

done with such partners) that were assessed*
Sexual Harassment
Discrimination at Workplace
Child Labour 39%
Forced Labour/Involuntary Labour
Wages
* suppliers and contractors
5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
the assessments at Question 4 above.
There were no significant risks / concerns.
PRINCIPLE 6
Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity [GRI 302-1, 302-3]
FY 2023 FY 2022
Parameter
Value Unit Value Unit
Total electricity consumption (A) 92,594 GJ 80,526 GJ
Total fuel consumption (B) 8,317 GJ 3237 GJ
Energy consumption through other sources (C) 0 GJ 0 GJ
Total energy consumption (A+B+C) 1,00,911 GJ 83,764 GJ
Energy intensity per rupee of turnover (Total 10.66 GJ/H Crore 9.07 GJ/H Crore
energy consumption/ turnover in rupees)
Det Norske Veritas (DNV) conducted an independent assessment and has given limited assurance for FY23.
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and
Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been
achieved. In case targets have not been achieved, provide the remedial action taken, if any.
No
3. Provide details of the following disclosures related to water [GRI 303-3, 303-5]
Parameter FY 2023 FY 2022

Water withdrawal by source (in kilolitres)
(i) Surface water 0 Kilolitres 1,45,039 Kilolitres
(ii) Groundwater 0 Kilolitres 0 Kilolitres
(iii) Third party water 5,62,873 Kilolitres 5,11,039 Kilolitres
241
Parameter FY 2023 FY 2022

(iv) Seawater / desalinated water 0 Kilolitres 0 Kilolitres
(v) Others by the entity 0 Kilolitres 0* Kilolitres
Total volume of water withdrawal 5,62,873 Kilolitres 6,56,078 Kilolitres
(in kilolitres) (i + ii + iii + iv + v)
Total volume of water consumption (in 5,62,873 Kilolitres 6,56,078 Kilolitres
kilolitres)
Water intensity per rupee of turnover (Water 59.44 Kilolitres/ H Cr 71.06 Kilolitres/ H Cr
consumed / turnover)
*Note: 1. The number has been updated since the quantity was generated from the originally sources freshwater and not fresh water withdrawal. As a result, the total
volume of freshwater has been reduced by 68,367 kiloliters.
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation
[GRI 303-1, 303-2]
All our standing assets have chilled water systems. The excess treated water is used in cooling towers of these chilled water systems.
Hence at all our facilities, 100% water withdrawn is consumed and there is no local discharge.
5. Please provide details of air emissions (other than GHG emissions) by the entity
FY 2023 FY 2022
Parameter
(i) NOx 0.08 mg/m3 0.08 mg/m3
(ii) SOx 0.08 mg/m3 0.08 mg/m3
(iii) Particulate matter (PM) 0.06 mg/m3 0.06 mg/m3
(iv) Persistent organic pollutants (POP) NA mg/m3 NA mg/m3
(v) Volatile organic compounds (VOC) NA mg/m3 NA mg/m3
(vi) Hazardous air pollutants (HAP) NA mg/m3 NA mg/m3
Det Norske Veritas (DNV) conducted and independent assessment and has given limited assurance for FY23.
We conduct a six monthly assessment of outdoor air quality at our sites, and consistently maintain values below the limits specified
in the table below and ensure that the emission parameters are within the limits prescribed by Maharashtra Pollution Control
Board (MPCB).
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity [GRI 305-1, 305-2, 305-4]
FY 2023 FY 2022
Parameter Unit Scope 1 GHG Scope 2 GHG Scope 1 GHG Scope 2 GHG
emissions emissions emissions emissions
Total GHG Metric tonnes of 1,587.5 8,361.9 1,134.8 14,277.5
Emissions CO2 equivalent
Total Scope Metric tonnes of
1 and Scope CO2 equivalent/
2 emissions H Cr 1.05 1.67
per rupee of
turnover
Scope 2 emissions are market-based.
242
Statutory Reports
7. Does the entity have any project related to reducing The accelerator will continue to engage with industry leaders
Green House Gas emission? If Yes, then provide details and stakeholders to influence and control the supply chain
[GRI 305-5] emissions by committing growing demand for greener
materials.
We have undertaken the following measures to reduce our
greenhouse gas emissions: B) Emission reduction strategy - Use of Sold Products
a) Energy usage reduction through efficiency improvement – i) Energy Efficiency

Smart Systems and Passive Designs for company owned assets
a) Ultra-efficient Equipment -
b) Purchasing renewable energy from the electricity utility
for company owned assets and site operations The accelerator is working towards the best
achievable efficiencies of the equipment starting
c) Enhancing on-site solar generation capacities to with a focus on Cooling, which is one of the biggest
support the operations and proportionately reducing contributors of emissions during the operational
the renewable energy purchase from the electricity utility stage of the built environment. - The accelerator
in the upcoming years is leveraging the pioneering work done during the
Global Cooling Prize conducted by RMI recently
d) By investing in energy efficiency and making a switch to to work towards mainstreaming climate-friendly
renewable energy in operations, we have reduced 50% of residential cooling solutions without warming the
our Scope 1,2 emissions in the last 4 years To reduce our planet.
upstream Scope 3 emissions, we are focusing on active
procurement of material with low embodied carbon. b) Passive Design
We aim to minimise the emissions related to use of sold i) Energy efficiency can be achieved by eliminating the
products during the entire life cycle by reducing the energy need of energy by taking an integrated design approach
demand through passive means and deployment of energy and deploying passive design. The accelerator will
efficiency measures, complemented by progressive increase significantly reduce avoidable operational energy
of renewable energy use on the projects. Our flagship through passive measures, not only in the building, but
initiative ‘LODHA NET ZERO URBAN ACCELERATOR’ aims also in the development and areas around it.
to promote Net Zero initiatives in the real estate sector. The
program not only focuses on the reduction of embodied ii) Energy Transition - Renewable energy integration
carbon but also on reduction of emissions happening during is a key driver of decarbonization, and the
the use of sold products. accelerator is working towards a rapid transition
across the spectrum - from deploying renewable
A) Reduction in embodied carbon from purchased goods energy in operations as well as in the final product
and services - - The Accelerator will help create an integrated
renewable energy transition roadmap by enabling
Embodied carbon, or upfront carbon contributes to around aggregation, economy, and access to green energy
15%-30% of lifecycle emissions in the built environment. - in all aspects of development and end use
8. Provide details related to waste management by the entity [GRI 306-3,306-4, 306-5]
a. Total Waste generated
FY 2023 FY 2022
Parameter
(in metric tonnes) (in metric tonnes)
Waste category
A. Plastic waste 31.88 46.44
B. E-waste 0.01 9.00
C. Bio-medical waste 0.08 0.13
D. Construction and demolition waste 1 81,370.29 2,229.88
E. Battery waste2 NA NA
F. Radioactive waste 0 0
G. Other Hazardous waste. (Thermcol, Chemicals, 7.05 2.84
etc.)
H. Other Non-hazardous waste generated Organic 359.37 7.42
Waste, Miscellaneous waste
Total (A+B + C + D + E + F + G+ H) 81,768.68 2,295.71
243
FY 2023 FY 2022
Parameter
(in metric tonnes) (in metric tonnes)
b. For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
i. Recycled 4,560.07 2,292.73
ii. Re-used 55,413.14 0
iii. Other recovery operations 0 0
Total 59,973.21 2,292.73
c. For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
i. Incineration 0 0
ii. Landfilling 21,788.33 0
iii. Other disposal operations 7.14 2.97
Total 21,795.47 2.97
1
We started measuring the debris and soil waste from FY23. FY22 numbers do not include the debris and soil waste.
2
All batteries are covered under a buyback program with the vendors. Therefore, battery waste is not measured.
9. Briefly describe the waste management practices adopted in your establishment. Describe the strategy adopted by your
company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to
manage such wastes. [GRI 306-2]
Waste expected from a project is determined after a thorough examination of project activities. Waste generated from a project
is segregated according to type and stored in designated yards. Waste is further segregated for reuse or recycling depending on
the quality of waste. Waste requiring treatment before disposal is given to an approved vendor.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals /
clearances are required, please specify details in the following format [GRI 304-1]
Not applicable.
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current
financial year [GRI 2-27]
Results
Whether
communi
conducted by
S. Name and brief details EIA cated in Relevant
Date independent
No. of project Notification No. public Web link
external agency
domain
(Yes / No)
(Yes / No)
1 Proposed redevelopment EC22B038M 2023-02-14 Yes Yes Link
project under scheme 33(9) H176854
at Plot Bearing C.S. No.
137/74 , Parel Siwri Divi
sion , F / south Ward , At
Dr. E.Borges Road , Parel ,
Mumbai 400012
2 Environmental clearance for EC22BO38 2022-08-29 Yes Yes Link
proposed redevelopment MH110647
construction project on
plot bearing C.S.No. 31,1,
Malabar cumbala hill
division, D ward, Situated at
walkeshwar road, Mumbai
244
Statutory Reports
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention
and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder
(Y/N). If not, provide details of all such non-compliances, in the following format: [GRI 302-1]
We are fully compliant with applicable environment laws/ regulations / guidelines in India. There were no non compliances during
the year.
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable
sources [GRI 2-27]
FY 2023 FY 2022
Parameter
From renewable sources
Total electricity consumption (A) 55,658 GJ 15,464 GJ
Total fuel consumption (B) 0 GJ 0 GJ
Energy consumption through other sources (C) 0 GJ 0 GJ
Total energy consumed from renewable 55,658 GJ 15,464 GJ
sources (A+B+C)
From non-renewable sources
Total electricity consumption (D) 36,936 GJ 64,062 GJ
Total fuel consumption (E) 8,317 GJ 3,237 GJ
Energy consumption through other sources (F) 0 GJ 0 GJ
Total energy consumed from non- 45,253 GJ 67,299 GJ
renewable sources (D+E+F))
Det Norske Veritas (DNV) conducted and independent assessment and has given limited assurance for FY23.
2. Provide the following details related to water discharged

All our standing assets have chilled water systems. The excess treated water is used in cooling towers of these chilled water systems.
Hence at all our facilities 100% water withdrawn is consumed and there is no local discharge.
3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): [GRI 303-4]
Not applicable
4. Please provide details of total Scope 3 emissions & its intensity
FY 2023 FY 2022
Parameter
GHG Emissions Unit GHG Emissions Unit
Total GHG Emissions 9,20,211 Metric tonnes of 7,76,034 Metric tonnes of
CO2 equivalent CO2 equivalent
Total Scope 3 emissions per rupee 97.16 84.05
of turnover (tCO2/ H Cr)
Total Scope 3 emission intensity 106.86 130.14
(tCo2e per sqm of area developed)
Note: Scope 3 emissions for FY22 have been revised (and increased) because we have moved to lifecycle emissions approach from annual emissions appraoch which
was considered last year.
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above,
provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with
prevention and remediation activities.
We do not have any project in ecologically sensitive areas.
245
6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please
provide details of the same as well as outcome of such initiatives
Details of the initiative (Web-link,

S.No. Initiative undertaken if any, may be provided along-with Outcome of the initiative
summary)
1 Installation of BEE 5 star Installation of 5-star AC units in our residential Results in reduction of 3574
air conditioning units in apartments yields superior performance and tCO2e on an annual basis.
apartments lower energy consumption, ultimately benefiting
both the environment and customers in the
long term
2 Installation of solar hot water By using solar energy to heat water, our Results in reduction of 420 tCO2e
systems and BEE 4 star rated buildings have reduced dependence on non- on an annual basis
geysers renewable sources which results in lower
carbon footprint and reduced energy costs.
Using water heaters with high BEE ratings also
significantly reduces energy consumption,
lowers costs, and benefits the environment by
reducing CO2 emissions
3 Installation of LED lighting LED lighting uses less energy, lasts longer, and Results in reduction of 18,268
produces less heat than traditional lighting, tCO2e on an annual basis.
making it a more sustainable and cost-
effective option.
4 Premium efficiency motors Installation of premium efficiency motors Results in reduction of 605 tCO2e
in pumps and motor results in significant on an annual basis.
reduction in energy consumption
5 High performance glass Energy-saving building envelope design with Results in reduction of 234 tCO2e
facade better glazing than the one recommended in on an annual basis.
the ECBC in residential segment and better
than ECBC+ in commercial segment. A well-
designed facade reduces energy consumption
by improving insulation and controlling heat
gain and loss through the building envelope.
6 Water resilience - Onsite We have incorporated sewage treatment plants 4342 kiloliters of water will be
wastewater treatment (STPs) in all our projects to recycle sewage, effectively treated within the
which is reused for flushing and irrigation. This premises per day, diverting it away
process significantly reduces our dependence from the municipal nallah.
on potable water, thereby conserving precious
water resources. Total STP installations in
FY22-23 totals to 4342 kilolitres.
7. Does the entity have a business continuity and disaster management plan?
Yes. We have a well-established business continuity and disaster management framework. All applications hosted on our premises
have multiple backup solutions for power, connectivity etc. We also have a Disaster Recovery Centre in a located in a different
seismic zone. The Business Continuity policy is available on our website www.lodhagroup.in/sustainability.
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard.
Our supply chain results in significant Scope 3 GHG emissions. We have undertaken various steps with our value chain partners
to gradually abate these emissions. For more details refer the Natural Capital section on page 96 and the Social & Relationship
Capital on page 158 of the Integrated Report.
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
Our Supplier Code of Conduct is applicable to all suppliers and is an integral part of new contracts and new vendor empanelment
process. We have surveyed top 100 suppliers who contribute more than ~40% of our construction spent on ESG parameters. For
further details refer the Social and Relationship Capital Section on page 158 of this Integrated Report.
246
Statutory Reports
PRINCIPLE 7
Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and
transparent
1. a. Number of affiliations with trade and industry chambers/ associations. [GRI 2-28]
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the
entity is a member of/ affiliated to [GRI 2-28]
Name of the trade and industry chambers/ Reach of trade and industry chambers/
S.No.
associations associations (State/National)
1 Indian Green Building Council (IGBC) National
2 United States Green Building Council (USGBC) International
2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by the entity, based
on adverse orders from regulatory authorities.
The Company did not receive any adverse orders from regulatory authorities on issues related to anti-competitive conduct.
Leadership Indications
1. Details of public policy positions advocated by the entity:
Nil
PRINCIPLE 8
Businesses should promote inclusive growth and equitable development
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current
financial year. [GRI 413-1]
During the year, we have not undertaken any projects which require Social Impact Assessment (SIA).
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity
During the year we have not undertaken any project which required Rehabilitation and Resettlement.
3. Describe the mechanisms to receive and redress grievances of the community [GRI 2-25, GRI 413-1]
Local communities can raise their grievances via dedicated email id as per the Stakeholder Grievance Redressal Policy. We also
facilitate easy accessibility by providing the alternative to reach out to our business development officers at our local site offices
Grievances may also be raised on our stakeholder grievance portal.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers [GRI 204-1]
FY 2023 FY 2022
Directly sourced from MSMEs/ small producers 35% 40%
Sourced directly from within the district and neighbouring 72% 70%
districts
Note: This also includes high value materials procured through contractors.
247
Leadership Indications
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Assessments
It is not applicable as there was no Social Impact Assessment required to be conducted during FY23.
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational
districts as identified by government bodies
Nil
3. a. Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalized /vulnerable groups? (Yes/No)
No
b. From which marginalized /vulnerable groups do you procure?
NA
c. What percentage of total procurement (by value) does it constitute?
NA
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
(in the current financial year), based on traditional knowledge:
Not applicable
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved.
Not applicable
6. Details of beneficiaries of CSR Projects
No. of persons benefitted from % of beneficiaries from vulnerable

S.No. CSR Project
CSR Projects and marginalized groups
1 Lodha Unnati Program 560 30%
2 Providing quality education 10,000 40%
3 Lodha Genius Program 100 2%
PRINCIPLE 9
Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback. [GRI 2-25]
Customers are provided with multiple mechanisms to report complaints or feedback. Customers are provided with a dedicated
email id where all concerns / grievances can be raised. Our Stakeholder Grievance Redressal policy sets out the mechanism to
receive, address and ensure that customer complaints are dealt with on priority. Our C-SAT score for FY23 was 4.64, indicating
a high level of satisfaction with our products and services.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information about:
Not applicable
248
Statutory Reports
3. Number of consumer complaints in respect of the following:
FY 2023 FY 2022
Received Pending Remarks Pending Remarks
Received during
during the resolution at end resolution at end
the year
year of year of year
Data privacy 0 0 - 0 0 -
Advertising 0 0 - 0 0 -
Cyber-security 0 0 - 0 0 -
Delivery of essential 0 0 - 0 0 -
services
Restrictive Trade Practices 0 0 - 0 0 -
Unfair Trade Practices 0 0 - 0 0 -
Other 4,609 96 All 96 pending 4,455 0 61 customer
cases closed as on complaints were
date. 16 customer converted into
complaints were litigation and
converted into 31 customer
litigation and 4 litigations were
customer litigations closed successfully.
were closed
successfully.
Note: The complaints are transactional in nature and some of the examples are understanding gap offers given at time of booking, possession timelines, Interest being
charged for delayed payments
4. Details of instances of product recalls on account of pertaining to their unit, including the status of the project,
safety issues: payment information, other important details and information
about new and upcoming projects. Our super app ‘Bellevie’
Not applicable will also act as a one stop solution, offering customers access
to premium quality brands across home products and services
5. Does the entity have a framework/ policy on cyber
along with wide ranging society management services.
security and risks related to data privacy? (Yes/No) If
available, provide a web-link of the policy. [GRI 2-23] 2. Steps taken to inform and educate consumers
about safe and responsible usage of products
Yes. Our commitment to privacy is supported with IT policies on
and/or services.
software usage, password management, information security.
We also have Lodha cyber security incident report process. The We launched a ‘Building a Sustainable Future’ campaign
policy is available on our website at https://www.lodhagroup. in collaboration with ‘Better India’, to educate and engage
in/sustainability/ residents across seven Lodha projects to engage in waste
segregation and minimise plastic consumption.
6. Provide details of any corrective actions taken or
underway on issues relating to advertising, and delivery 3. Mechanisms in place to inform consumers of any risk
of essential services; cyber security and data privacy of of disruption/discontinuation of essential services.
customers; re-occurrence of instances of product recalls; Not applicable
penalty / action taken by regulatory authorities on safety
of products / services 4. Does the entity display product information on
the product over and above what is mandated as
Not applicable per local laws? (Yes/No/Not Applicable) If yes,
provide details in brief. Did your entity carry out
Leadership Indicators any survey with regard to consumer satisfaction
relating to the major products / services of the
entity, significant locations of operation of the
1. Channels / platforms where information on entity or the entity as a whole? (Yes/No)
products and services of the entity can be
accessed (provide web link, if available). Not applicable
Information related to our products can be availed on 5. Provide the following information relating to data
our website www.lodhagroup.in. Additionally, we also use breaches:
different platforms to update and inform customers of our new a. Number of instances of data breaches along-with
projects and offerings. A dedicated Relationship Manager impact
(RM) is assigned to each customer and serves as the primary
point of contact for any questions, concerns, or issues that the Nil
customer may have We provide customers with easy access b. Percentage of data breaches involving personally
to self-information at all times through our community portal. identifiable information of customers
This portal allows customers to access all the information Nil
249
Policy - Principle mapping
P1 P2 P3 P4 P5 P6 P7 P8 P9
Anti Bribery Contracts Associate CSR Policy Human Environmental Lodha code CSR Policy Lodha Code
Anti policy Wellbeing Rights Policy Sustainability of conduct of conduct
Corruption handbook policy
Policy
Code of Environment Diversity & Stakeholder Human Environment Diversity & Stakeholders
conduct for Management inclusion engagement Rights Risk Management inclusion engagement
Board & Senior Apex Manual policy policy Management System policy Policy
Management Policy Procedures
Fair disclosure Environmental Employee Stakeholders Equal
code Sustainability Health & grievance Opportunities
policy Safety Policy redressal Policy
policy
Group Tax Supplier Code Equal
policy of conduct Opportunities
Policy
Information Sustainable Human Rights
security policy procurement policy
policy
Insider Trading Human
code Rights Risk
Management
Policy
Lodha Code of Prevention
conduct of sexual
harrassment
policy
Nomination & Prevention
Remuneration of personal
policy harrassment
policy
Policy for Whistle
determination blower policy
of materiality
Policy on
Board diversity
Policy on
Board
evaluation
Related Party
Transactions
Policy
Risk
Management
Policy
Shareholders'
Rights Charter
Transparency
& Ethics Policy
Whistle blower
policy
250
Statutory Reports
CORPORATE GOVERNANCE REPORT
The Report on Corporate Governance reflects the ethos of the

Company and its continuous commitment to transparency, Ensuring Taking ethical
integrity, fairness, accountability, ethical business practices and transparency business decisions
professionalism across its operations. The philosophy of Corporate and integrity in compliance
Corporate
Governance is a principle based approach as codified in the SEBI in business with applicable
Governance
(Listing Obligations and Disclosure Requirements) Regulations, dealings legislations
Philosophy
2015 (“Listing Regulations”), encompassing the fundamentals of
@ Lodha
rights and roles of various stakeholders of the Company, timely
information, equitable treatment, role of stakeholders disclosure
and transparency and board responsibility.
This Corporate Governance Report is divided into the following Clear and fair
sections: communication with
all stakeholders
A. Corporate governance philosophy
B. Board of directors
C. Board committees
D. General body meetings Pillars of Corporate Governance
E. Codes, policies and frameworks • Diverse Board which plays a crucial role in overseeing
and safeguarding long term interests of stakeholders
F. Means of communication
• Strong senior management team which provides support
G. General shareholder information
to the Board in ensuring Corporate Governance across
H. Other disclosures the organisation thorough policies and procedures
• Compliance with relevant laws in letter and substance
We believe that a high standard of corporate governance is vital
for creating and enhancing long term stakeholder value. We • Well defined corporate structure that establishes checks
seek to achieve our vision and objectives in a legally compliant, and balances and delegates decision making to
transparent and ethical manner. Our philosophy flows from our appropriate levels in the organisation
core values – being forthright, exceptional, customer-centric, • Transparent procedures and practices and informed
economic value creators, nimble, learning-focused, empowered, decision making
meritocratic and collaborative. Our actions are governed by our • Accurate and timely disclosure of information to
values and principles, which are reinforced at all levels within stakeholders
the Company. We believe that responsible corporate conduct is
integral to the way we do our business. We are committed to
B. Board of Directors
doing things the right way which means taking business decisions
with integrity and in a transparent manner and acting in a way Role and responsibilities of the Board
that is ethical and is in compliance with applicable legislations.
The Lodha Code of Conduct (‘the Code’) is an extension of our The Board of Directors of the Company guides, monitors
values and reflects our continued commitment to ethical business and oversees strategy, performance, governance practices
practices across our operations. To succeed, we believe, requires and risk management systems. The Board has a fiduciary
highest standards of corporate behaviour towards everyone we responsibility to protect and enhance shareholder value
work with, the communities we touch and the environment on by providing strategic direction to the Company and
which we have an impact. Corporate Governance at Lodha ensuring alignment of Company’s goals with stakeholders’
follows a top down approach, by having a strong Board, robust expectations. The Board exercises strategic oversight and
management processes, internal controls, code of conduct, independent judgement over business operations, ensuring
standard operating procedures etc. compliance with the legal framework, integrity of financial
accounting and reporting systems and credibility in the eyes
of the stakeholders through proper and timely disclosures.
251
Corporate Governance Report
Separate Posts of Chairman and Managing Director

& CEO
The positions of the Chairman and that of the Managing Director officer acts an interface between the Board, Management and
& CEO of the Company are held by separate persons as external stakeholders for governance matters.
mandated under global governance standards. The Chairman
of the Board is an independent director and Managing Director Board composition
& CEO is a promoter director.
The Company recognises the importance of a diverse Board and
Delegation of Board powers believes that it will leverage differences in thought, perspective,
experience, age, knowledge and skills including expertise in
The Board has delegated certain powers (including the power financial, industry, business, leadership, information technology,
to sub-delegate) to the Managing Director & CEO, the Chief marketing, governance, ESG, risk management, cybersecurity
Financial Officer, other heads of department and to various etc. which will help us in retaining our competitive advantage.
Board Committees. The Board supervises the execution of
delegated powers and is ultimately responsible for the fulfilment As on March 31, 2023, the Board comprised nine Directors, out
of the Board’s duties by them. of which three are Executive Directors (including two promoter
directors), one is a non-executive, non- independent Director
Role of the Company Secretary and Compliance and five are independent directors. The Chairman of the Board
officer in the governance process is an Independent Director.
The Company Secretary and Compliance Officer plays a The profiles of Board members encompassing details of
key role in ensuring that the Board (including its committees) nationality, age, date of (re)appointment, tenure on Board, term
procedures are followed and regularly reviewed as per the ending date, shareholding, Board memberships in Indian listed
corporate governance standards given in the Act, SEBI Rules and companies, committee details as per Regulation 26 of the Listing
Regulations, Secretarial Standards and Global standards. The Regulations and areas of expertise are provided in other sections
Company Secretary and Compliance Officer ensures that all the of this report. There are no inter‑se relationships between our
relevant information, details and documents are made available Board members. The Company does not have any material
to the Board and senior management for effective decision pecuniary relationship with any of the non-executive directors.
making process. The Company Secretary and Compliance
Size & composition of the Board

Board composition as on March 31, 2023
11.11% 55.56% 88.89%
33.33%
11.11%
Independent Directors Executive Directors

Indian Nationals Foreign Nationals
Non-executive Director
77.78%
Mr Mukund Chitale
Mr Ashwani Kumar
Ms Harita Gupta
Mr Lee Polisano
Mr Rajeev Bakshi
Executive Directors
Mr Abhishek Lodha
Mr Rajendra Lodha 22.22%
Ms Raunika Malhotra
Non- Executive Non –Independent Director
Men Women
Mr Rajinder Pal Singh
252
Statutory Reports
Tenure analysis of the Board

Tenure (Years & Month)
Mr Rajinder Pal Singh 7.25
Ms Raunika Mahotra 2.76

Tenure of the Directors
Mr Rajendra Lodha 6.78
Tenure in years
< 2 years 3
Mr Abhishek Lodha 7.06
2-4 years 2
Mr Rajeev Bakshi 0.75 >4 years 4
Mr Lee Polisano 1.67
Board average
Ms Harita Gupta 0.53
tenure 4.01 years
Mr Ashwani Kumar 2.98
Mr Mukund Chitale 6.35
0.00 5.00 10.00 15.00
Changes to the Board during FY23

Mr Abhishek Lodha, Managing Director & CEO was reappointed for a further period of five years w.e.f March 1, 2023 to
February 29, 2028 pursuant to approval of the members at the AGM held on August 10, 2022.
Mr Rajendra Lodha, Whole time director was reappointed for a further period of five years w.e.f March 1, 2023 to February 29, 2028
pursuant to approval of the members at the AGM held on August 10, 2022.
Mr Rajeev Bakshi was appointed as an Independent Director of the Company for a first term of 5 years, commencing from June 29,
2022 upto June 28, 2027.
Ms Harita Gupta was appointed as an Independent Director of the Company for a first term of 5 years, commencing from September
20, 2022 upto September 19, 2027.
Details of Directors as on March 31, 2023
Mr Mukund Chitale
Independent Director - Chairman
DIN: 00101004
Nationality Indian
Age 74 years
Date of appointment November 23, 2016
Tenure on Board 6 years 4 months
Term ending date November 22, 2026
Shareholding 1,020 Shares (% negligible)
Directorships in other Indian Listed companies with category 1. Atul Limited (Independent Director)
of directorship (excluding Macrotech Developers Limited) 2. Bhageria Industries Limited (Independent Director)
3. Larsen & Toubro Limited (Independent Director)
Directorships in other Indian public unlisted companies R R Kabel Limited
excluding Section 8 companies.
Committee positions in Audit & Stakeholders’ Relationship Chairman - 2 Member - 4
Committees in other Indian public companies (listed
and unlisted) excluding Macrotech Developers Limited.
(Membership includes positions as Chairperson of
committees.)
Educational qualifications Chartered Accountant (Fellow member of ICAI)
Areas of expertise
253
Mr Abhishek Lodha
Managing Director &CEO
DIN: 00266089
Nationality Indian
Age 44 years
Date of appointment March 9, 2016
Tenure on Board 7 years
Term ending date February 29, 2028
Shareholding Direct – Nil Indirect- 62.98%
Directorships in other Indian Listed companies with category Nil
of directorship (excluding Macrotech Developers Limited)
Directorships in other Indian public unlisted companies Nil
excluding Section 8 companies.
Committee positions in Audit & Stakeholders’ Relationship Chairman - Nil Member - Nil
(Membership includes positions as Chairperson of committees.)
Educational qualifications Master’s degree in science [(industrial and systems
engineering (supply chain & logistics)] from Georgia Institute
of Technology.
Areas of expertise
Mr Rajendra Lodha
Whole Time Director
DIN: 00370053
Nationality Indian
Age 57 years
Date of appointment June 21, 2016
Term ending date February 29, 2028
Shareholding 200 Shares (% negligible)
Directorships in other Indian Listed companies with category of Nil
directorship (excluding Macrotech Developers Limited)
Directorships in other Indian public unlisted companies excluding Nil
Section 8 companies.
Committees in other Indian public companies (listed and unlisted)
excluding Macrotech Developers Limited. (Membership includes
positions as Chairperson of committees.)
Educational qualifications Bachelor’s degree in civil engineering from
M.B.M. Engineering College, University of
Jodhpur, Jodhpur
Areas of expertise
254
Statutory Reports

Non-Executive Non Independent
Director DIN: 02943155
Nationality Indian
Age 72 years
Date of appointment January 1, 2016
Term ending date N.A.
Shareholding Nil
Directorships in other Indian Listed companies with category of 1. Nirlon Limited (Independent Director)
directorship (excluding Macrotech Developers Limited) 2. Maruti Suzuki India Limited
(Independent Director)
Directorships in other Indian public companies excluding Section 8 Nil
companies.
Committee positions in Audit & Stakeholders’ Relationship Committees Chairman 1 Member 3
in other Indian public companies (listed and unlisted) excluding
Macrotech Developers Limited. (Membership includes positions as
Chairperson of committees.)
Educational qualifications Retired IAS officer (1976 batch) Andhra
Pradesh Cadre. Post Graduate degree in
mathematics from advanced centre for pure
mathematics, Punjab University, Chandigarh
Areas of expertise
Mr Ashwani Kumar
Independent Director
DIN: 02870681
Nationality Indian
Age 65 years
Date of appointment April 8, 2020
Tenure on Board 3 years
Term ending date April 7, 2025
Shareholding Nil
Directorships in other Indian Listed companies with category 1. Saurashtra Cement Limited (Independent Director)
of directorship (excluding Macrotech Developers Limited)
Directorships in other Indian public unlisted companies 1. LICHFL Asset Management Company Limited
excluding Section 8 companies. 2. NIIF Infrastructure Finance Limited
Committee positions in Audit & Stakeholders’ Relationship Chairman - 2 Member - 3
Committees in other Indian public companies (listed and
unlisted) excluding Macrotech Developers Limited. (Membership
includes positions as Chairperson of committees.)
Educational qualifications Master of Science degree from Lucknow University and
certified associate of the Indian Institute of Bankers
from Indian Institute of Banking & Finance, India
Areas of expertise
255
Mr Rajeev Bakshi
DIN: 00044621
Nationality Indian
Age 66 years
Date of appointment June 29, 2022
Tenure on Board 9 months
Term ending date June 28, 2027
Shareholding Nil
Directorships in other Indian Listed companies with category 1. Dalmia Bharat Sugar and Industries Limited
of directorship (excluding Macrotech Developers Limited) (Independent Director)
2. Cummins India Limited (Independent Director)
Directorships in other Indian public companies Directorships
in other Indian public unlisted companies excluding Section 1. Raymond Consumer Care Limited
8 companies.
Committee positions in Audit & Stakeholders’ Relationship Chairman - Nil Member - 2
Committees in other Indian public companies (listed and
unlisted) excluding Macrotech Developers Limited. (Membership
includes positions as Chairperson of committees.)
Educational qualifications IIM Bangalore and a science and economics graduate
from St Stephens College, Delhi
Areas of expertise
Mr Lee Polisano
DIN: 09254797
Nationality American
Age 71 years
Date of appointment July 30, 2021
Tenure on Board 1 year 8 months
Term ending date July 29, 2026
Shareholding Nil
Directorships in other Indian public companies Directorships Nil
in other Indian public unlisted companies excluding Section 8
companies.
Educational Qualifications Fellow member of the American Institute of Architects and a
member of the Royal Institute of British Architects
Areas of expertise
256
Statutory Reports
Ms Harita Gupta
DIN: 01719806
Nationality Indian
Age 61 years
Date of original appointment September 20, 2022
Tenure on Board 6 months
Term ending date September 19, 2027
Shareholding 150 shares (% negligible)
Directorships in other Indian Listed companies with category of directorship
Nil
(excluding Macrotech Developers Limited)
Directorships in other Indian public companies Directorships in other Indian
1. India First Life Insurance Company Limited
public unlisted companies excluding Section 8 companies.
Committee positions in Audit & Stakeholders’ Relationship Committees in other Chairman - Nil Member 1
Indian public companies (listed and unlisted) excluding Macrotech Developers
Limited. (Membership includes positions as Chairperson of committees.)
Educational qualifications Masters’ of Science (Chemistry) from IIT New Delhi and a
Bachelors’ of Science from Stella Maris College, Chennai
Areas of expertise
Ms Raunika Malhotra
Executive Director
DIN: 06964339
Nationality Indian
Age 44 years
Date of original appointment June 26, 2020
Term ending date June 25, 2023
Shareholding 1020 Shares (% negligible)
Directorships in other Indian public companies Directorships in other Nil
Indian public unlisted companies excluding Section 8 companies.
Committee positions in other Indian public companies Committee positions Chairman - Nil Member - Nil
in Audit & Stakeholders’ Relationship Committees in other Indian public
companies (listed and unlisted) excluding Macrotech Developers Limited.
Educational qualifications Bachelor’s degree in engineering (electronics
and telecommunication branch) from the
University of Pune and a post-graduate diploma
in industrial engineering from the National
Institute of Industrial Engineering, Mumbai.
Areas of expertise
257
Key Board skills, expertise, competencies
Following skill / expertise / competencies have been identified by the Board for its effective functioning. These skills/ competencies
are broad-based, encompassing multiple domains of expertise/ experience. Each Director may possess varied combinations of
attributes/ experience. The Board reviews its composition, skills and diversity from time to time to ensure that it remains aligned
with statutory as well as business requirements. While all the Board members broadly possess the identified skills/ competence,
the core domain expertise of the Board members is as below:
Governance Experience in developing governance practices, serving the best interests of all
stakeholders, maintaining board and management accountability, building long-term
effective stakeholder engagements and driving corporate ethics and values.
Diversity of Perspective Provides a diversity of views to the board that is valuable to manage customers,
employees, key stakeholders and shareholders.
Financial & Risk Leadership experience in handling financial management along with an understanding
Management of accounting and financial statements, controls and reporting Ability to identify key
risks for the business in a wide range of areas including legal and regulatory.
Industry & sector Knowledge and experience in real estate sector to provide strategic guidance to the
experience or Management
knowledge
Sustainability & Experience in sustainability and technology and its integration into regular business
technology practices for long term value creation
Sales and Marketing Experience in developing strategies to grow sales and market share, build brand
awareness and equity, and enhance enterprise reputation
Board Membership Criteria and Selection Process Accordingly, based on the declarations received from all
Independent Directors, in the opinion of the Board, the
The NRC is responsible for identifying and evaluating a Independent Directors of the Company fulfil the conditions
suitable candidate for appointment as director on the Board. specified in Act and Listing Regulations and are independent
While selecting a director, the Committee considers various of the management.
criteria for example:
Further, the Independent Directors have also confirmed that
• Background including age, professional experience, they have enrolled themselves in the Independent Directors’
educational, cultural and geographical background Databank maintained by the Indian Institute of Corporate
• Skills, abilities and capabilities and knowledge Affairs.
• Personal accomplishments
The roles, responsibilities and duties of independent
• Understanding of the global market, sector and industry directors, are consistent with the Listing Regulations and
in which the company operates Section 149 of the Act.
• Expertise in marketing, finance, sustainability, technology
and other areas relevant to the business The Company has issued letters of appointment to all the
Independent Directors. This letter inter alia sets out the
Independent Directors roles, functions, duties and responsibilities, details regarding
remuneration, training and development and performance
Independent Directors are required to meet the criteria of evaluation process. The detailed terms and conditions of
independence as laid down in Section 149(6) of the Act and the appointment of Independent Directors are included in
Regulation 16 of the Listing Regulations. Nomination and Remuneration Policy which is available
in the investor section on the Company’s website at
At the time of appointment, and thereafter at the beginning
www.lodhagroup.in/investor-relations/corporate -
of each financial year or whenever there is any change
governance.php.
in the circumstances which may affect their status as an
independent director Independent Directors are required to Meeting of Independent Directors
submit a declaration confirming their independence under
Section 149(6) of the Act and Regulation 16 of the Listing The Independent Directors meet once a year, without the
Regulations. They are also required to affirm that they are presence of non-independent directors or management
not aware of any circumstance or situation which exists or representatives so as to form an independent judgement of
may be reasonably anticipated that could impair or impact the functioning of the Board, the Board committees and the
their ability to discharge their duties. Such declarations of management. The independent directors inter-alia discuss
independence received from the Independent Directors are the issues arising out of committee meetings and Board
noted and taken on record by the Board. discussions including the quality, quantity and timely flow of
258
Statutory Reports
information between the management and the Board that is a. Evaluation process
necessary for the Board to effectively and reasonably perform
its duties. The Independent Directors met once during FY23. The Board carries out an annual evaluation of its
own performance, board committees, and individual
Familiarisation program for Board members directors pursuant to the provisions of the Act and the
Listing regulations. The Evaluation process focuses on
The Familiarization program aims to provide insight to the various aspects of the functioning of the Board and
Independent Directors to understand the business of the Committees such as composition of the Board, Board
Company. Upon induction / appointment, the Independent oversight and effectiveness, performance of Board
Directors are familiarized with their roles, responsibilities and Committees, Board skills and structure, etc. Separate
duties. New non-executive directors inducted to the Board exercise was carried out to evaluate the performance
are introduced to our Company culture through orientation of individual Directors on various parameters and
sessions. Executive directors and senior management procedure as prescribed in Company’s “Policy on
provide an overview of operations, and familiarize the new Evaluation of Performance of Board”. Performance of
directors on matters related to our values and commitments. the board was evaluated after seeking inputs from all
The Company periodically presents updates at the Board/ the directors. The performance of the committees was
Committee meetings to familiarise the Directors with the evaluated by the Board after seeking inputs from the
Company’s strategy, business performance. Details of the committee members. The Board and the NRC reviewed
familiarisation programme for the Independent directors the performance of individual directors on the basis of
are available in the Investor section on the Company’s various parameters as stated.
website at www.lodhagroup.in/investor-relations/corporate-
governance.php. In a separate meeting of independent directors held
on March 29, 2023, performance of non-independent
Board Evaluation directors and the board as a whole was evaluated,
Annual Board Evaluation is an important component of taking into account the views of executive directors
our corporate governance framework. This involves a and non-executive directors. Performance evaluation
comprehensive assessment of Board and committee and of independent directors was done by the entire board,
Directors’ performance to enhance the overall effectiveness excluding the independent director being evaluated.
of the Board. The Board firmly believes that a robust Board Evaluation of the Chairman was done by all directors
Evaluation helps in delivering greater value to the Company other than the Chairman.
and all its stakeholders. All Directors participated in the performance evaluation
process. The results of evaluation were discussed in the
NRC and Board meeting held on April 22, 2023
b. Evaluation Framework and Evaluation Criteria
Sr
Evaluation Category Evaluation Criteria
No.
1. Board of Directors Evaluation by the Board on various criteria such as structure, composition, quality, diversity,
experience, competencies, performance of specific duties and obligations, quality of
decision making, board practices and overall effectiveness of Board as a whole
2. Board Committees Evaluation by the Board after seeking inputs from the committee members on the basis
of criteria such as committee composition, effectiveness of committee in terms of defined
Committee charters
3. Individual Directors Evaluation by the Board on parameters such as meeting attendance, time devotion and
contribution, engagement with colleagues on the Board, preparedness for meetings,
quality of discussion, entrepreneurial leadership, ability to express disagreement &
divergent views and independent judgment etc.
4. Board Chairman Evaluation of Chairman on certain additional parameters such as leadership development,
Board management, Corporate governance etc.
5. Independent Directors Independent Directors were evaluated by the Board on performance indicators including:
• Devotion of sufficient time and attention towards professional obligations for
independent decision making and for acting in the best interests of the Company.
• Providing strategic guidance to the Company with a view to ensuring long-term viability
and strength.
• Bringing external expertise and independent judgment bringing in objectivity in the
Board’s deliberations
259
c. Evaluation process outcome ensure an immediate update to the Board. The Chairman of
the respective committees briefs the Board in detail about the
The Board Evaluation process indicates that there is a proceedings of the respective committee meetings. The Board
high level of board effectiveness with no areas of major meets at least once a quarter to review the quarterly results
concerns. The quality, quantity and timeliness of flow and other items on the agenda. Additional meetings are held
of information between the company management and when necessary. Directors are required to attend minimum
the Board is adequate for the Board to effectively and one Board meeting a year as per section 167 of the Act.
reasonably perform its duties. The Board committees and
the directors are performing their duties adequately. The The Company Secretary, in consultation with the Managing
Board’s suggestions to further enhance its effectiveness Director & CEO, prepares the Board and Committee
have been noted and taken up for implementation. meetings’ agenda. The detailed agenda, along with
explanatory notes and annexures, as applicable are sent to
Succession Planning the Board and Committee members, at least a week before
the meetings except for the meetings called at a shorter
The Company has adopted a Succession policy to ensure an
notice. In special and exceptional circumstances, additional
orderly succession for the board of and senior management.
or supplementary item(s) are permitted to be taken up
Board Meetings as ‘any other item’. CFO and other Senior Management
members are invited to the meetings to present updates on
The Board meets at regular intervals inter alia to discuss and the items being discussed at the meeting.
decide on Company’s business policy and strategy.
Eight Board Meetings were held during the FY23. These
Meeting schedule and agenda were held on April 26, 2022, June 29,2022, July 25,2022,
August 29, 2022, November 1, 2022, December 6, 2022,
Board meetings are generally held within 30 days (regulatory January 24, 2023, and March 31, 2023. The maximum
requirement 45/60 days) from the end of the quarter. Time gap interval between any two meetings was well within the
between two consecutive meetings does not exceed 120 days. maximum permitted gap of 120 days. The requisite quorum
The Audit Committee and other committee meetings are was present at all meetings.
generally held on the same dates as Board meetings to
Attendance details of Directors for the year ended March 31, 2023 are given below
No. of meetings held No. of meetings % Attendance at

Name of the Director
during tenure attended attendance previous AGM
Mr Mukund Chitale 8 8 100% Yes
Mr Abhishek Lodha 8 8 100% Yes
Mr Rajendra Lodha 8 6 75% Yes
Mr Rajinder Pal Singh 8 8 100% Yes
Mr Ashwani Kumar 8 7 88% Yes
Mr Lee Anthony Polisano 8 6 75% Yes
Mr Rajeev Bakshi 1 7 7 100% Yes
Ms Harita Gupta 2 4 3 75% NA2
Ms Raunika Malhotra 8 6 75% Yes
Notes:
1. Appointed w.e.f. June 29, 2022
2. Appointed w.e.f September 20,2022
Average attendance of Directors at Board members at shorter notice, as per the general consent taken
meetings during FY23 was 88.89% from the Board from time to time. The Company provides
inter alia the following information to the Board, which is
Information to the Board given either as part of the agenda or by way of presentations
during the meetings:
The Board has unrestricted access to all Company related
information. Company executives and external experts • Annual operating plans and budgets, capital budgets
who can provide additional insights / clarifications on the and other updates
items being discussed are invited to Board and committee
• Quarterly, half-yearly and annual financial results of
meetings. Agenda items relating Unpublished Price Sensitive
the Company and its operating divisions or business
Information are placed before the Board / committee
segments.
260
Statutory Reports
• Detailed presentations on business strategy and future within the limits approved by the Board and the shareholders.
outlook of the Company Executive Directors (other than promoter directors) are eligible
• Oversight of the performance of the business for ESOP grants as per Company policies in addition to the
remuneration drawn by such director.
• Significant sale of investments, subsidiaries or assets
which are not in the normal course of business Independent Directors’ remuneration
• Details of acquisition, restructuring or joint ventures The compensation payable to the independent directors
• Sale of investments, subsidiaries or assets which are is limited to a fixed amount per year as determined and
material in nature and not in normal course of business approved by the Board, subject to an overall cap of 1% of
• Minutes of previous Board meetings and committee net profit for the year, calculated as per the provisions of
meetings, circular resolutions and minutes of subsidiaries the Act. The Board reviews the performance of independent
directors annually.
• Quarterly compliance certificates with exception
reports, if any The Board, while deciding the basis for determining the
• Information / approval of related party transactions compensation of the independent directors, takes various
things into consideration for eg. participation in Board
• Updates on regulatory and business environment and committee meetings, other responsibilities, such as
• Updates on ESG and CSR activities membership or chairmanship of committees, time spent in
carrying out other duties, roles and functions as prescribed
Confirmations related to Directors
in Schedule IV of the Act, Listing Regulations and such other
None of the Directors on the Board: factors as the Board deems fit. Shareholders at the AGM
held on August 10, 2022, approved a sum not exceeding
a. Hold directorships in more than twenty companies;
1% of the net profit of the Company per annum for a period
b. Hold directorships in more than ten public companies; of five years, calculated in accordance with the provisions
of Section 198 of the Companies Act, 2013, to be paid
c. Serves as Director or as Independent Director (IDs) in
and distributed among the independent directors of the
more than seven listed entities; and
Company in a manner decided by the Board. This payment
d. Who are Executive Directors serve as IDs in more than will be made with respect to the profits of the Company for
three listed entities. each year and shall also be paid in the event of inadequacy
of profits as per Schedule V of the Act. Additionally,
e. Are related to each other and there are no inter-se
independent directors may also be reimbursed for expenses
relationships between the Directors.
incurred in the performance of their official duties.
f. Are members of more than ten committees and
Chairperson of more than five committees as specified The Company pays sitting fees of H 25,000 per meeting
in Regulation 26 of the Listing Regulations. to its Independent Directors for attending meetings of the
Board, H 20,000 for attending Audit Committee meetings
Directors’ remuneration and H 15,000 per meeting for attending meetings of other
Board committees. The Chairman of the Board and the Audit
The Board has approved a Policy on Nomination &
Committee is paid a sitting fee of H 50,000 per meeting.
Remuneration for Directors, KMPs and other Senior
Management and includes the criteria of making payments We confirm that none of the non-executive directors received
to non-executive directors in terms of the Act and the Listing remuneration amounting to 50% of the total remuneration
Regulations. The Company confirms that the remuneration paid to non-executive directors during FY23.
paid to the Directors is as per terms laid out in the policy.
The policy is available on the Company’s website at www. Non-Executive Director’s remuneration
lodhagroup.in/investor-relations/corporate-governance.php
The non-executive, non independent director is paid a
Executive Directors’ remuneration remuneration from one of the subsidiary of the Company.
The NRC determines and recommends to the Board, the Directors & Officers Liability insurance
compensation payable to the directors. Remuneration to
The Company has taken a Directors’ & Officers’ liability
Executive Directors comprises of a fixed (salary, perquisites
insurance policy to indemnify directors and officers for claims
and allowances) and a variable component linked to financial
brought against them to the fullest extent permitted under
and operating performance of the Company including
applicable law. This, among other things, indemnifies our
milestones achieved on ESG front as approved by the NRC
directors and officers for certain expenses, judgments, fines
/ Board. Annual increments are recommended by the NRC
and settlement amounts incurred by them in any action or
proceedings arising out of their services as directors or officers.
261
Details of remuneration paid to Directors during FY23 and shares held as on March 31, 2023 is given below
Salary, Performance No of
Name of Director Sitting
Allowances & linked Commission Total shares
L million fees
perquisites 1 incentive held
Executive Directors
Mr Abhishek Lodha - 49.5 Nil2 - 49.5 -
Mr Rajendra Lodha 48.5 - - 48.5 200
Ms Raunika Malhotra4 - 20.83 11.7 - 32.5 1,020
Non Executive Directors
Mr Rajinder Pal Singh - 9.05 - - 9.0 -
Mr Mukund Chitale 1.0 - - 4.0 5.0 1,020
Mr Ashwani Kumar 0.5 - - 4.0 4.5 -
Mr Lee Anthony Polisano 0.2 - - 4.0 4.2 -
Mr Rajeev Bakshi 0.2 - - 3.0 3.2 -
Ms Harita Gupta 0.1 - - 2.1 2.2 150
Notes:
1. Salary & Allowances:
a. includes Company’s contribution to provident fund. Liability for gratuity and leave encashment is provided on actuarial basis for the Company as a whole.
The amount pertaining to each Director is not ascertainable and therefore not included.
b. Value of perquisites is calculated in accordance with the Income Tax Act 1961. In accordance with the definition of perquisites under the Income tax Act 1961,
remuneration includes the value of stock options exercised during the period, if any but does not include value of stock options granted during the year.
2. Mr Abhishek Lodha voluntarily chose not to receive any performance linked incentive during FY23.
3. Excludes notional amortisation value of stock options and includes housing grants vested in FY23.
4. Ms Raunika Malhotra was granted the following stock options:
No. of options Exercise price

Date of Grant Vesting Schedule Exercise period
granted per grant
ESOP Scheme 2021 April 10, 2021 75,000 H 388.80 Year 1- 40% 5 years from the date of
Year 2- 30% vesting
Year 3- 30%
ESOP Scheme October 19, 2021 56,030 H 684.87 Bullet vest at the end of 3 years from the date of
2021-II Plan A June 3, 2022 1512 H 719.19 year 3 vesting
ESOP Scheme October 19, 2021 774 H 10 Bullet vest at the end of 2 years from the date of vesting
2021-II Plan B June 3, 2022 800 H 10 year 1
The unexercised vested options can be carried forward throughout the exercise period. The options which are not exercised will lapse after the expiry of the
exercise period.
5. Remuneration was paid by Cowtown Infotech & Services Private Limited, a subsidiary of the Company
6. Independent Directors and Mr Abhishek Lodha and Mr Rajendra Lodha (being promoters) are not entitled to receive any stock options.
7. There were no other material pecuniary relationships or transactions of Non-executive directors with the Company other than as stated above.
8. None of the Executive Directors are eligible for payment of any severance fees
9. The office of Executive directors of Mr. Abhishek Lodha and Mr. Rajendra Lodha may be terminated by the Company or by them by giving 6 months’ prior notice
in writing and that of Ms. Raunika Malhotra may be terminated by the Company or by her by giving 3 months’ prior notice in writing.
C. Board Committees
In compliance with the statutory requirements, the Board has constituted various sub-committees with specific terms of reference
and scope. The objective is to focus effectively on specific areas and ensure expedient resolution and decision-making. The
committees operate according to their respective charters/ terms of reference. The recommendations of all committees are
submitted to the Board for approval. During the year, all recommendations of the committees were approved by the Board.
Generally, committee meetings are held prior to the Board meeting and the chairperson of the respective committees updates the
Board about the deliberations, recommendations and decisions taken by the committees.
The composition and charters of the Board Committees are available on the Company’s website at www.lodhagroup.in/investor-
relations/board-of-directors.php.
262
Statutory Reports
Board committees as on March 31, 2023
A. Statutory Committees
Statutory Committees
Audit Nomination & CSR Risk Management Stakeholders’

Committee Remuneration Committee Committee Committee Relationship Committee
• Mr Mukund Chitale • Mr Ashwani Kumar • Mr Ashwani Kumar • Mr Rajinder Pal Singh • Mr Rajinder Pal Singh
• Mr Ashwani Kumar • Mr Mukund Chitale • Mr Rajinder Pal Singh • Mr Mukund Chitale • Mr Ashwani Kumar
• Mr Rajinder Pal Singh • Mr Rajinder Pal Singh • Ms Raunika Malhotra • Mr Abhishek Lodha • Ms Raunika Malhotra
• Mr Sushil Kumar Modi
• Mr Shaishav Dharia
B. Other Committees
Other Committees
ESG Committee Committee for fund raise Executive Committee
• Mr Lee Polisano • Mr Mukund Chitale • Mr Abhishek Lodha

• Mr Mukund Chitale • Mr Abhishek Lodha • Mr Rajendra Lodha
• Mr Abhishek Lodha • Ms Raunika Malhotra • Mr Rajinder Pal Singh
Statutory Committees
Audit Committee
Mr Mukund Chitale
Chairman
Composition of the Audit Committee as March 31, 2023
1. Mr Mukund Chitale - Chairman

2. Mr Ashwani Kumar
3. Mr Rajinder Pal Singh
All members of the Committee are eminent professionals and have relevant experience in financial matters. The composition of the
Audit Committee is in line with Section 177 of the Act and regulation 18 of the Listing Regulations. The Company Secretary is secretary
to the Committee. The Audit Committee was reconstituted by the Board on April 22, 2023. The Committee now comprises Mr Mukund
Chitale (Chairman), Mr Rajeev Bakshi and Mr Ashwani Kumar, all independent directors.
263
Audit Committee Charter
1. Oversee the Company’s financial reporting process and disclosure of its financial information to ensure that its financial statements
are correct, sufficient and credible;
2. Review the quarterly / annual financial statements and auditor’s reports thereon before submission to the Board for approval,
3. Recommend to the Board the appointment, remuneration and terms of appointment of the statutory auditor and monitor their
independence and performance and effectiveness of audit process;
4. Evaluation of internal financial controls
5. Review the statement of uses/ application of funds raised through a capital issue
6. Approve transactions with related parties;
7. Oversee the functioning of the vigil mechanism and Whistle blower mechanism
8. Review the inter-corporate loans and investments and utilisation of loans and/ or advances from/investment by the holding
company in the subsidiary exceeding specified limits
9. Review the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity
or a failure of internal control systems of a material nature and reporting the matter to the Board;
10. Look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders and creditors;
11. Consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation etc., on the
listed entity and its shareholders.
12. Review compliance with the provisions of the Insider Trading Regulations and verify that the systems for internal control are
adequate and are operating effectively
The Committee is governed by its charter which is available on the Company’s website at www.lodhagroup.in/investor-relations/
corporate-governance.php.
Audit Committee meetings and conduct
• The Audit committee meets at least four times a year. The meetings are generally held concurrently with Board meetings. The
Committee may also meet separately for approval of special business items.
• The key audit observations and significant findings are reviewed by the Committee quarterly
• The internal audit plan and audit observations are reviewed by the Committee from time to time
• The Committee invites the Managing Director & CEO, the Chief Financial Officer, the Head of Accounts and other senior
employees of the Company to its meetings as deemed necessary.
Nine Audit Committee meetings were held during FY23. These were held on April 26, 2022, May 23, 2022, June 29, 2022, July
25,2022, August 29, 2022, November 1, 2022, January 18, 2023, January 24, 2023 and March 31, 2023. The maximum interval
between any two meetings was well within the maximum permitted gap of 120 days. The requisite quorum was present at all meetings.

Average attendance of Directors at Audit Committee meetings during FY23 was 100 %
264
Statutory Reports
Key matters considered by the Audit Committee during FY23
Particulars Frequency
Review and recommendation of standalone and consolidated financial statements of the Company. Q
Review the adequacy of internal controls A
Review of internal audit reports and internal audit plans Q
Review the internal audit report on internal financial controls A
Review with statutory auditors on nature and scope of audit A
Review the remuneration payable to statutory auditors A
Review of related party transactions during preceding quarter Q
Approve related party transactions from time to time P
Grant omnibus approval for the related party transactions proposed to be entered into by the Company. A
Review of inter-corporate loans and investments Q
Review and monitor statutory auditors independence, performance and effectiveness of audit process. A
Monitoring of ombudsperson report on whistle blower incidents Q
Review the scheme of amalgamation of wholly owned subsidiaries with the Company P
Review of utilisation of QIP proceeds Q
Review the Cost audit report and recommend to the Board for approval A
Review and recommendation of standalone and consolidated financial statements of the Company. Q
Review the adequacy of internal controls A
A = Annual
Q = Quarterly
P = Periodically
All recommendations made by the Audit Committee during FY23 were accepted by the Board.
Nomination & Remuneration Committee (NRC)
Mr Ashwani Kumar
Chairman
Composition of the NRC on March 31, 2023
1. Mr Ashwani Kumar - Chairman

2. Mr Mukund Chitale
The composition of the NRC is in line with Section 178 of the Act and regulation 19 of the Listing Regulations. The Company Secretary
is secretary to the Committee. The NRC was reconstituted by the Board on April 22, 2023. The Committee now comprises Mr Rajeev
Bakshi (Chairman), Ms Harita Gupta and Mr Rajinder Pal Singh.
265
NRC Charter
1. Formulate a policy relating to the appointment and remuneration of directors, Key Managerial Personnel (KMP) etc;
2. Recommend to the Board, persons who are qualified to become Directors and who may be appointed in the senior management
and KMPs
3. Review and evaluate the structure, size and composition of the Board
4. Formulate criteria for evaluation of the performance of the independent directors and the Board;
5. Devise a policy on Board diversity;
6. Identify persons who qualify to become directors or who may be appointed in senior management and recommend to the Board
their appointment and removal,
7. Evaluate the performance of the Board, Board committees and individual directors
8. Recommend to the Board remuneration payable to KMPs and senior management
9. Administer the Company’s ESOP schemes formulated under the SEBI (Share Based Employee Benefits) Regulations, 2021
Five NRC meetings were held during FY23. These were held on April 26, 2022, June 3, 2022, June 29, 2022, October 27, 2022
and January 24, 2023. The requisite quorum was present at all meetings.

Average attendance of Directors at NRC meetings during FY23 was 100 %
Key matters considered by the NRC during FY23
Particulars Frequency
Recommend the appointment of Mr Rajeev Bakshi and Ms Harita Gupta as independent directors for a period P
of five years
Recommend the reappointment of Mr Abhishek Lodha as Managing Director & CEO for a period of five P
years
Recommend the reappointment of Mr Rajendra Lodha as Whole time director for a period of five years P
Approve / modify various long term incentive plans and policies under ESOP schemes P
Approve stock grants to eligible employees under the ESOP Scheme 2021 and ESOP Scheme 2021-II P
Review and recommend annual rotation of rotational directors A
Review and recommend remuneration to senior management A
Evaluate the performance of the Board and Board Committees and KMPs individual directors A
A = Annual
Q = Quarterly
P = Periodically
All recommendations made by the NRC during FY23 were accepted by the Board.
266
Statutory Reports
CSR Committee
Mr Ashwani Kumar
Chairman
Composition of the CSR Committee on March 31, 2023
1. Mr Ashwani Kumar - Chairman

2. Ms Raunika Malhotra
The composition of the CSR Committee is in line with Section 135 of the Act. The Company Secretary is secretary to the Committee.
The CSR Committee was reconstituted by the Board on April 22, 2023. The Committee now comprises Ms Harita Gupta (Chairperson),
Mr Rajinder Pal Singh and Ms Raunika Malhotra.
CSR Committee Charter
1. To formulate and recommend to the board of directors, a CSR policy which shall indicate the activities to be undertaken by the
Company as per Schedule VII of the Act ;
2. To review and recommend the amount of expenditure to be incurred on the activities to be undertaken by the Company;
3. To monitor the CSR policy from time to time
One meeting was held during FY23 i.e. on April 26, 2022. The requisite quorum was present at the meeting. All recommendations
made by the CSR Committee during FY23 were accepted by the Board.
No. of meetings held No. of meetings %

during tenure attended attendance
Mr Ashwani Kumar 1 1 100%
Mr Rajinder Pal Singh 1 1 100%
Ms Raunika Malhotra 1 1 100%
Average attendance of Directors at CSR Committee meetings during FY23 was 100 %
Annual Report on CSR activities for FY23
The CSR report for FY23 is attached as Annexure 6 to the Board’s report.
267
Stakeholders’ Relationship Committee (SRC)

Chairman
1. Mr Rajinder Pal Singh - Chairman

2. Mr Ashwani Kumar
3. Ms Raunika Malhotra
The composition of the SRC is in line with Section 178 of the Act and regulation 20 of the Listing Regulations. The Company Secretary
is secretary to the Committee.
SRC Charter
1. Ensure proper and timely attendance and redressal of security holders’ queries and grievances;
2. Review of measures taken for effective exercise of voting rights by shareholders;
3. Monitor and review investor service standards of the Registrar & Transfer agent
4. Review of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and
ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the Company;
5. To dematerialize, rematerialize, sub-divide, consolidate and or replace share / security certificates and to issue duplicate certificates etc
One meeting was held during FY23 i.e. on November 1, 2022. The requisite quorum was present at the meeting.
No. of meetings No. of meetings Attendance at

Name of the Director % attendance
held during tenure attended previous AGM
Ms Raunika Malhotra 1 1 100% Yes
Grievance Redressal Process
Investors can raise their The Company & the RTA The status of investor Quarterly disclosures
grievances with the ensures that complaints grievance redressal is of investor complaints
Company, RTA, ROC, are resolved in a timely updated to the SRC received and resolved
Stock Exchanges & SEBI * manner periodically filed with the exchanges
*Investors’ complaints are also being processed through the centralized web base complaints redressal system implemented by SEBI (“SCORES”). Through SCORES, investors
can view online, the actions taken and current status of their score complaints.
Nature of Complaints and Redressal Status

During FY23, the queries received by the Company were general in nature, which included issues relating to non-receipt of annual
reports etc., which were resolved to the satisfaction of the shareholders.
Number of Investor Complaints pending at the beginning of the year 0

Number of Investor Complaints during FY23 4
Number of Investor Complaints disposed off during FY23 4
Number of Investor Complaints outstanding at the end of the year 0
268
Statutory Reports
Risk Management Committee (RMC)

Chairman
Composition of the RMC on March 31, 2023
1. Mr Rajinder Pal Singh - Chairman

3. Mr Abhishek Lodha
4. Mr Sushil Kumar Modi (Chief Financial Officer)
5. Mr Shaishav Dharia (CEO - Palava / Development Director)
The composition of the RMC is in line with regulation 21 of the Listing Regulations. The Company Secretary is secretary to the
Committee.
RMC Charter
a. Ensure that appropriate methodology, processes and systems are in place to identify, monitor, evaluate and mitigate risks
associated with the business of the Company including financial, operational, sectoral, sustainability (particularly, ESG related
risks), information, cyber security risks etc
b. Monitor and approve the Enterprise Risk Management framework, risk management policy and evaluate adequacy of risk
management systems and internal controls;
c. To review the risk management processes and practices periodically to factor in changing industry dynamics and evolving
complexity;
Two meetings were held during FY23 i.e. on August 29, 2022 and February 22, 2023. The requisite quorum was present at the
meetings.
No. of meetings No. of meetings

held during tenure attended
Mr Rajinder Pal Singh 2 2 100%
Mr Mukund Chitale 2 2 100%
Mr Abhishek Lodha 2 2 100%
Average attendance of Directors at the RMC meetings during FY23 was 100%
269
Non - Statutory Committees
ESG Committee
Mr Lee Polisano
Chairman
Composition of the ESG Committee on March 31, 2023
1. Mr Lee Polisano - Chairman

3. Mr Abhishek Lodha
The Company Secretary is secretary to the Committee.
ESG Charter
1. Approve, note and ratify ESG goals, targets and strategy and monitor performance thereof including the ESG initiatives to ensure
long-term value creation for stakeholders
2. Periodically review implementation, execution, progress and impact of the Company’s ESG initiatives and targets
3. Review of ESG reporting in line with various national and global sustainability/ ESG indices and guidelines.
One meeting was held during FY23 i.e. March 29, 2023. The requisite quorum was present at the meeting.
No. of meetings No. of meetings

held during tenure attended
Mr Lee Polisano 1 1 100%
Mr Mukund Chitale 1 1 100%
Mr Abhishek Lodha 1 1 100%
Average attendance of Directors at the ESG meeting during FY23 was 100%
Executive Committee
The Company has constituted a functional Committee known as the Executive Committee to cater to various day-to-day requirements
and to facilitate seamless operations. The Committee comprises three members. The Company Secretary acts as Secretary to the
Committee. Meetings of the Executive Committee are generally held as and when deemed necessary.
Committee for Fund Raise

The Company has constituted a “Committee for Fund Raise” to facilitate capital raise activities as may be required from time to time.
The Company Secretary acts as Secretary to the Committee. Meetings of the Committee for Fund Raise are generally held as and when
deemed necessary.
270
Statutory Reports
D. General Body Meetings
The details of the special resolutions passed during the last three Annual/Extra Ordinary General Meetings
are as follows:
Date Location Resolutions passed by a special majority
August 10, 2022 Through Video 1. Reappointment of Mr Abhishek Lodha as Managing Director & CEO
15.30 hrs (IST) Conference for a term of 5 years with effect from March 1, 2023
2. Reappointment of Mr Rajendra Lodha as Whole time Director for a
term of 5 years with effect from March 1, 2023
3. Appointment of Mr Rajeev Bakshi as an Independent Director for a
first term of 5 years with effect from June 29, 2022.
4. Payment of remuneration by way of commission to Independent
Directors
November 12, 2021 Through Video A special majority - Approve raising of funds and issuance of securities
15.30 hrs (IST) Conference upto H 4,000 crore.
September 3, 2021 Through Video 1. Reappointment of Mr Mukund Chitale as an Independent Director for
15.30 hrs (IST) Conference a second term of 5 years
2. Reappointment of Ms. Raunika Malhotra as a Whole Time Director
with effect from June 26, 2021.
3. Appointment of Mr Lee Polisano as an Independent Director for a first
term of 5 years with effect from July 30, 2021.
4. Approve the ‘Macrotech Developers Limited Employee Stock Option
Scheme 2021 – II’
5. To approve extension of benefits of the ESOP Scheme 2021-II to
employees of the holding company and subsidiaries of the Company
*September 30, 2020 Lodha Excelus, Apollo Nil
11.00 hrs (IST) Mills Compound, N.M.
Joshi Marg, Mahalaxmi,
Mumbai-400011
*Prior to listing
Extraordinary General Meetings (EGM) Mr. Shravan Gupta (membership no. 27484), a
Practicing Company Secretary, acted as the Scrutinizer
The Company did not conduct any EGM in FY23. to conduct the Postal Ballot and e-voting process in a
fair and transparent manner and submitted his report
Postal Ballot
on October 23, 2022, after completion of scrutiny and
Resolution passed through Postal Ballot: result of the e-voting was announced on the same day.
The summary of voting result is given below:
1. Appointment of Ms Harita Gupta as Non Executive
Independent Director (Special Resolution) Resolution % Favour % Against
During the year, Ms Harita Gupta was appointed as an Appointment of 99.99 0.0001
Independent Director of the Company by the members Ms. Harita Gupta
of the Company through postal ballot, for a period of (DIN:01719806) as Non-
5 years from September 20, 2022 upto September 19, Executive Independent
2027. Director of the Company
for the period of 5 years
Details of Postal Ballot:
2. Issue Bonus shares to equity shareholders
Postal Ballot Notice dated September 20, 2022, was (Ordinary Resolution)
sent through e-mail only, to all those members who had
registered their e-mail addresses with the Company/ The shareholders of the Company approved issuance
depositories as on Friday, September 16, 2022. of bonus equity shares in the proportion of 1 new fully
paid- up bonus equity share of H 10/- each for every 1
Members of the Company exercised their votes by existing fully paid-up equity share of H 10/- each held
e-voting during the period from 9.00 am on September by the Members as on May 31, 2023, through postal
23, 2022 till 5.00 p.m. on October 22, 2022. ballot on May 23, 2023.
271
Details of Postal Ballot: E. Codes, policies and frameworks
Postal Ballot Notice dated April 22, 2023, was sent The Company has adopted several corporate and
through e-mail only, to all those members who had sustainability policies and codes stipulated under the Act, the
registered their e-mail addresses with the Company/ Listing regulations and sustainability guidelines. Key policies
depositories as on Friday, April 21, 2022. are described in this section. List of policies/ codes adopted
by the Company are provided in Annexure D to this report.
Members exercised their votes by e-voting during the
period from 9.00 am on April 24, 2022 till 5.00 p.m. Lodha Code of Conduct
on May 23, 2022.
The Company has adopted a Code of Conduct which
Mr. Shravan Gupta (membership no. 27484), a is an extension of our values and reflects our continued
Practicing Company Secretary, acted as the Scrutinizer commitment to ethical and transparent business practices
to conduct the Postal Ballot and e-voting process in a across our operations. It sets out the behaviour expected of
fair and transparent manner, who submitted his report our employees and other stakeholders, interalia with respect
on May 23, 2023, after the completion of scrutiny and to bribery, corruption, conflict of interest, antitrust/anti-
result of the e-voting was announced on the same day. competitive practices, money laundering, insider trading, EHS,
The summary of voting result is given below: whistleblowing etc.
Resolution % Favour % Against The Code is applicable to all employees, consultants, Directors
and other stakeholders. All stakeholders dealing with the
Issue of Bonus Shares 99.99 0.01%
Company are encouraged to adhere to the Company’s Code
in the proportion of 1
of Conduct. A declaration signed by the Managing Director &
new fully paid- up bonus
CEO, affirming compliance with the Code of Conduct by Board
equity share of
Members and Senior Management for the FY23 is annexed as
H 10/- each for every
Annexure A to this report. An annual confirmation is also
1 existing fully paid-up
sought from all employees where employees are expected to
equity share of
confirm compliance to the Code annually.
H 10/- each held by the
Members Whistleblower policy
Procedure for Postal Ballot: The Company has adopted a Whistle Blower Policy and a
Stakeholder grievance policy which sets out a process for
In accordance with General Circular Nos. 14/2020
stakeholders to voice genuine concerns about unethical
dated April 08, 2020, 17/2020 dated April 13, 2020,
conduct that may breach the Company’s Code of Conduct.
22/2020 dated June 15, 2020, 33/2020 dated
The policy aims to ensure that genuine complainants are
September 28, 2020, 39/2020 dated December 31,
able to raise their concerns in full confidence, without
2020, 10/2021 dated June 23, 2021, 20/2021 dated
any fear of retaliation or victimisation and also allows for
December 08, 2021 and 03/2022 dated May 05,
anonymous reporting of complaints.
2022, 11/2022 dated December 28, 2022, issued
by the Ministry of Corporate Affairs (“MCA Circulars”), The Ombudsperson administers the entire formal process
resolution was proposed to be passed by means of from reviewing and investigating concerns raised, undertaking
Postal Ballot, only by way of remote e-voting process all appropriate actions for resolution thereof and regular
(“e-voting”). The Company had engaged the services monitoring of process. All employees of the Company (full-
of Link Intime India Private Limited to provide e-voting time or part-time) as well as external stakeholders (e.g.
facility. associate, strategic partners, vendors, suppliers, contractors
and customers etc.) have full access to the Ombudsperson
In accordance with MCA Circulars, the postal ballot
through secure hotline, email or even meetings in person.
notices were also uploaded on Company’s website
www.lodhagroup.in and on the website of Link Intime No whistle blower complaints were received during FY23.
India Private Limited https://instavote.linkintime.co.in/.
Arrangements were also made for other members to Code on prevention of Insider Trading
register their email address to receive the postal ballot
In compliance with the SEBI (Prohibition of Insider Trading)
notice and cast their vote online.
Regulations, 2015 (‘PIT Regulations’), the Company has
No special resolution is proposed to be conducted formulated the Code of Conduct for Prevention of Insider
through Postal Ballot as on the date of this report. Trading (“PIT Code”) to regulate and monitor trading in
securities of the Company by Designated Persons (DPs) and
their immediate relatives. The PIT Code, inter alia, lays down
the procedures to be followed by DPs while trading/dealing
272
Statutory Reports
in Company securities and while sharing Unpublished Price b. Earnings calls and investor presentations
Sensitive Information (UPSI). The PIT Code inter alia sets
out the obligations and responsibilities of DPs, obligation The Company organises earnings calls with analysts
to maintain the digital database, mechanism for prevention and investors on the day after announcement of results,
of insider trading and handling of UPSI, transactions which which is also uploaded on the Company’s website. The
are prohibited and manner in which permitted transactions audio recording and the transcript of the earnings call
in the securities of the Company shall be carried out etc. are posted on the website and intimated to the stock
exchanges. Presentations made to institutional investors
The Company has constituted an Insider Trading Monitoring and financial analysts on the financial results are filed
Committee for dealing with and deciding on remedial with the stock exchanges and uploaded in the Investor
/ penal actions in the event of breaches of the PIT Code. Section of the Company’s website at https://www.
A report on insider trading, covering trading by DPs and lodhagroup.in/investor-relations/financials.php
initiatives/ actions taken by the Company under the PIT
Code is also placed before the Audit Committee Chairman/ c. Official press releases & corporate
Audit Committee periodically. There were 18 instances of announcements
breaches of the Code during FY23.
Official press releases, corporate announcements
Shareholder Rights Charter and other material information is disseminated to NSE
Electronic Application Processing System (NEAPS) /
The Company has adopted a Shareholder Rights Charter BSE Listing Centre and in media. All other filings like
which sets out key principles and policies in relation to shareholding pattern, corporate governance report,
protection of shareholder rights. The Charter is based on the financial results etc. are filed electronically with NEAPS
principles of equitable treatment to all shareholders and is in and BSE Listing centre. All these are uploaded in the
line with the Act and Listing Regulations. The Charter seeks to: Investor Section of the Company’s website at https://
www.lodhagroup.in/investor-relations/index.php
• Endorse our commitment to the protection of all
shareholders including minority shareholders
• Raise awareness amongst shareholders of their rights d. Website
under applicable laws
Members can also access corporate policies,
• Promote full, fair relationship with all shareholders; and Board committee charters, financial information,
• Promote compliance with applicable laws and regulations. shareholding information, etc. in the Investor Section
of the Company’s website at https://www.lodhagroup.
in/investor-relations/index.php
F. Means of communication
a. Quarterly and Annual financial results and G. General Shareholder information

Annual Reports
Company information
The quarterly and annual financial results are
submitted to the Stock Exchanges and published in Date of incorporation: September 25, 1995
leading English and Marathi daily newspapers like CIN: L45200MH1995PLC093041
Business Standard/Financial Express and Navshakti.
Annual reports containing audited standalone and Registered Office: 412, Floor - 4, 17G, Vardhaman
consolidated financial statements of the Company Chamber, Cawasji Patel Road, Horniman Circle, Fort,
together with Directors’ Report, Auditors’ Report and Mumbai 400 001
other important information are circulated to the
Corporate Office: Lodha Excelus, L 2, N M Joshi Marg,
members through e-mail, post and/or courier. Owing
Mahalaxmi, Mumbai 400 011
to continuing COVID-19 pandemic situation and in
accordance with the Circulars issued by the Ministry of Details of 28th Annual General Meeting
Corporate Affairs (MCA) and Securities and Exchange
Board of India (SEBI), the Notice and Annual Report for Date : September 15, 2023
FY21 and FY22 were sent to the members only through Day : Friday
e-mail and others entitled thereto and submitted to Time : 15.30 hrs IST
the Stock Exchanges. These are also uploaded in the
Venue : Through video conference/other audio visual means
Investor Section of the Company’s website at https://
www.lodhagroup.in/investor-relations/index.php Financial Year
The financial year of the Company is a period of twelve

months beginning on April 01, every calendar year and
ending on March 31 the following calendar year.
273
Credit rating:-
Refer page 185 of the Integrated Annual Report
Equity and Debt Listing:-
The Company’s equity shares are listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) w.e.f. April
19, 2021 (ISIN NE670K01029). Non-Convertible Debentures (NCDs) are listed on BSE Limited. Annual listing fees for the year
2023-24 have been paid to both Stock Exchanges.
Name & address of the Stock Exchange Scrip code/Symbol

BSE Limited 543287|LODHA
P.J. Towers, Dalal Street, Mumbai 400 001 Debt Segment: 974163, 974199,
974473, 974511
The National Stock Exchange of India Limited LODHA (Equity)
Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai 400051
Details of the Debenture Trustee for privately placed NCDs are provided in the communication addresses section.
Stock market data for the year ended March 31, 2023
BSE NSE
Month High Low Volume High Low Volume
(In L) (In L) (Nos in lakh) (In L) (In L) (Nos in lakh)
Apr-22 1,248.00 980.00 3.22 1,221.90 965.50 52.66
May-22 1,078.00 814.85 8.43 1,048.00 814.20 47.21
Jun-22 1,119.00 970.00 2.26 1,115.00 968.55 100.03
Jul-22 1,191.00 1,035.85 2.33 1,189.00 1,032.15 41.56
Aug-22 1,173.45 1,010.00 47.15 1,154.00 1,015.00 160.36
Sep-22 1,116.20 921.00 1.36 1,119.85 920.00 43.23
Oct-22 1,045.00 908.60 1.28 1,042.00 908.00 55.42
Nov-22 1,044.00 920.70 3.79 1,040.00 923.00 123.28
Dec-22 1,111.60 987.05 2.85 1,114.00 987.00 113.04
Jan-23 1,143.00 1,000.00 1.25 1,142.00 1,000.00 62.42
Feb-23 1,053.90 711.00 3.71 1,054.40 711.00 121.31
Mar-23 1,087.35 780.65 10.05 1,087.65 777.00 239.91
Performance of Company’s stock vis a vis NSE NIFTY Performance of Company’s stock vis a vis BSE SENSEX
1,400 20,000 1,400 70,000

1,200 19,000 1,200
1,000 18,000 1,000 60,000
800 17,000 800
600 16,000 600
400 15,000 400 50,000
200 14,000 200
0 0 40,000
2
2
2
2
22
22
22
22
3
3
22
22
22
22
23
23
2
23
22
22
23
2
2
-2
-2
-2
-2
-2
-2
r-2
r-2
l-2
l-2
c-
c-
g-
g-
ct-
ct-
p-
p-
b-
b-
n-
n-
n-
n-
ay
ay
ov
ov
ar
ar
Ap
Ap
De
De
Au
Au
Ja
Ja
Se
Se
Ju
Ju
Ju
Ju
Fe
Fe
O
O
M
M
M
M
N
MDL NIFTY 50 MDL BSE SENSEX
274
Statutory Reports
By number of shares as on March 31, 2023

No. of
Range % No. of Shares %
Shareholders
1 – 500 53,229 98.2266 19,01,901 0.3948
501 – 1000 335 0.6182 2,55,303 0.0530
1001 - 2000 176 0.3248 2,55,841 0.0531
2001 - 3000 63 0.1163 1,60,143 0.0332
3001 - 4000 28 0.0517 1,00,740 0.0209
4001 - 5000 27 0.0498 1,24,162 0.0258
5001 - 10000 60 0.1107 4,49,802 0.0934
10001 and Above 272 0.5019 47,85,40,982 99.3259
Total 54,190 100.0000 48,17,88,874 100.0000
Registrar & Transfer Agent No. of % Issued

Category
All the work related to share registry, both in physical and shares Capital
electronic form, is handled by the Company’s Registrar Non Resident Indians 66,739 0.01
and Transfer Agent at the address mentioned in the Other Bodies Corporate 8,91,078 0.18
communication addresses section Public 65,44,768 1.36
Book closure date / record date Total Public 12,04,81,380 25.01
Shareholding
Friday, September 08, 2023 to Friday, September 15, 2023 Total 48,17,88,874 100.00
(both days inclusive)
Dematerialization of shares and liquidity
Dividend payment date
On or after Monday, September 18, 2023 The shares of the Company are in compulsory dematerialized
segment and are available for trading in the depository
Outstanding GDRs/ADRs/ Warrants/ Convertible systems of both the National Securities Depository Limited
Instruments (NSDL) and Central Depository Services (India) Limited
The Company has not issued any GDRs / ADRs/Warrants/ (CDSL). As at March 31, 2023, all the shares of the Company
Convertible Instruments in the past and hence there are no (except one share) are held in dematerialised mode.
GDRs/ADRs/Warrants outstanding as on March 31, 2023.
Securities transfer system
Commodity price risk or foreign exchange risk
and hedging activities The entire issued and paid up equity share capital (except
one share) is in electronic form and shares are freely
The details of foreign currency exposure and hedging are transferable through the depositories.
disclosed in note no. 57 to the standalone financial statements.
In terms of requirements to amendments to Regulation 40 of
By category of shareholders as on March 31, 2023 Listing Regulations w.e.f April 1, 2019, transfer of securities in
No. of % Issued physical form shall not be processed unless the securities are
Category
shares Capital held in dematerialised form with a depository. Further, SEBI
Promoter and vide its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/
Promoter Group CIR/2022/8 dated January 25, 2022, mandated all listed
Corporate Bodies 24,58,34,532 51.02 companies to issue securities in dematerialized form only,
Promoter - Trust 11,54,72,762 23.97 while processing the service request of issue of duplicate
Promoters 200 0.00 securities certificate, claim from Unclaimed Suspense Account,
renewal/ exchange of securities certificate, endorsement,
Total Promoter 36,13,07,494 74.99
sub-division/splitting of securities certificate, consolidation of
Shareholding
securities certificates/ folios, transmission and transposition.
Public Shareholding
Institutional Investors Pursuant to Regulation 40(9) and Regulation 61(4) of the
Alternate Investment Funds 35024 0.01 Listing Regulations, the Company obtains yearly certificate
Foreign Portfolio Investors 9,14,47,210 18.98 from a practicing Company Secretary certifying that all
NBFCs 34,43,298 0.71 transfers are completed within the statutory period. A copy
Insurance companies 1,25,66,837 2.61 of the certificates so received is submitted to both Stock
Mutual Funds 50,95,673 1.06 Exchanges, where the securities of the Company are listed.
Non Institutional
Investors Plant locations
Limited Liability Partnerships 2,69,366 0.06
The Company’s projects are located in the Mumbai
Clearing Members 19,383 0.00
Metropolitan Region, Pune and Bengaluru.
Hindu Undivided Family 1,01,986 0.02
275
Communication Details:
Contact Telephone Email Address

Grievance Redressal Ms Sanjyot Rangnekar T: +91 22 67737373 Investor.relations@ Lodha Excelus, L2,
Company Secretary & F: +91 22 23024550 lodhagroup.com N M Joshi Marg,
Compliance Officer Mahalaxmi, Mumbai
400 011
Investor Relations Mr Anand Kumar T: +91 22 67737373 Investor.relations@ Lodha Excelus, L2,
Head Investor Relations F: +91 22 23024550 lodhagroup.com N M Joshi Marg,
Mahalaxmi, Mumbai
400 011
Registrar & Share Ms Sayali Borchate T: +918108116767 rnt.helpdesk@ C101, 247 Park, L.B.S.
Transfer Agent Link Intime India Private F: +91 22 49186060 linkintime.co.in Marg, Vikhroli (West),
Limited Mumbai - 400 083
Debenture Trustees Ms Sheetal Mehta T: +91 22 4080 7062 sheetal@ Asian Building, Ground
IDBI Trusteeship Services idbitrustee.com Floor, 17 R. Kamani
Limited Marg, Ballard Estate,
Mumbai - 400 001
H. Other disclosures Requisite disclosures with respect to the related party

transactions are placed before the Audit Committee on
Compliance with discretionary requirements quarterly basis in terms of Regulation 23(3) of the Listing
Regulations and other applicable laws for approval/
Separate positions of Chairman and Managing
information. Prior omnibus approval is obtained for Related
Director & CEO
Party Transactions which are repetitive in nature.
Separate individuals hold the positions of Chairman of the
The Board of Directors has also formulated a Policy on
Board, and the Managing Director & CEO.
dealing with Related Party Transactions pursuant to the
Integrated Reporting as per framework prescribed provisions of the Act and the Listing Regulations. The
by International Integrated Reporting Council Policy intends to ensure that proper reporting, approval
(IIRC) and disclosure processes are in place for all transactions
between the Company and related parties.
This is the second Annual Integrated Report published by
the Company, in accordance with the IIRC’s Integrated The Related Party Transactions policy is available in
reporting Framework. the investor section of the Company’s website at www.
lodhagroup.in
Cyber security incidents
Whistle Blower Policy and Vigil Mechanism
The Company did not have any cyber security incidents or
breaches or loss of data or documents during FY23. The Company’s Whistle Blower Policy is in line with the
provisions of sub sections 9 and 10 of Section 177 of the Act
Material Related Party Transactions and Regulation 22 of the Listing Regulations. The Company
has established a vigil mechanism for employees, directors
All transactions entered into with related parties as defined
and other stakeholders to report concerns about fraudulent
under the Act and the Listing Regulations during FY23 were in
acts or unethical behaviour. No person has been denied
the ordinary course of business and on an arms’ length basis
access to the Chairman of the Audit Committee.
and do not attract the provisions of Section 188 of the Act.
The policy is available in the Sustainability section of the
Except as disclosed in AoC- 2 which is part of the Directors’
Company’s website at www.lodhagroup.in.
report section of this Annual Report, there were no materially
significant Related Party Transactions that could potentially Fees paid to Statutory Auditor and /or other
conflict with the interests of the Company at large. None entities in the Auditor’s network by the Company
of the transactions with any of the related parties were in
conflict with the interest of the Company. H Mn
Audit fees 21.0
Please refer Note 49 regarding disclosure of related party
Tax audit fees 1.0
transactions forming part of the Standalone Financial
Statements forming part of the Annual Report. Other services 8.7
Total 30.7
276
Statutory Reports
Compliance with Regulation 39(4) of SEBI Listing Stock Exchanges or SEBI or any statutory authority on any
Regulations matter related to capital markets during the last three years.
There are no unclaimed shares. Hence the compliance Details of utilisation of funds raised through
mechanism laid down under Regulation 39 (4) of the SEBI preferential allotment or qualified institutions
Listing Regulations read together with Schedule V and VI is placement as specified in Regulation 32 (7A)
not applicable.
The Company achieved Minimum Public Shareholding
CEO and CFO certification of 25% as stipulated under regulation 19(2) (b) of the
Securities Contracts (Regulation) Rules, 1957 by way of an
The certificate required under Regulation 17(8) of the Offer for sale of 3,45,70,506 equity shares of the Company
Listing Regulations, duly signed by the CEO and CFO of by promoters and certain members of the promoter group
the Company was placed before the Board. The same is of the Company to eligible qualified institutional buyers on
provided as Annexure C to this report. December 12, 2022. As MPS compliance was achieved by
way of a secondary sale of shares of the Company by the
Compliance with mandatory requirements of the
promoters and certain members of the promoter group to
Listing Regulations
eligible QIBs by way of an Offer for sale QIP, regulation 32
The Company has complied with corporate governance (7A) is not applicable
requirements specified in regulation 17 to 27 and clauses
Disclosure under the Sexual Harassment of
(b) to (i) of sub-regulation (2) of regulation 46 of Listing
Women at Workplace (Prevention, Prohibition
regulations. The Company has obtained a certificate of
and Redressal) Act, 2013
compliance from Shravan A. Gupta & Associates, Practicing
Company Secretary which is attached as Annexure 7 to The Company is committed towards creating a workplace that
Director’s report. is free from any form of harassment and discrimination and has
a ‘zero-tolerance’ approach towards any act of harassment.
Disclosure by listed entity and its subsidiaries of
‘Loans and advances in the nature of loans to The Company has a comprehensive policy which is framed
firms/companies in which directors are interested in compliance with the provisions of the Sexual Harassment
by name and amount of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. An Internal Complaints Committee
The Company and its subsidiaries have not advanced any
(ICC) has been constituted as per procedure prescribed in
loans and/or advances to firms/companies in which the
the law. All complaints are investigated and conducted as
Directors are interested.
per law and Company policy. The investigation reports and
Shareholders’ Rights recommendations are forwarded to the MD & CEO for action.
The Company has established a robust grievance framework The list of ICC members has been prominently displayed
to ensure that shareholders’ grievances are addressed. across all offices in publicly accessible areas. Awareness and
training sessions about the Prevention of Sexual Harassment
The Company proactively engages with shareholders at workplace are conducted for all associates.
through earning calls, presentations, meetings, conferences
and regular roadshows etc. The transcripts of earnings call During FY23, no cases were filed pursuant to the Sexual
and Annual General Meetings are uploaded on Company’s Harassment of Women at Workplace (Prevention, Prohibition
website. In addition, all major press releases issued by the and Redressal) Act, 2013.
Company are simultaneously disseminated to the Stock
The policy is available in the Sustainability section of the
Exchanges and on its website.
Company’s website at www.lodhagroup.in
As 97.11% shareholders of the Company have provided
Subsidiaries
registered email addresses, the Company follows a
medium of electronic communication with them, towards its The Company monitors performance of its subsidiaries in
continuing endeavour in the area of ‘Go Green’ initiatives. the following manner:
Details of regulatory non compliances with • Financial Statements, in particular investments made
regard to Capital Markets during the last three by unlisted subsidiary companies, are reviewed by the
years Audit Committee.
There were no instances of non compliances by the Company • Minutes of the Board Meetings of unlisted subsidiaries
and no penalties and / or strictures have been imposed by are placed before the Board on a quarterly basis.
277
• A statement containing significant transactions and Certificate from Practicing Company Secretary
arrangements entered into by unlisted subsidiary pursuant to Schedule V of the Listing Regulations
companies is placed before the Board.
A certificate has been received from Shravan A. Gupta
The financial statements of the subsidiaries are & Associates, Practising Company Secretaries, pursuant
available in the Investor Section of the Company’s to Schedule V of the Listing Regulations, that none of the
website at www.lodhagroup.in Directors on the Board of the Company have been debarred
or disqualified from being appointed or continuing as
The detailed annual report of listed subsidiaries are director of the Company by the SEBI, MCA or any such
available on the respective websites of National Standard statutory authority. The same is annexed as Annexure B to
India Limited, Sanathnagar Enterprises Limited and Roselabs this report.
Finance Limited.
Extent to which discretionary requirements as
The Board of Directors have formulated a Policy for specified in Part E of Schedule II have been adopted
determining material subsidiaries pursuant to the
provisions of the Listing Regulations. As on March 31, Adoption of the discretionary requirements by the Company
2023, the Company has 1 material subsidiary. The policy is reviewed and adopted by the Company from time to time.
is available in the Investor section of the Company’s
website at www.lodhagroup.in Board:- An Independent director has been appointed as
Chairman of the Board
Details of material subsidiaries of the listed entity
Shareholders’ Rights:- As the quarterly and half yearly
Name: Cowtown Infotech Services Private Limited financial results are published in the newspapers and are
Date of Incorporation: December 02, 1985 also posted on the Company’s website, the same are not
being sent separately to the shareholders.
Place of Incorporation RoC - Mumbai, Maharashtra,
India Audit Qualifications:- The auditors’ report on financial
Name of the statutory auditors MSKA & Associates, statements of the Company are unmodified.
Chartered Accountants (Firm Registration No. 105047W)
Reporting of Internal Auditor:- Internal auditor
Date of appointment of the statutory auditors
directly reports to the audit committee.
September 29, 2021
278
Statutory Reports
ANNEXURE A
Declaration
I hereby confirm that the Company has received confirmations from all members of the Board and Senior Management that they are
in compliance with the Company’s Code of Conduct for the financial year ended March 31, 2023.
For Macrotech Developers Limited
Abhishek Lodha
Managing Director & CEO

Place: Mumbai
ANNEXURE B
Certificate by Practicing Company Secretary on Non Disqualification

of Directors
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015)
To,
The Members
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Macrotech Developers
Limited having CIN L45200MH1995PLC093041 and having registered office at 412, Floor-4, 17G Vardhaman Chamber, Cawasji
Patel Road, Horniman Circle, Fort, Mumbai 400 001, India (hereinafter referred to as ‘the Company’), produced before me/us by the
Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i)
of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, We
hereby certify that none of the Directors on the Board of the Company as stated below have been debarred or disqualified from being
appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or
any such other statutory authority for FY23.
Original date of
Name of Director DIN appointment in
the Company
Mr Mukund Chitale 00101004 November 23, 2016
Mr Abhishek Lodha 00266089 March 9, 2016
Mr Rajinder Pal Singh 02943155 January 1, 2016
Mr Ashwani Kumar 02870681 April 8, 2020
Mr Rajendra Lodha 00370053 June 21, 2016
Ms Raunika Malhotra 06964339 June 26, 2020
Mr Lee Polisano 09254797 July 30, 2021
Mr Rajeev Bakshi 00044621 June 29, 2022
Ms Harita Gupta 01719806 September 20, 2022
279
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the
Company.
Our responsibility is to express an opinion on non disqualification of the director of the Company based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the
management has conducted the affairs of the Company.

Shravan A. Gupta
ACS: 27484, CP: 9990
Place: Mumbai
UDIN: A027484E000367186
Date: May 24, 2023
ANNEXURE C
Certificate by Chief Executive Officer & Chief Financial Officer

1. We have reviewed the Financial Statements and the cash flow statement of Macrotech Developers Limited for the financial year
2022-23 and to the best of our knowledge and belief we certify that:
a. these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be
misleading;
b. these statements together present a true and fair view of the affairs and are in compliance with existing accounting standards,
applicable laws and regulations.
2. To the best of our knowledge and belief, there are 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 have evaluated the
effectiveness of internal control systems of the Company pertaining to financial reporting and 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
taken or proposed to be taken to rectify these deficiencies.
4. We confirm that there are no:
a. significant changes in internal control over financial reporting during the year;
b. significant changes in accounting policies during the year;
c. 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.
Abhishek Lodha Sushil Kumar Modi

Managing Director & CEO Chief Financial Officer
Place: Mumbai
280
Statutory Reports
ANNEXURE D
Corporate Policies & Codes
All policies are available on our website at www.lodhagroup.in/investor-relations.
Name of the Policy Brief description

Corporate Social Responsibility This policy is built upon the Company’s vision of “Building a Better Life” and focuses on
Policy improving and uplifting the areas it operates in and the social and economic development of
the communities it touches.
The revised policy was adopted by the Board on February 13, 2021
Related Party transactions policy This policy seeks to ensure that proper reporting, approval and disclosure processes are in
place for all related party transactions keeping in mind the potential or actual conflicts of
interest that may arise because of entering into these transactions.
The revised policy was adopted by the Board on January 25, 2022
Risk Management Policy This policy seeks to ensure sustainable business growth with stability and to promote a pro-
active approach in reporting, evaluating and resolving risks associated with the business.
Nomination & Remuneration Policy The policy sets out the criteria for appointment of directors and persons who may be appointed
in Senior Management and Key Managerial positions and to determine the remuneration
payable to them from time to time.
The revised policy was adopted by the Board on January 25, 2022.
Board diversity Policy The policy sets out the approach to ensuring diversity on the Board of Directors of the Company
to leverage differences in thought, perspective, knowledge, skill, regional and industry
experience, cultural and geographical background, age, race and gender etc
Policy for evaluation of the The policy sets out the procedure for annual evaluation of the performance of the Board of
performance of the board of Directors of the Company.
directors
Policy on succession planning for This policy seeks to put in place a plan for orderly succession for the board of and senior
the board and senior management management.
of the Company
Code of conduct for board of The Board of Directors and Senior Management of the Company affirms compliance and
directors and senior management adherence with various codes and policies adopted by the Company.
personnel
The revised Code was adopted by the Board on February 13, 2021
Policy for determination of materiality This policy applies to ascertain the requirement of disclosure of events or information affecting
the Company to stock exchange(s). The policy was adopted by the Board on February 13,
2021 and is effective from April 19, 2021
Policy for determination of material The policy lays down a framework to determine material subsidiary company(s) and ensure
subsidiaries effective governance.
The policy was adopted by the Board on February 13, 2021 and is effective from April 19,
2021
Fair disclosure Code & Policy for The Code provides a framework for disclosure of unpublished price sensitive information. The
enquiry in case of leak/ suspected Policy sets out the procedure to deal with leak of UPSI.
leak of UPSI
The Code and Policy were adopted by the Board on February 13, 2021 and are effective from
April 19, 2021
281
Name of the Policy Brief description

Code of conduct for prevention of The Code provides a framework for regulating, monitoring and reporting of trading by insiders
Insider trading
The policy was adopted by the Board on February 13, 2021 and is effective from April 19,
2021
Dividend Distribution Policy This policy sets out parameters for distribution of dividend to shareholders by taking a balanced
approach to capital allocation and capital management.
The revised policy was adopted by the Board on July 25, 2022.
Group Tax Policy Our Group tax policy has been framed with the objective of complying with taxation laws of
the countries in which we have presence, abiding by evolving global transfer pricing principles
and not using tax structures with the intent of tax avoidance. As a policy, we do not undertake
aggressive tax planning or tolerate tax evasion or tolerate the facilitation of tax evasion by any
person(s) acting on the behalf of the group.
Whistle blower Policy This policy provides a framework for encouraging its employees to report matters without the
risk of subsequent victimization or discrimination or disadvantage.
The revised policy was adopted by the Board on June 6, 2023.
Policy on preservation and archival The policy sets out the parameters for preservation and archival of documents.
of documents
The policy was adopted by the Board on February 13, 2021.
Shareholders Rights Charter The Charter is based on the principles of equitable treatment to all shareholders and sets out
key principles and policies in relation to protection of shareholder rights.
282
Financial Statements
STANDALONE FINANCIAL STATEMENTS

INDEPENDENT AUDITOR’S REPORT
To the Members of Macrotech Developers Limited
Report on the Audit of the Standalone Financial Basis for Opinion

Statements
We conducted our audit in accordance with the Standards on
Opinion Auditing (SAs) specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in
We have audited the accompanying standalone financial the Auditor’s Responsibilities for the Audit of the Standalone
statements of Macrotech Developers Limited (“the Company”), Financial Statements section of our report. We are independent
which comprise the Balance Sheet as at March 31, 2023, and of the Company in accordance with the Code of Ethics issued
the Statement of Profit and Loss (Including Other Comprehensive by the Institute of Chartered Accountants of India (ICAI) together
Income), Statement of Changes in Equity and Statement of Cash with the ethical requirements that are relevant to our audit of the
Flows for the year then ended, and notes to the standalone standalone financial statements under the provisions of the Act
financial statements, including a summary of significant and the Rules thereunder, and we have fulfilled our other ethical
accounting policies and other explanatory information. responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence obtained by
In our opinion and to the best of our information and according
us is sufficient and appropriate to provide a basis for our opinion.
to the explanations given to us, the aforesaid standalone financial
statements give the information required by the Companies Act, Key Audit Matters
2013 (“the Act“) in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards Key audit matters are those matters that, in our professional
prescribed under section 133 of the Act read with Companies judgment, were of most significance in our audit of the
(Indian Accounting Standards) Rules, 2015 (“Ind AS”) and other standalone financial statements for the year ended March 31,
accounting principles generally accepted in India, of the state of 2023. These matters were addressed in the context of our audit
affairs of the Company as at March 31, 2023, and profit, other of the standalone financial statements as a whole, and in forming
comprehensive loss, changes in equity and its cash flows for the our opinion thereon, and we do not provide a separate opinion
year ended on that date. on these matters.
Sr.
Key Audit Matter How the Key Audit Matter was addressed in our audit
No
1 Revenue Recognition
Refer Note 1(B)(II)(11) of standalone financial statements Our audit procedures in respect of this area, among others,
with respect to the accounting policies followed by the included the following:
Company for recognizing revenue from sale of residential • Read the Company’s revenue recognition accounting policies
and commercial properties. and evaluated the appropriateness of the same with respect to
The Company applies Ind AS 115 “Revenue from principles of Ind AS 115 and their application to the significant
contracts with customers” for recognition of revenue from customer contracts;
sale of commercial and residential real estate, which is • Obtained and understood the Company’s process for revenue
being recognised at a point in time upon the Company recognition including identification of performance obligations
satisfying its performance obligation and the control of and determination of transfer of control of the property to the
the underlying asset gets transferred to the customer customer;
which is linked to the application and receipt of the
• Evaluated the design and implementation and verified, on a
occupancy certificate.
test check basis, the operating effectiveness of key internal
Since significant judgement is involved in identifying controls over revenue recognition including controls around
performance obligations and determining when control transfer of control of the property;
of the asset underlying the performance obligation
• Verified the sample of revenue contract for sale of residential
is transferred to the customer basis which revenue is
and commercial units to identify the performance obligations
recognised as per Ind AS 115, we have considered
of the Company under these contracts and assessed whether
revenue recognition as a key audit matter.
these performance obligations are satisfied over time or at a
point in time based on the criteria specified under Ind AS 115;
283
Standalone Financial Statements
Sr.
No
• Verified, on a test check basis, revenue transaction with the
underlying customer contract, Occupancy Certificates (OC)
and other documents evidencing the transfer of control of the
asset to the customer based on which the revenue is recognized;
and
• Assessed the adequacy and appropriateness of the disclosures
made in standalone financial statements in compliance with
the requirements of Ind AS 115 - ‘Revenue from contracts with
customers’.
2 Inventory Valuation
Refer Note 1(B)(II) 5 to the standalone financial statements Our audit procedures in respect of this area, among others,
which includes the accounting policies followed by the included the following:
Company for valuation of inventory. • Obtained an understanding of the Management’s process and
The Company’s properties under development and methodology of using key assumptions for determining the
completed properties are stated at the lower of cost and valuation of inventory as at the year-end;
Net Realizable Value (NRV). • Evaluated the design and implementation and verified, on a test
As at March 31, 2023, the Company’s properties under check basis, operating effectiveness of controls over preparation
development and inventory of completed properties and update of NRV workings and related to the Company’s
amounts to H2,41,910 million and H43,148 million review of key estimates, including estimated future selling prices
respectively. and costs of completion for property development projects;
Determination of the NRV involves estimates based • Assessed the appropriateness of the selling price estimated by
on prevailing market conditions, current prices, and the management and verified the same on a test check basis, by
expected date of commencement and completion of comparing the estimated selling price to recent market prices in
the project, the estimated future selling price, cost to the same projects or comparable properties;
complete projects and selling costs. •
Compared the estimated construction cost to complete the
The cost of the inventory is calculated using actual land project with the Company’s updated budgets and
acquisition costs, construction costs, development related • Assessed the adequacy and appropriateness of the disclosures
costs and interest capitalized for eligible project. made in the standalone financial statements with respect to
We have considered the valuation of inventory as a key Inventory in compliance with the requirements of applicable
audit matter on account of the significance of the balance Indian Accounting Standards and applicable financial reporting
to the standalone financial statements and involvement framework.
of significant judgement in estimating future selling prices
and costs to complete the project.
Information Other than the Standalone Financial we conclude that there is a material misstatement of this other
Statements and Auditor’s Report Thereon information, we are required to report that fact. We have nothing
to report in this regard.
The Company’s Board of Directors is responsible for the other
information. The other information comprises the Director’s
Report and Management Discussion and Analysis but does not Responsibilities of Management and Those Charged
include the standalone financial statements and our auditor’s with Governance for the Standalone Financial
report thereon. Statements
Our opinion on the standalone financial statements does not The Company’s Board of Directors is responsible for the matters
cover the other information and we do not express any form of stated in section 134(5) of the Act with respect to the preparation
assurance conclusion thereon. of these standalone financial statements that give a true and fair
view of the financial position, financial performance, changes
In connection with our audit of the standalone financial in equity and cash flows of the Company in accordance with
statements, our responsibility is to read the other information the accounting principles generally accepted in India, including
and, in doing so, consider whether the other information is the Accounting Standards specified under section 133 of the
materially inconsistent with the standalone financial statements, Act. This responsibility also includes maintenance of adequate
or our knowledge obtained in the audit or otherwise appears to accounting records in accordance with the provisions of the Act
be materially misstated. If, based on the work we have performed, for safeguarding of the assets of the Company and for preventing
284
and detecting frauds and other irregularities; selection and dealt with by this Report are in agreement with the
application of appropriate accounting policies; making books of account.
judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal (d) In our opinion, the aforesaid standalone financial
financial controls, that were operating effectively for ensuring the statements comply with the Indian Accounting Standards
accuracy and completeness of the accounting records, relevant specified under Section 133 of the Act.
to the preparation and presentation of the standalone financial
(e) On the basis of the written representations received
statement that give a true and fair view and are free from material
from the directors as on March 31, 2023 taken on
misstatement, whether due to fraud or error.
record by the Board of Directors, none of the directors
In preparing the standalone financial statements, the Board of are disqualified as on March 31, 2023 from being
Directors is responsible for assessing the Company’s ability to appointed as a director in terms of Section 164 (2) of
continue as a going concern, disclosing, as applicable, matters the Act.
related to going concern and using the going concern basis
(f) With respect to the adequacy of the internal financial
of accounting unless the Board of Directors either intends to
controls with reference to standalone financial statements
liquidate the Company or to cease operations, or has no realistic
of the Company and the operating effectiveness of such
alternative but to do so.
controls, refer to our separate Report in “Annexure C”.
Those Board of Directors are also responsible for overseeing the
(g) With respect to the other matters to be included in
Company’s financial reporting process.
the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
Auditor’s Responsibilities for the Audit of the our opinion and to the best of our information and
Standalone Financial Statements according to the explanations given to us:
Our objectives are to obtain reasonable assurance about i. The Company has disclosed the impact of pending
whether the standalone financial statements as a whole are free litigations on its financial position in its standalone
from material misstatement, whether due to fraud or error, and to financial statements – Refer Note 42(c) to the
issue an auditor’s report that includes our opinion. Reasonable standalone financial statements;
assurance is a high level of assurance, but is not a guarantee that
ii. The Company has made provision, as required
an audit conducted in accordance with SAs will always detect
under the applicable law or accounting standards,
a material misstatement when it exists. Misstatements can arise
for material foreseeable losses, if any, on long-term
from fraud or error and are considered material if, individually or
contracts including derivative contracts;
in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these iii. There were no amounts which were required to be
standalone financial statements. transferred to the Investor Education and Protection
Fund by the Company.
We give in “Annexure A” a detailed description of Auditor’s
responsibilities for Audit of the Standalone Financial Statements. iv. (1) The Management has represented that, to
the best of its knowledge and belief, no funds
Report on Other Legal and Regulatory Requirements have been advanced or loaned or invested
(either from borrowed funds or share premium
1. As required by the Companies (Auditor’s Report) Order, or any other sources or kind of funds) by
2020 (“the Order”), issued by the Central Government of the Company to or in any other person(s)
India in terms of sub-section (11) of section 143 of the Act, or entity(ies), including foreign entities
we give in “Annexure B” a statement on the matters specified (“Intermediaries”), with the understanding,
in paragraphs 3 and 4 of the Order, to the extent applicable. whether recorded in writing or otherwise, that
the Intermediary shall, directly or indirectly lend
2. As required by Section 143(3) of the Act, we report that: or invest in other persons or entities identified
in any manner whatsoever by or on behalf
(a) We have sought and obtained all the information and
of the Company (“Ultimate Beneficiaries”) or
explanations which to the best of our knowledge and
provide any guarantee, security or the like on
belief were necessary for the purposes of our audit.
behalf of the Ultimate Beneficiaries.
(b) In our opinion, proper books of account as required by
(2) The Management has represented, that,
law have been kept by the Company so far as it appears
to the best of its knowledge and belief, no
from our examination of those books.
funds have been received by the Company
(c) The Balance Sheet, the Statement of Profit and Loss from any person(s) or entity(ies), including
(including other comprehensive income), the Statement foreign entities (Funding Parties), with the
of Changes in Equity and the Statement of Cash Flow understanding, whether recorded in writing
285
or otherwise, as on the date of this audit is in accordance with section 123 of the Act to the
report, that the Company shall, directly or extent it applies to declaration of dividend. (Refer
indirectly, lend or invest in other persons or Note 70 to the Standalone financial statements).
entities identified in any manner whatsoever
by or on behalf of the Funding Party (“Ultimate vi. As proviso to rule 3(1) of the Companies (Accounts)
Beneficiaries”) or provide any guarantee, Rules, 2014 is applicable for the company only
security or the like on behalf of the Ultimate w.e.f. April 1, 2023, reporting under this clause is
Beneficiaries. not applicable.
(3) Based on the audit procedures performed 3. In our opinion, according to information, explanations given
that have been considered reasonable to us, the remuneration paid by the Company to its directors
and appropriate in the circumstances, and is within the limits prescribed under Section 197 of the Act
according to the information and explanations and the rules thereunder.
provided to us by the Management in this
regard, nothing has come to our notice that has
caused us to believe that the representations
For M S K A & Associates
under sub-clause (i) and (ii) of Rule 11(e) as
Chartered Accountants
provided under (1) and (2) above, contain any
ICAI Firm Registration No. 105047W
material mis-statement.
v. The Board of Directors of the Company have Bhavik L. Shah

proposed final dividend for the year which is subject Partner
to the approval of the members at the ensuing Place: Mumbai Membership No.122071
Annual General Meeting. The dividend declared Date: April 22, 2023 UDIN: 23122071BGXNQU1084
286
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT ON EVEN DATE ON THE STANDALONE

FINANCIAL STATEMENTS OF MACROTECH DEVELOPERS LIMITED
Auditor’s Responsibilities for the Audit of the • Evaluate the overall presentation, structure and content of the
Standalone Financial Statements standalone financial statements, including the disclosures,
and whether the standalone financial statements represent
As part of an audit in accordance with SAs, we exercise the underlying transactions and events in a manner that
professional judgment and maintain professional skepticism achieves fair presentation.
throughout the audit. We also:
We communicate with those charged with governance regarding,
• Identify and assess the risks of material misstatement of the among other matters, the planned scope and timing of the
standalone financial statements, whether due to fraud or audit and significant audit findings, including any significant
error, design and perform audit procedures responsive to deficiencies in internal control that we identify during our audit.
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of We also provide those charged with governance with a statement
not detecting a material misstatement resulting from fraud is that we have complied with relevant ethical requirements
higher than for one resulting from error, as fraud may involve regarding independence, and to communicate with them all
collusion, forgery, intentional omissions, misrepresentations, relationships and other matters that may reasonably be thought
or the override of internal control. to bear on our independence, and where applicable, related
safeguards.
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that are From the matters communicated with those charged with
appropriate in the circumstances. Under section 143(3)(i) of governance, we determine those matters that were of most
the Act, we are also responsible for expressing our opinion significance in the audit of the standalone financial statements for
on whether the Company has adequate internal financial the year ended March 31, 2023 and are therefore, the key audit
controls with reference to standalone financial statements in matters. We describe these matters in our auditor’s report unless
place and the operating effectiveness of such controls. law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a
• Evaluate the appropriateness of accounting policies used matter should not be communicated in our report because the
and the reasonableness of accounting estimates and related adverse consequences of doing so would reasonably be expected
disclosures made by management. to outweigh the public interest benefits of such communication.
• Conclude on the appropriateness of management’s use of

the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we For M S K A & Associates
are required to draw attention in our auditor’s report to the Chartered Accountants
related disclosures in the standalone financial statements or, ICAI Firm Registration No. 105047W
if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained Bhavik L. Shah
up to the date of our auditor’s report. However, future events Partner
or conditions may cause the Company to cease to continue Place: Mumbai Membership No.122071
as a going concern. Date: April 22, 2023 UDIN: 23122071BGXNQU1084
287
ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL

STATEMENTS OF MACROTECH DEVELOPERS LIMITED FOR THE YEAR ENDED MARCH 31, 2023
[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ Report]
i. (a) A. The Company has maintained proper records showing the requirements under paragraph 3(i)(d) of the Order
full particulars including quantitative details and are not applicable to the Company.
situation of Property, Plant and Equipment, Investment
property and relevant details of Right-of-Use Assets. (e) According to the information and explanations given
to us, no proceeding has been initiated or pending
B. The Company has maintained proper records against the Company for holding benami property
showing full particulars of Intangible Assets. under the Benami Transactions (Prohibition) Act, 1988,
as amended and rules made thereunder. Accordingly,
(b) All the Property, Plant and Equipment, Investment property the provisions stated in paragraph 3(i) (e) of the Order
and Right-of-Use Assets have not been physically verified are not applicable to the Company.
by the management during the year but there is regular
programme of verification which, in our opinion, is ii. (a) The inventory has been physically verified during
reasonable having regard to the size of the Company and the year by the management. In our opinion, the
the nature of its assets. No material discrepancies were frequency of verification, coverage & procedure of such
noticed on such verification. verification is reasonable and appropriate. No material
discrepancies were noticed on such verification.
(c) According to the information and explanations given to
us and on the basis of our examination of the records of (b) During the year, the Company has been sanctioned
the Company, the title deeds of immovable properties working capital limits in excess of H 5 crores in aggregate
(other than properties where the Company is the lessee from Banks/financial institutions on the basis of security
and the lease agreements are duly executed in favour of of current assets. Quarterly returns / statements filed
the lessee) as disclosed in the financial statements are with such Banks/ financial institutions are in agreement
held in the name of the Company. with the books of account.
(d) According to the information and explanations given iii. (a) According to the information and explanation provided
to us, the Company has not revalued its Property, to us, the Company has provided loans or provided
Plant and Equipment (including Right-of-Use Asset) or advances in the nature of loans, or given guarantee, or
Intangible Assets or both during the year. Accordingly, provided security to any other entity.
(A) The details of such loans or advances and guarantees or security to subsidiaries, joint ventures and associates in
accordance with provisions of the Companies Act, 2013 are as follows:
Advances in
Guarantees Security Loans
the nature
(J in (J in (J in of loans
million) million) million)
(J in million)
Aggregate amount granted/provided during
the year (Net)
- Subsidiaries 13,200 - 2,141 -
- Joint Ventures - - - -
- Associates - - - -
Balance Outstanding as at balance sheet date
in respect of above cases
- Subsidiaries 6,702 - 8,972 -
- Joint Ventures - - - -
- Associates - - - -
288
AND
(B) The details of such loans or advances and guarantees or security to parties other than subsidiaries, joint ventures and
associates are as follows:
Advances in
Guarantees Security Loans
the nature
(J in (J in (J in of loans
million) million) million)
(J in million)
Aggregate amount granted/provided during
the year (Net)
- Others - - 3,014 -
Balance Outstanding as at balance sheet date
in respect of above cases
- Others - - 3,036 -
(b) According to the information and explanations given to us and based on the audit procedures performed by us, we are of the
opinion that the terms and conditions in relation to investments made, guarantees provided, securities given and grant of all
loans and advances in the nature of loans during the year are not prejudicial to the interest of the Company.
(c) In case of the loans and advances in the nature of loan, schedule of repayment of principal and payment of interest have
been stipulated and the borrowers have been regular in the payment of the principal and interest.
(d) There are no amounts overdue for more than ninety days as at the balance sheet date other than those already provided for
in respect of the loan granted to Company/ Firm/ LLP/ Other Parties.
(e) According to the information and explanation provided to us, the loan or advance in the nature of loan granted to 8
subsidiaries has fallen due during the year and the same have been renewed. The details of the same are as follows:
Aggregate overdue amount Percentage of the aggregate

Aggregate amount of loans or
settled by renewal or extension to the total loans or advances
advances in the nature of loans
or by fresh loans granted to in the nature of loans granted
granted during the year
same parties during the year
(J in million)
(J in million) (J in million)
5,156 3,188 62%
(f) According to the information and explanation provided vi. We have broadly reviewed the books of account relating
to us, the Company has not granted loans and / or to material, labour and other items of cost maintained
advances in the nature of loans during the year which by the Company pursuant to Rules made by the Central
are either repayable on demand or without specifying Government for the maintenance of cost records under
any terms or period of repayment. Hence, the Section 148(1) of the Act and we are of the opinion that
requirements under paragraph 3(iii)(f) of the Order are prima facie the prescribed accounts and records have been
not applicable to the Company. made and maintained. We have not, however, made a
detailed examination of the records with a view to determine
iv. According to the information and explanations given to us, whether they are accurate or complete.
the Company has complied with the provisions of Section
185 and 186 of the Act, in respect of loans, investments, vii. (a) According to the information and explanations given to
guarantees and security made. Further, as the Company is us and the records of the Company examined by us, in
engaged in the business of providing infrastructural facilities, our opinion, undisputed statutory dues including goods
the provisions of Section 186 [except for sub-section 1] are and services tax, provident fund, employees' state
not applicable to the Company. insurance, income-tax, sales-tax, duty of customs, cess,
and other statutory dues have generally been regularly
v. According to the information and explanations given to us, deposited by the Company with appropriate authorities
the Company has not accepted any deposits from the public during the year. The Company’s operations during the
within the meaning of Sections 73, 74, 75 and 76 of the Act year did not give rise to any liability for value added tax,
and the rules framed there under. service tax and excise duty.
289
Further no undisputed statutory dues were in arrears, as at March 31, 2023 for a period of more than six months from the
date they became payable.
(b) According to the information and explanation given to us and examination of records of the Company, details of statutory
dues referred to in sub-Clause (a) above which have not been deposited as on March 31, 2023 on account of any dispute,
are as follows:
Amount Amount paid Period to which Forum where

Name of the Nature of
demanded under protest the amount dispute is
statute dues
(J in million) (J in million) relates pending
Income Tax Act, Income 6 1 Assessment year Commissioner
1961 Tax(including 2007-2008 of Income Tax
interest) (Appeals)
Income Tax Act, Income 0* - Assessment year Commissioner
interest) (Appeals)
interest) (Appeals)
Income Tax Act, Income 38 8 Assessment year Income Tax
1961 Tax(including 2012-2013 Appellate Tribunal
interest)
interest) (Appeals)
interest) (Appeals)
Income Tax Act, Income 2 0** Assessment year Income Tax
interest)
interest) (Appeals)
interest) (Appeals)
interest) (Appeals)
Income Tax Act, Income 44 - Assessment year Income Tax
interest)
interest) (Appeals)
Income Tax Act, Income 200 - Assessment year Income Tax
interest)
Income Tax Act, Penalty u/s 0 *** - Assessment year Commissioner
1961 271D & E 2009-2010 of Income Tax
(Appeals)
Income Tax Act, Penalty u/s 150 - Assessment year Commissioner
1961 271D & E 2016-2017 of Income Tax
(Appeals)
Income Tax Act, Penalty u/s 65 - Assessment year Commissioner
1961 271D & E 2017-2018 of Income Tax
(Appeals)
290
Amount Amount paid Period to which Forum where

Name of the Nature of
demanded under protest the amount dispute is
statute dues
(J in million) (J in million) relates pending
Income Tax Act, Penalty u/s 0 **** - Assessment year Commissioner
1961 271D & E 2018-2019 of Income Tax
(Appeals)
Goods & Service Goods & 9 1 Financial year – Appellate Tribunal
Tax Act,2017 Service Tax 2017-2018
Goods & Service Goods & 9 - Financial year – Commissioner
Tax Act,2017 Service Tax 2017-2018 (Appeals)
Goods & Service Goods & 193 9 Financial year – Joint Commissioner
Goods & Service Goods & 5 0***** Financial year – Joint Commissioner
Goods & Service Goods & 17 17 Financial year – Delhi High Court
Tax Act,2017 Service Tax 2017-2018
Goods & Service Transition 1,011 66 Financial year – Joint Commissioner
Tax Act,2017 Credit 2017-2018 (Appeals)
MVAT Act, 2002 Value Added 102 3 Financial year – Appellate Tribunal
Tax 2009-2010
Tax 2010-2011
Tax 2011-2012
MVAT Act, 2002 Value Added 1 - Financial year – Joint Commissioner
Tax 2012-2013 (Appeals)
Tax 2012-2013
Tax 2013-2014
MVAT Act, 2002 Value Added 18 1 Financial year – Joint Commissioner
Finance Act, Service Act 11 0 ****** Financial year Commissioner
1994 – 2014-15 to Service Tax
2017-18 (Appeals)
Finance Act, Service Act 53 2 Financial year Commissioner
2017-18 (Appeals)
Finance Act, Service Act 48 2 Financial year Commissioner
2017-18 (Appeals)
Maharashtra Stamp Duty 4,738 2,025 August 01, 2011 to Bombay High Court
Stamp Act, 1958 February 28, 2017
Maharashtra Stamp Duty 194 - Financial Year Bombay High Court
Stamp Act, 1958 2013-2014
*Represents Income Tax demand of H25,100/-

** Represents amount paid under protest of H3,30,218/- towards Income Tax demand
*** Represents Income Tax demand of H3,02,250 /-
**** Represents Income Tax demand of H31,303/-
***** Represents amount paid under protest of H2,25,960 /- towards Goods and Service Tax demand
****** Represents amount paid under protest of H4,00,000 /- towards Service Tax demand
291
viii. According to the information and explanations given to xi. (a) Based on our examination of the books and records
us, there are no transactions which are not accounted in of the Company, carried out in accordance with the
the books of account which have been surrendered or generally accepted auditing practices in India, and
disclosed as income during the year in Tax Assessment of the according to the information and explanations given to
Company. Also, there are no previously unrecorded income us, we report that no material fraud by the Company
which has been now recorded in the books of account. nor on the Company has been noticed or reported
Hence, the provision stated in paragraph 3(viii) of the Order during the course of our audit.
is not applicable to the Company.
(b) We have not come across of any instance of material
ix. (a) In our opinion and according to the information fraud by the Company or on the Company during the
and explanations given to us, the Company has not course of audit of the standalone financial statement
defaulted in repayment of loans or borrowings or in for the year ended March 31, 2023, accordingly the
payment of interest thereon to any lender. provisions stated in paragraph 3(xi)(b) of the Order is
not applicable to the Company.
(b) According to the information and explanations given to
us and on the basis of our audit procedures, we report (c) As represented to us by the Management, there are no
that the Company has not been declared wilful defaulter whistle-blower complaints received by the Company
by any bank or financial institution or government or during the year.
any government authority.
xii. The Company is not a Nidhi Company. Accordingly, the
(c) In our opinion and according to the information provisions stated in paragraph 3(xii) (a) to (c) of the Order
explanation provided to us, money raised by way of are not applicable to the Company.
term loans during the year have been applied for the
purpose for which they were raised. xiii. According to the information and explanations given
to us and based on our examination of the records of
(d) According to the information and explanations given the Company, transactions with the related parties are in
to us, and the procedures performed by us, and on compliance with Sections 177 and 188 of the Act, where
an overall examination of the standalone financial applicable and details of such transactions have been
statements of the Company, we report that no funds disclosed in the standalone financial statements as required
raised on short-term basis have been used for long- by the applicable accounting standards.
term purposes by the Company.
xiv. (a) In our opinion and based on our examination, the
(e) According to the information and explanation given to Company has an internal audit system commensurate
us and on an overall examination of the standalone with the size and nature of its business.
financial statements of the Company, we report that the
Company has not taken any funds from any entity or (b) We have considered internal audit reports of the
person on account of or to meet the obligations of its Company issued till date, for the period under audit.
subsidiaries, or joint ventures.
xv. According to the information and explanations given to
(f) According to the information and explanations given us, in our opinion, during the year the Company has not
to us and procedures performed by us, we report that entered into non-cash transactions with directors or persons
the Company has not raised loans during the year on connected with its directors and hence, provisions of Section
the pledge of securities held in its subsidiaries, or joint 192 of the Act are not applicable to Company.
ventures. Hence, reporting under the paragraph 3(ix)(f)
xvi. (a) The Company is not required to be registered under
of the Order is not applicable to the Company.
Section 45 IA of the Reserve Bank of India Act, 1934
x. (a) In our opinion and according to the information and and accordingly, the provisions stated in paragraph 3
explanation given to us, the Company did not raise any (xvi)(a) of the Order are not applicable to the Company.
money by way of initial public offer or further public offer
(b) The Company is not required to be registered under
(including debt instruments) during the year. Hence, the
Section 45 IA of the Reserve Bank of India Act, 1934
provisions stated in paragraph 3 (x)(a) of the Order are
and accordingly, the provisions stated in paragraph 3
not applicable to the Company.
(xvi)(b) of the Order are not applicable to the Company.
(b) According to the information and explanations given to
(c) The Company is not a Core investment Company (CIC)
us and based on our examination of the records of the
as defined in the regulations made by Reserve Bank of
Company, the Company has not made any preferential
India. Hence, the reporting under paragraph 3 (xvi)(c)
allotment or private placement of shares or fully, partly,
of the Order is not applicable to the Company.
or optionally convertible debentures during the year.
Hence, the provisions stated in paragraph 3 (x)(b) of
the Order are not applicable to the Company.
292
(d) According to the information and explanation provided the audit report and we neither give any guarantee nor any
to us, as per the definition of Group under Core assurance that all liabilities falling due within a period of
Investment Companies (Reserve Bank) Directions 2016, one year from the balance sheet date, will get discharged by
there are two Core Investment Company (CIC) within the Company as and when they fall due.
the Group which are not required to be registered with
the Reserve Bank of India. xx. According to the information and explanations given to us
and based on our verification, the provisions of Section 135
xvii. Based on the overall review of standalone financial of the Act are applicable to the Company. The Company
statements, the Company has not incurred cash losses in has made the required contributions during the year and
the current financial year and in the immediately preceding there are no unspent amounts which are required to be
financial year. Hence, the provisions stated in paragraph 3 transferred either to a Fund or to a Special Account as per
(xvii) of the Order are not applicable to the Company. the provisions of Section 135 of the Act read with schedule
VII. Accordingly, reporting under paragraph 3(xx)(a) and
xviii. There has been no resignation of the statutory auditors paragraph 3(xx)(b) of the Order is not applicable to the
during the year. Hence, the provisions stated in paragraph 3 Company.
(xviii) of the Order are not applicable to the Company.
xxi. The reporting under paragraph 3(xxi) of the Order is not
xix. According to the information and explanations given to us applicable in respect of audit of standalone financial
and on the basis of the financial ratios, ageing and expected statements. Accordingly, no comment in respect of the said
dates of realization of financial assets and payment of paragraph has been included in the report.
financial liabilities, other information accompanying the
standalone financial statements, our knowledge of the Board
of Directors and management plans and based on our
examination of the evidence supporting the assumptions,
nothing has come to our attention, which causes us to For M S K A & Associates
believe that any material uncertainty exists as on the date of Chartered Accountants
the audit report that Company is not capable of meeting its ICAI Firm Registration No. 105047W
liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance Bhavik L. Shah
sheet date. We, however, state that this is not an assurance Partner
as to the future viability of the Company. We further state Place: Mumbai Membership No.122071
that our reporting is based on the facts up to the date of Date: April 22, 2023 UDIN: 23122071BGXNQU1084
293
ANNEXURE C TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE

[Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ Report of even
date to the Members of Macrotech Developers Limited on the Financial Statements for the year ended March 31, 2023]
Report on the Internal Financial Controls under Auditors’ Responsibility

Clause (i) of Sub-section 3 of Section 143 of the
Our responsibility is to express an opinion on the Company's
Companies Act, 2013 (“the Act”)
internal financial controls with reference to standalone financial
Opinion statements based on our audit. We conducted our audit in
accordance with the Guidance Note and the Standards on
We have audited the internal financial controls with reference to Auditing, issued by ICAI and deemed to be prescribed under
standalone financial statements of Macrotech Developers Limited section 143(10) of the Act, to the extent applicable to an audit
(“the Company”) as of March 31, 2023 in conjunction with our of internal financial controls. Those Standards and the Guidance
audit of the standalone financial statements of the Company for Note require that we comply with ethical requirements and plan
the year ended on that date. and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls with reference to
In our opinion, the Company has, in all material respects,
standalone financial statements was established and maintained
adequate internal financial controls with reference to standalone
and if such controls operated effectively in all material respects.
financial statements and such internal financial controls with
reference to standalone financial statements were operating Our audit involves performing procedures to obtain audit
effectively as at March 31, 2023, based on the internal evidence about the adequacy of the internal financial controls
control with reference to standalone financial statements with reference to standalone financial statements and their
criteria established by the Company considering the essential operating effectiveness. Our audit of internal financial controls
components of internal control stated in the Guidance Note on with reference to standalone financial statements included
Audit of Internal Financial Controls Over Financial Reporting obtaining an understanding of internal financial controls with
issued by the Institute of Chartered Accountants of India (ICAI) reference to standalone financial statements, assessing the risk
(the “Guidance Note”). 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
Management’s Responsibility for Internal Financial
auditor’s judgement, including the assessment of the risks of
Controls
material misstatement of the standalone financial statements,
The Company’s Management is responsible for establishing whether due to fraud or error.
and maintaining internal financial controls based on the internal
We believe that the audit evidence we have obtained is sufficient
control with reference to standalone financial statements
and appropriate to provide a basis for our audit opinion on
criteria established by the Company considering the essential
the Company’s internal financial controls with reference to
components of internal control stated in the Guidance Note.
standalone financial statements.
These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient Meaning of Internal Financial Controls With reference
conduct of its business, including adherence to Company’s to Standalone Financial Statements
policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness A Company's internal financial control with reference to
of the accounting records, and the timely preparation of reliable standalone financial statements is a process designed to provide
financial information, as required under the Act. reasonable assurance regarding the reliability of financial
294
reporting and the preparation of standalone financial statements possibility of collusion or improper management override of
for external purposes in accordance with generally accepted controls, material misstatements due to error or fraud may occur
accounting principles. A Company's internal financial control and not be detected. Also, projections of any evaluation of the
with reference to standalone financial statements includes those internal financial controls with reference to standalone financial
policies and procedures that (1) pertain to the maintenance of statements to future periods are subject to the risk that the
records that, in reasonable detail, accurately and fairly reflect internal financial control with reference to standalone financial
the transactions and dispositions of the assets of the Company; statements may become inadequate because of changes in
(2) provide reasonable assurance that transactions are recorded conditions, or that the degree of compliance with the policies or
as necessary to permit preparation of standalone financial procedures may deteriorate.
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 unauthorized acquisition, use, or disposition of the Company's
assets that could have a material effect on the standalone For M S K A & Associates
financial statements. Chartered Accountants
ICAI Firm Registration No. 105047W
Inherent Limitations of Internal Financial Controls
With reference to Standalone financial statements Bhavik L. Shah
Partner
Because of the inherent limitations of internal financial controls Place: Mumbai Membership No.122071
with reference to standalone financial statements, including the Date: April 22, 2023 UDIN: 23122071BGXNQU1084
295
STANDALONE BALANCE SHEET

AS AT 31ST MARCH, 2023
H in million
Particulars Notes As at 31-March-23 As at 31-March-22
ASSETS
Non-Current Assets
Property, Plant and Equipment 2 11,991 8,296
Investment Property 3 2,451 3,608
Goodwill 4 4,668 4,668
Other Intangible Assets 4 442 546
Financial Assets
Investments 5 3,451 2,227
Loans 6 12,457 31,888
Other Financial Assets 7 882 1,532
Non-Current Tax Assets (net) 8 2,072 2,457
Deferred Tax Assets (Net) 40 2,152 -
Other Non-Current Assets 9 227 261
Total Non-Current Assets 40,793 55,483
Current Assets
Inventories 10 2,86,029 2,59,091
Financial Assets
Investments 11 346 3,896
Loans 12 9,017 11,282
Trade Receivables 13 7,281 5,111
Cash and Cash Equivalents 14 12,745 3,344
Bank Balances other than Cash and Cash Equivalents 15 4,252 6,866
Other Financial Assets 16 34,965 20,199
Other Current Assets 17 7,971 10,346
Total Current Assets 3,62,606 3,20,135
Total Assets 4,03,399 3,75,618
EQUITY AND LIABILITIES
Equity
Equity Share Capital 18 4,818 4,815
Optionally Convertible Debentures 19 - -
Other Equity
Security Premium 20 65,615 65,411
Retained Earnings 21 50,786 47,104
Other Reserves 22 4,471 4,431
Equity attributable to owners of the Company 1,25,690 1,21,761
Non-Current Liabilities
Financial Liabilities
Borrowings 23 15,743 20,683
Lease Liability 51 3,529 -
Trade Payables 24
Due to Micro and Small Enterprises 34 -
Due to Others 15 25
Other Financial Liabilities 25 1,145 1,529
Provisions 26 216 166
Deferred Tax Liabilities (Net) 40 - 1,703
Other Non-Current Liabilities 27 - 933
Total Non-Current Liabilities 20,682 25,039
Current Liabilities
Borrowings 28 86,548 87,642
Lease Liability 51 83 -
Trade Payables 29
Due to Micro and Small Enterprises 692 298
Due to Others 22,011 13,594
Other Current Financial Liabilities 30 43,930 22,034
Provisions 31 72 54
Current Tax Liabilities 32 329 -
Other Current Liabilities 33 1,03,362 1,05,196
Total Current Liabilities 2,57,027 2,28,818
Total Liabilities 2,77,709 2,53,857
Total Equity and Liabilities 4,03,399 3,75,618
Significant Accounting Policies 1

See accompanying notes to the Standalone Financial Statements 1-71
As per our attached Report of even date For and on behalf of the Board of Directors of
For M S K A & Associates Macrotech Developers Limited
Firm Registration Number: 105047W
Mukund Chitale Abhishek Lodha
(Chairman) (Managing Director and CEO)
DIN: 00101004 DIN: 00266089
Bhavik L. Shah Sushil Kumar Modi Sanjyot Rangnekar

(Partner) (Chief Financial Officer) (Company Secretary)
Membership No. 122071 Membership No. F4154
Place : Mumbai
Date : April 22, 2023
296
STANDALONE STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED 31ST MARCH, 2023
H in million
For the For the
Particulars Notes Year ended Year ended
31-March-23 31-March-22
I INCOME
Revenue From Operations 34 87,346 83,533
Other Income 35 2,549 914
Total Income 89,895 84,447
II EXPENSES
Cost of Projects 36 55,831 54,373
Employee Benefits Expense 37 4,112 3,443
Finance Costs 38 5,979 3,944
Depreciation, Impairment and Amortisation Expense 2,3&4 1,242 561
Other Expenses 39 9,014 6,139
Total Expense 76,178 68,460
III Profit Before Exceptional Item and Tax 13,717 15,987
Exceptional Items 65 (11,774) -
IV Profit Before Tax 1,943 15,987
V Tax Credit / (Expense) 40
Current Tax (2,692) 128
Deferred Tax 3,803 (4,779)
Total Tax Credit / (Expense) 1,111 (4,651)
VI Profit for the year 3,054 11,336
VII Other Comprehensive Income (OCI)
A Items that will not be reclassified to Statement of Profit
and Loss
Gain on Property Revaluation - 37
Remeasurements of Defined Benefit Plans (43) 14
Income Tax Effect 15 (13)
(28) 38
B Items that will be reclassified to Statement of Profit - -
and Loss
Total Other Comprehensive Income (Net of Tax) (A+B) (28) 38
VII Total Comprehensive Income for the year (VI + VII) 3,026 11,374
IX Earnings per Equity Share (in J) 60
(Face value of H 10 per Equity Share)
Basic 6.34 24.78
Diluted 6.33 24.75
DIN: 00101004 DIN: 00266089
Place : Mumbai
297
STATEMENT OF CASH FLOW

H in million
For the For the Year
Particulars Year ended ended
(A) Operating Activities
Profit Before Tax 1,943 15,987
Adjustments for :
Depreciation, impairment and Amortisation Expense 1,242 561
Net Foreign Exchange Loss / (Gain) 828 538
Provision for Doubtful Receivables /Advances 11,807 -
Sundry Balances / Excess Provisions Written Off/ (Back) (Net) (178) (76)
(Profit) / Loss on Sale of Property, Plant and Equipment (12) 2
Profit on Sale of Investments (1,185) (30)
Reversal of Diminution in Value of Investment - (87)
(Gains) / Loss arising from Fair Valuation of Financial Instruments 73 (107)
Dividend Income - (53)
Provision for Share based payment 766 394
Interest Income (1,787) (1,083)
Finance Costs 14,942 16,240
Operating Profit Before Working Capital Changes 28,439 32,286
Working Capital Adjustments:
(Increase)/Decrease in Trade and Other Receivables (14,615) (6,706)
(Increase)/Decrease in Inventories (3,318) 11,814
(Increase)/Decrease in Trade and Other Payables 2,609 (16,334)
Cash Generated From Operating Activities 13,115 21,060
Income Tax (Paid)/Refund (2,039) (1,454)
Net Cash Flows From Operating Activities 11,076 19,606
(B) Investing Activities
Purchase of Property, Plant And Equipment (including Intangible) (901) (446)
Proceeds from Sale of Property, Plant And Equipment 150 2
Purchase of Non-Current Investments (1,829) (126)
Proceeds from Sale of Non-Current Investments 1,749 1,079
(Purchase) / Sale of Current Investments 3,533 8,668
Proceeds from / Investment in Bank Deposits (Net) 3,264 (7,470)
Loans (Given)/ Received back (Net) 10,684 (18,164)
Interest Received 246 160
Dividend Received - 53
Net Cash Flows/ (used) From Investing Activities 16,897 (16,244)
(C) Financing Activities
Proceeds from issue of Equity Shares including Premium 100 63,453
Proceeds from Borrowings 47,414 51,025
Repayment of Borrowings (53,854) (93,739)
Repayment of Lease Liability (176) -
Repayment of Optionally Convertible Debentures - (6,765)
Finance Costs paid (12,056) (15,997)
Net Cash Flow used in Financing Activities (18,572) (2,023)
(D) Net Increase in Cash and Cash Equivalents (A+B+C) : 9,401 1,339
Add: Cash and Cash Equivalents at the beginning of the year 3,344 2,005
Cash and Cash Equivalents at end of year (Refer Note 14) 12,745 3,344
298
STATEMENT OF CASH FLOW

Notes:
1 Cash flow statement has been prepared under the indirect method as set out in Ind AS - 7 specified under Section 133 of the
Companies Act 2013.
2 Reconciliation of liabilities arising from financing activities under Ind AS 7
Borrowings
Balance at the beginning of the year 1,08,325 1,52,861
Cash flow (6,440) (42,714)
Non cash changes * 406 (1,822)
Balance at the end of the year 1,02,291 1,08,325
* Represents amortization of Debenture Premium. Previous year figure includes merger impact of Palava Dwellers Pvt. Ltd. [Refer Note 64 (a)]
Lease Liability
Balance at the beginning of the year - -
Addition during the year 3,595 -
Cash flow (176) -
Non cash changes 193 -
Balance at the end of the year 3,612 -

DIN: 00101004 DIN: 00266089
Place : Mumbai
299
STATEMENT OF CHANGES IN EQUITY

(A) EQUITY SHARE CAPITAL

H in million
As at As at
Particulars
Balance at the beginning of the reporting period 4,815 3,959
Change during the year on account of prior period changes - -
Restated Balance at the beginning of the reporting year 4,815 3,959
Issued during the year 3 856
Balance at the end of the reporting year 4,818 4,815
(B) OTHER EQUITY

H in million
Other
Reserves and Surplus Reserve
through OCI
Particulars Share Total
Debenture Capital
Share Based Capital Retained Revaluation
Redemption Redemption
Premium Payment Reserve Earnings Reserve
Reserve Reserve
Reserve
As at 31-March-22 65,411 394 (918) 619 3 47,104 4,333 1,16,947
Profit for the year - - - - - 3,054 - 3,054
Other Comprehensive - - - - - (28) - (28)
Income (net of tax)
Transfer from / (to) 107 (107) - (619) - 619 - -
Addition during the year 97 766 - - - - - 863
Deferred Tax on Intangible - - - - - 37 - 37
Assets (pursuant to court
order)
As at 31-March-23 65,615 1,053 (918) - 3 50,786 4,333 1,20,872
H in million
Other
through OCI
Debenture Capital
Reserve Reserve
Reserve
As at 1-April-21 2,136 - (161) 5,829 3 29,476 4,304 41,587
Impact of Merger [Refer - - (757) - - (102) 29 (830)
Note 64]
As at 1-April-21 2,136 - (918) 5,829 3 29,374 4,333 40,757
(restated)
Profit for the year - - - - - 11,336 - 11,336
Addition during the year 64,140 394 - - - - - 64,534
(Refer Note 66)
Other Comprehensive - - - - - 9 - 9
Income (net of tax)
Equity Issue expenses (Net (865) - - - - - - (865)
of Tax) (Refer Note 66)
Deferred Tax on Intangible - - - - - 10 - 10
Assets (pursuant to court
order)
Transfer from / (to) - - - (5,210) - 5,210 - -
300
STATEMENT OF CHANGES IN EQUITY

H in million
Other
through OCI
Debenture Capital
Reserve Reserve
Reserve
Premium paid for OCD - - - - - (1,405) - (1,405)
(Net of Tax)*
Impact of Merger on - - - - - 2,570 - 2,570
NCD issued by the
Company (including
deferred tax of H589
million) [Refer Note 64(a)]
As at 31-March-22 65,411 394 (918) 619 3 47,104 4,333 1,16,946
*During the previous year, outstanding Optionally Convertible Debentures (OCD) issued by erstwhile Palava Dwellers Private Limited of H4,604 million has been
redeemed at a premium of H2,160 million. The premium on OCD of H2,160 million less tax thereon of H755 million, net H1,405 miilion has been adjusted against
retained earning in accordance with Indian Accounting Standard 32 - Financial Instruments: Presentation.
DIN: 00101004 DIN: 00266089
Place : Mumbai
301
NOTES TO THE STANDALONE FINANCIAL STATEMENTS

1 SIGNIFICANT ACCOUNTING POLICIES iii) Expected to be realised within twelve months after the
reporting period, or
A Company's Background
iv) Cash or cash equivalent unless restricted from being
Macrotech Developers Limited (the Company) is a exchanged or used to settle a liability for at least twelve
public limited company domiciled and incorporated months after the reporting period.
in India under the Companies Act, 1956 vide CIN -
L45200MH1995PLC093041. The Company’s registered All other assets are classified as non-current.
office is located at 412 , Floor - 4, 17 G Vardhaman
Chamber, Cawasji Patel Road, Horniman Circle, Fort, A liability is current when:
Mumbai - 400001. The Company is primarily engaged in i) It is expected to be settled in normal operating cycle
the business of real estate development.
ii) It is held primarily for the purpose of trading
The Financial Statements are approved by the Company's
Board of Directors at its meeting held on April 22, 2023. iii) It is due to be settled within twelve months after the
B Significant Accounting Policies
iv) There is no unconditional right to defer the settlement of
I Basis of Preparation the liability for at least twelve months after the reporting
The Standalone financial statements of the Company have period.
been prepared in accordance with Indian Accounting The Company classifies all other liabilities as non-current.
Standards (‘Ind AS’) notified under section 133 of the
Companies Act 2013, read together with the Companies Deferred tax assets and liabilities are classified as non-
(Indian Accounting Standards) Rules, 2015 and amendments current assets and liabilities respectively.
if any.
The operating cycle is the time between the acquisition of assets
These financial statements have been prepared and for processing and their realisation in cash and cash equivalents.
presented under the historical cost convention, on the The operating cycle of the Company's real estate operations
accrual basis of accounting except for land as classified varies from project to project depending on the size of the
under Property, Plant and Equipment and certain financial project, type of development, project complexities and
assets and financial liabilities that are measured at fair related approvals. Accordingly, project related assets and
values at the end of each reporting period, as stated in the liabilities are classified into current and non-current based
accounting policies set out below. The accounting policies on the operating cycle of the project. All other assets and
have been applied consistently over all the year presented in liabilities have been classified into current and non-current
these financial statements. based on a period of twelve months.
The financial statements are presented in Indian Rupees (H) 2 Property, Plant and Equipment
and all values are rounded to the nearest million except
when otherwise indicated. Transactions and balances with i. Recognition and measurement
values below the rounding off, have been reflected as “0” in
All property, plant and equipment except freehold land
the relevant notes to these financial statements.
are stated at historical cost less accumulated depreciation.
II Summary of Significant Accounting Policies Building was recorded at fair value as deemed cost as at
the date of transition to Ind AS. Historical cost includes
1 Current and Non-Current Classification expenditure that is directly attributable to the acquisition
of the items. Cost includes freight, duties, taxes, borrowing
The Company presents assets and liabilities in the Standalone cost and incidental expenses related to the acquisition and
Balance Sheet based on current/ non-current classification. installation of the asset.
An asset is treated as current when it is:
Freehold Land is measured at fair value. Valuations are
i) Expected to be realised or intended to be sold or performed with sufficient frequency to ensure that the
consumed in normal operating cycle. carrying value of revalued asset does not defer materially
ii) Held primarily for the purpose of trading from its fair value. Revaluation surplus is recorded in Other
Comphrensive Income and credited to the Revaluation
reserve in Other Equity.
302

ii. Subsequent costs Depreciation on assets sold during the year is charged to
the Standalone Statement of Profit and Loss up to the month
Subsequent expenditure is capitalised only when it is probable preceding the month of sale.
that the future economic benefits of the expenditure will flow
to the Company. All other repairs and maintenance are Depreciation methods, useful lives and residual values
charged to the Standalone Ind AS Statement of Profit and are reviewed periodically at each financial year end and
Loss during the reporting period in which they are incurred. adjusted prospectively, as appropriate.
iii. Derecognition 3 Investment Properties
The carrying amount of an item of Property, Plant and The Property that is held for long term rental yield or for
Equipment is derecognized on disposal or when no future capital appreciation or both, and that is not occupied by the
economic benefits are expected from its use or disposal. The Company is classified as an Investment Property.
gain or loss arising from the derecognition of an item of
Property, Plant and Equipment is measured as the difference Investment properties are measured initially at cost, including
between the net disposal proceeds and the carrying amount transaction and borrowing costs. Subsequent to initial
of the item and is recognized in the Standalone Statement of recognition, investment properties are stated at cost less
Profit and Loss when the item is derecognized. accumulated depreciation and accumulated impairment
losses, if any.
iv. Capital work in progress
The Company depreciates investment properties over the
Cost of assets not ready for intended use, as on the Balance useful life of 60 years from the date of original purchase as
Sheet date, is shown as capital work in progress. prescribed under Schedule II to the Companies Act, 2013.
v. Depreciation Investment properties are derecognized either when they

have been disposed of or when they are permanently
Depreciation is calculated on a written down value basis withdrawn from use and no future economic benefit is
over the estimated useful lives of the assets as specified in expected from their disposal. The difference between the net
Schedule II of Companies Act, 2013 except for Site/Sales disposal proceeds and the carrying amount of the asset is
Offices ,Sample Flats and Aluminium Formwork wherein the recognized in profit or loss in the period of derecognition.
estimated useful lives is determined by the management.
Management believes that such estimated useful lives are Amortisation method, useful lives and residual values are
realistic and reflect fair approximation of the period over reviewed at the end of each financial year and adjusted, if
which the assets are likely to be used. appropriate.
Sr. Property, Plant and Useful life 4 Intangible Assets

No. Equipment (Years)
Intangible assets acquired separately are measured on initial
i) Site/Sales Offices and Sample Flats 8 recognition at cost. Following initial recognition, intangible
ii) Freehold Building 60 assets are carried at cost less any accumulated amortisation
iii) Plant and Equipment 6 to15 and impairment losses.
iv) Office Equipment 5
v) Computers The useful lives of intangible assets are assessed as either
(a) Servers and networks 6 finite or indefinite. Currently the company has not identified
(b) End user devices, such as, 3 any Intangible assets other than goodwill to have indefinite
desktops, laptops, etc. life.
vi) Furniture and Fixtures 10
Intangible assets with finite lives are amortised over the useful
vii) Vehicles
economic life. The useful economic life and the amortisation
(a) Motor cycles, scooters and 10
method for an intangible asset with a finite useful life are
other mopeds
reviewed at least at the end of each reporting period. The
(b) Motor buses, motor lorries, 8 amortisation expense on intangible assets with finite lives is
motor cars and motor taxies recognised in the Standalone Statement of Profit and Loss.
Depreciation on addition to property plant and equipment is
Gains or losses arising from derecognition of an intangible
provided on pro-rata basis from the date of acquisition.
asset are measured as the difference between the net
303

disposal proceeds and the carrying amount of the asset and 7 Impairment of Non-Financial Assets (excluding
are recognised in the Standalone Statement of Profit and Inventories, Investment Properties and Deferred Tax
Loss when the asset is derecognised. Assets)
Intangible assets are amortized proportionately over a period “Non-financial assets are subject to impairment tests
of five years or over the useful economic life of the assets as whenever events or changes in circumstances indicate that
determined by the management, whichever is lower. their carrying amount may not be recoverable. Where the
carrying value of an asset exceeds its recoverable amount
Intangible assets with indefinite life are tested for impairment (i.e. the higher of value in use and fair value less costs to
annually. Impairment losses, if any, are recognised in sell), the asset is written down accordingly.
Standalone Statement of Profit and Loss.
Where it is not possible to estimate the recoverable amount
5 Inventories of an individual asset, the impairment test is carried out
on the smallest group of assets to which it belongs for
Stock of Building Materials and Traded Goods is valued
which there are separately identifiable cash flows; its cash
at lower of cost and net realizable value. Cost is generally
generating units (‘CGUs’).
ascertained on weighted average basis.
8 Financial Instruments
Finished Stock is valued at lower of Cost and Net Realizable
Value. A financial instrument is any contract that gives rise to a
financial asset of one entity and a financial liability or equity
Land and Property Development Work-in-Progress is valued
instrument of another entity.
at lower of estimated cost and net realisable value.
Financial Assets
Cost for this purpose includes cost of land, shares with
occupancy rights, Transferrable Development Rights, Initial recognition and measurement
premium for development rights, borrowing costs,
The Company classifies its financial assets in the following
construction / development cost and other overheads
measurement categories.
incidental to the projects undertaken.
• those to be measured subsequently at fair value (either
Net realizable value is the estimated selling price in the
through Other Comprehensive Income, or through
ordinary course of business, less estimated cost of completion
profit or loss)
and the estimated cost necessary to make the sale.
• those measured at amortised cost
6 Provisions and Contingencies
All financial assets are recognised initially at fair value plus,
“The Company recognizes provisions when a present
in the case of financial assets not recorded at fair value
obligation (legal or constructive) as a result of a past
through profit or loss, transaction costs that are attributable
event exists and it is probable that an outflow of resources
to the acquisition of the financial asset.
embodying economic benefits will be required to settle such
obligation and the amount of such obligation can be reliably Subsequent measurement
estimated.
For purposes of subsequent measurement, financial assets
“If the effect of time value of money is material, provisions are classified in four categories:
are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When i) Debt instruments at amortised cost
discounting is used, the increase in the provision due to the
ii) Debt instruments at fair value through other
passage of time is recognized as a finance cost.
comprehensive income (FVTOCI)
A disclosure of contingent liability is also made when there iii) Debt instruments, derivatives and equity instruments at
is a possible obligation or a present obligation that may, but fair value through profit or loss (FVTPL)
probably will not, require an outflow of resources. Where
there is possible obligation or a present obligation in respect iv) Equity instruments measured at fair value through other
of which the likelihood of outflow of resources is remote, no comprehensive income (FVTOCI)
provision or disclosure is made.
304

Debt instruments at amortised cost Equity investments
A ‘debt instrument’ is measured at the amortised cost if both All equity investments, except investments in subsidiaries,
the following conditions are met: associates and joint ventures are measured at FVTPL. The
Company may make an irrevocable election on initial
a) The asset is held within a business model whose recognition to present in Other Comprehensive Income any
objective is to hold assets for collecting contractual subsequent changes in the fair value. The Company makes
cash flows, and such election on an instrument-by-instrument basis.
b) Contractual terms of the asset give rise on specified All equity investments in subsidiaries, associates and joint
dates to cash flows that are solely payments of principal ventures are measured at cost.
and interest on the principal amount outstanding.
Derecognition of Financial Assets
After initial measurement, such financial assets are
subsequently measured at amortised cost using the effective A financial asset (or, where applicable, a part of a financial
interest rate (EIR) method. Amortised cost is calculated by asset or part of a Company of similar financial assets) is
taking into account any discount or premium on acquisition primarily derecognised (i.e. removed from the Company’s
and fees or costs that are an integral part of the EIR. The EIR Standalone Balance Sheet) when:
amortisation is included in finance income in the statement
of profit or loss. The losses arising from impairment if any, i) The rights to receive cash flows from the asset have
are recognised in the statement of profit or loss. expired, or
Debt instruments at FVTOCI ii) The Company has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay
A ‘debt instrument’ is classified as at the FVTOCI if both of the received cash flows in full without material delay to
the following criteria are met: a third party under a ‘pass-through’ arrangement; and
either (a) the Company has transferred substantially all
a) The objective of the business model is achieved both the risks and rewards of the asset, or (b) the Company
by collecting contractual cash flows and selling the has neither transferred nor retained substantially all
financial assets, and the risks and rewards of the asset, but has transferred
control of the asset.
b) The asset’s contractual cash flows represent solely
payments of principal and interest. When the Company has transferred its rights to receive
cash flows from an asset or has entered into a pass-through
Debt instruments included within the FVTOCI category are
arrangement, it evaluates if and to what extent it has
measured initially as well as at each reporting date at fair
retained the risks and rewards of ownership. When it has
value. Fair value movements are recognized in the other
neither transferred nor retained substantially all of the risks
comprehensive income (OCI). However, the Company does
and rewards of the asset, nor transferred control of the asset,
not have any debt instruments which meets the criteria for
the Company continues to recognise the transferred asset
measuring the debt instrument at FVTOCI.
to the extent of the Company’s continuing involvement.
Debt instrument at FVTPL In that case, the Company also recognises an associated
liability. The transferred asset and the associated liability are
Any debt instrument, which does not meet the criteria measured on a basis that reflects the rights and obligations
for categorization as at amortized cost or as FVTOCI, is that the Company has retained.
classified as at FVTPL.
Continuing involvement that takes the form of a guarantee
In addition, the Company may elect to designate a debt over the transferred asset is measured at the lower of the
instrument, which otherwise meets amortized cost or FVTOCI original carrying amount of the asset and the maximum
criteria, at FVTPL. However, such election is allowed only if amount of consideration that the Company could be
doing so reduces or eliminates a measurement or recognition required to repay.
inconsistency (referred to as ‘Accounting Mismatch’). The
Company has not designated any debt instrument at FVTPL. Impairment of Financial Assets
Debt instruments included within the FVTPL category are The Company assess on a forward looking basis the
measured at fair value with all changes recognized in the expected credit losses associated with its financial assets
Statement of Profit and Loss. carried at amortised cost and FVTOCI debts instruments.
305

The impairment methodology applied depends on whether Gains or losses on liabilities held for trading are recognised
there has been significant increase in credit risk. For trade in the profit or loss.
receivables, the Company is not exposed to any credit
risk as the legal title of residential and commercial units is Financial liabilities designated upon initial recognition at
handed over to the buyer only after all the installments are fair value through profit or loss are designated as such at
recovered. the initial date of recognition, and only if the criteria in Ind
AS 109 are satisfied. For liabilities designated as FVTPL,
For financial assets carried at amortised cost, the carrying fair value gains/ losses attributable to changes in own
amount is reduced and the amount of the loss is recognised credit risk are recognized in OCI. These gains/ loss are
in the Standalone statement of profit and loss. Interest not subsequently transferred to Statement of Profit and loss.
income on such financial assets continues to be accrued However, the Company may transfer the cumulative gain
on the reduced carrying amount and is accrued using the or loss within equity. All other changes in fair value of such
rate of interest used to discount the future cash flows for liability are recognised in the statement of profit or loss. The
the purpose of measuring the impairment loss. The interest Company has not designated any financial liability as at fair
income is recorded as part of finance income. Financial value through profit and loss.
asset together with the associated allowance are written off
when there is no realistic prospect of future recovery and Loans and borrowings
all collateral has been realised or has been transferred to
After initial recognition, interest-bearing loans and
the Company. If, in a subsequent year, the amount of the
borrowings are subsequently measured at amortised cost
estimated impairment loss increases or decreases because
using the EIR method. Gains and losses are recognised in
of an event occurring after the impairment was recognised,
profit or loss when the liabilities are derecognised as well as
the previously recognised impairment loss is increased or
through the EIR amortisation process.
decreased.
Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that
Initial recognition and measurement are an integral part of the EIR. The EIR amortisation is
included as finance costs in the Standalone Statement of
Financial liabilities are classified, at initial recognition, Profit and Loss.
as financial liabilities at FVTPL, loans and borrowings, or
payables, as appropriate. Financial guarantee contracts
All financial liabilities are recognised initially at fair value Financial guarantee contracts issued by the Company
and in the case of financial liability not recorded at fair value are those contracts that require a payment to be made to
through Profit and Loss net of directly attributable transaction reimburse the holder for a loss it incurs because the specified
costs. debtor fails to make a payment when due in accordance
with the terms of a debt instrument. Financial guarantee
The Company’s financial liabilities include trade and other contracts are recognised initially as a liability at fair value,
payables, loans and borrowings including bank overdrafts adjusted for transaction costs that are directly attributable
and financial guarantee contracts. to the issuance of the guarantee. Subsequently, the liability
is measured at the higher of the amount of loss allowance
Subsequent measurement determined as per impairment requirements of Ind AS 109
and the amount recognised less cumulative amortisation.
The measurement of financial liabilities depends on their
classification, as described below: Derecognition of Financial Liabilities
Financial liabilities at fair value through profit or loss A financial liability is derecognised when the obligation
under the liability is discharged or cancelled or expires.
Financial liabilities measured at FVTPL include financial
When an existing financial liability is replaced by another
liabilities held for trading and financial liabilities designated
from the same lender on substantially different terms, or the
upon initial recognition as at fair value through profit or
terms of an existing liability are substantially modified, such
loss. Separated embedded derivatives are also classified
an exchange or modification is treated as the derecognition
as held for trading unless they are designated as effective
of the original liability and the recognition of a new
hedging instruments.
liability. The difference in the respective carrying amounts is
recognised in the Standalone Statement of Profit and Loss.
306

Reclassification of Financial Assets and Financial Liabilities benefits by using the asset in its highest and best use or by
selling it to another market participant that would use the
The Company determines classification of financial assets asset in its highest and best use.
and liabilities on initial recognition. After initial recognition,
no reclassification is made for financial assets which are The Company uses valuation techniques that are
equity instruments and financial liabilities. For financial appropriate in the circumstances and for which sufficient
assets which are debt instruments, a reclassification is made data are available to measure fair value, maximising the
only if there is a change in the business model for managing use of relevant observable inputs and minimising the use of
those assets. Changes to the business model are expected unobservable inputs.
to be infrequent. The Company’s management determines
change in the business model as a result of external or All assets and liabilities for which fair value is measured
internal changes which are significant to the Company’s or disclosed in the financial statements are categorised
operations. Such changes are evident to external parties. within the fair value hierarchy, described as follows, based
A change in the business model occurs when the Company on the lowest level input that is significant to the fair value
either begins or ceases to perform an activity that is measurement as a whole:
significant to its operations. If the Company reclassifies i) Level 1 — Quoted (unadjusted) market prices in active
financial assets, it applies the reclassification prospectively markets for identical assets or liabilities
from the reclassification date which is the first day of the
immediately next reporting period following the change ii) Level 2 — Valuation techniques for which the lowest level
in business model. The Company does not restate any input that is significant to the fair value measurement is
previously recognised gains, losses (including impairment directly or indirectly observable
gains or losses) or interest.
iii) Level 3 — Valuation techniques for which the lowest level
Offsetting of Financial Instruments input that is significant to the fair value measurement is
unobservable
Financial assets and financial liabilities are offset and the
net amount is reported in the Standalone Ind AS Balance For assets and liabilities that are recognised in the financial
Sheet if there is a currently enforceable legal right to offset statements on a recurring basis, the Company determines
the recognised amounts and there is an intention to settle whether transfers have occurred between levels in the
on a net basis, to realise the assets and settle the liabilities hierarchy by re-assessing categorisation (based on the lowest
simultaneously. level input that is significant to the fair value measurement
as a whole) at the end of each reporting period.
9 Fair Value Measurement
10 Cash and Cash Equivalents
Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction Cash and cash equivalent in the Standalone Balance
between market participants at the measurement date. The Sheet comprise cash at banks and on hand and short-term
fair value measurement is based on the presumption that deposits with an original maturity of three months or less,
the transaction to sell the asset or transfer the liability takes which are subject to an insignificant risk of changes in value.
place either:
i) In the principal market for the asset or liability, or-
The Company has applied five step model as set out in Ind
ii) In the absence of a principal market, in the most AS 115 to recognise revenue in this Standalone Financial
advantageous market for the asset or liability Statements. The Company satisfies a performance obligation
and recognises revenue over time, if one of the following
The principal or the most advantageous market must be criteria is met:
accessible by the Company.
a. The customer simultaneously receives and consumes
The fair value of an asset or a liability is measured using the the benefits provided by the Company’s performance
assumptions that market participants would use when pricing as the Company performs; or
the asset or liability, assuming that market participants act in
their economic best interest. b. The Company’s performance creates or enhances an
asset that the customer controls as the asset is created
A fair value measurement of a non-financial asset takes into or enhanced; or
account a market participant’s ability to generate economic
307

c. The Company’s performance does not create an asset when the payment is made. Contract liabilities are
with an alternative use to the Company and the entity recognised as revenue when the Company performs under
has an enforceable right to payment for performance the contract.
completed to date.
(III) Sale of Materials, Land and Development Rights
For performance obligations where any of the above
conditions are not met, revenue is recognised at the point in Revenue is recognized at point in time with respect to
time at which the performance obligation is satisfied. contracts for sale of Materials, Land and Development Rights
as and when the control is passed on to the customers.
Revenue is recognised either at point of time and over a
period of time based on the conditions in the contracts with (IV) Interest Income
customers.
For all debt instruments measured at amortised cost. Interest
The specific revenue recognition criteria are described income is recorded using the effective interest rate (EIR).
below:
(V) Rental Income
(I) Income from Property Development
Rental income arising from operating leases is accounted
The Company has determined that the existing terms over the lease terms.
of the contract with customers does not meet the criteria
(VI) Dividends
to recognise revenue over a period of time. Revenue is
recognized at point in time with respect to contracts for Revenue is recognised when the Company’s right to receive
sale of residential and commercial units as and when the the payment is established.
control is passed on to the customers which is linked to the
application and receipt of occupancy certificate. 12 Foreign Currency Translation
The Company provides rebates to the customers. Rebates Initial Recognition

are adjusted against customer dues and the revenue to be
Foreign currency transactions during the year are recorded
recognized. To estimate the variable consideration for the
in the reporting currency at the exchange rates prevailing on
expected future rebates the company uses the “most-likely
the date of the transaction.
amount” method or “expected value method”.
Conversion
(II) Contract Balances
Foreign currencies denominated monetary items are
Contract Assets
translated into rupees at the closing rates of exchange
The Company is entitled to invoice customers for prevailing at the date of the balance sheet. Non-monetary
construction of residential and commercial properties based items, which are carried in terms of historical cost
on achieving a series of construction-linked milestones. A denominated in a foreign currency, are reported using the
contract asset is the right to consideration in exchange for exchange rate at the date of the transaction.
goods or services transferred to the customer. If the company
Exchange Differences
performs by transferring goods or services to a customer
before the payment is due, a contract asset is recognized for Exchange differences arising, on the settlement of monetary
the earned consideration that is conditional. Any receivable items or reporting of monetary items at the end of the
which represents the Company’s right to the consideration year at closing rates, at rates different from those at which
that is unconditional is treated as a trade receivable. they were initially recorded during the year, or reported in
previous financial statements, are recognized as income or
Contract Liabilities
as expenses in the year in which they arise.
A contract liability is the obligation to transfer goods
13 Current Income Tax
or services to a customer for which the Company has
received consideration from the customer. If a customer Current income tax for the current and prior periods are
pays consideration before the Company transfers goods or measured at the amount expected to be recovered from or
services to the customer, a contract liability is recognised paid to the taxation authorities based on the taxable profit
308

for the period. The tax rates and tax laws used to compute OCI. The Company offsets current tax assets and current tax
the amount are those that are enacted by the reporting date liabilities, where it has a legally enforceable right to set off
and applicable for the period the recognized amounts and where it intends either to settle
on a net basis, or to realize the asset and settle the liability
Deferred Tax simultaneously. In case of deferred tax assets and deferred
tax liabilities, the same are offset if the Company has a
Deferred tax is recognized using the balance sheet
legally enforceable right to set off corresponding current
approach. Deferred tax assets and liabilities are recognized
tax assets against current tax liabilities and the deferred
for all deductible and taxable temporary differences arising
tax assets and deferred tax liabilities relate to income taxes
between the tax bases of assets and liabilities and their
levied by the same tax authority on the Company.
carrying amount in financial statements, except when the
deferred tax arises from the initial recognition of goodwill 14 Borrowing Costs
or an asset or liability in a transaction that is not a business
combination and affects neither accounting nor taxable Borrowing costs that are directly attributable to real estate
profits or loss at the time of transaction. project development activities are inventorised / capitalized
as part of project cost.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period when the asset Borrowing costs are inventorised / capitalised as part
is realized or the liability is settled, based on tax rates that of project cost when the activities that are necessary to
have been enacted or substantively enacted at the reporting prepare the inventory / asset for its intended use or sale
date. are in progress. Borrowing costs are suspended from
inventorisation / capitalisation when development work on
Deferred tax asset in respect of carry forward of unused tax the project is interrupted for extended periods and there is
credits and unused tax losses are recognized to the extent no imminent certainty of recommencement of work.
that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry All other borrowing costs are expensed in the period in
forward of unused tax credits and unused tax losses can be which they occur. Borrowing costs consist of interest and
utilized. other costs that the Company incurs in connection with the
borrowing of funds.
The carrying amount of deferred tax assets is reviewed at
each reporting date and reduced to the extent that it is no 15 Leases
longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax asset to be utilized. The Company evaluates each contract or arrangement,
whether it qualifies as lease as defined under Ind AS 116.
The Company recognizes deferred tax liabilities for all
taxable temporary differences except those associated Company as a Lessee
with the investments in subsidiaries where the timing of the
The Company assesses, whether the contract is, or
reversal of the temporary difference can be controlled and it
contains, a lease at the inception of the contract or upon
is probable that the temporary difference will not reverse in
the modification of a contract. A contract is, or contains,
the foreseeable future.
a lease if the contract conveys the right to control the use
Minimum Alternate Tax (MAT) credit is recognised as an asset of an identified asset for a period of time in exchange for
only when and to the extent there is convincing evidence consideration.
that the Company will pay normal tax during the specified
The Company at the commencement of the lease
period. Such asset is reviewed at each Balance Sheet date
contract recognizes a Right-of-Use (RoU) asset at cost and
and the carrying amount of the MAT credit asset is written
corresponding lease liability, except for leases with a term
down to the extent there is no longer a convincing evidence
of twelve months or less (short-term leases) and leases for
to the effect that the Company will pay normal tax during
which the underlying asset is of low value (low-value leases).
the specified period.
For these short-term and low-value leases, the Company
Presentation of Current and Deferred Tax: recognizes the lease payments as an operating expense on
a straight-line basis over the term of the lease.
Current and deferred tax are recognized as income or an
expense in the Statement of Profit and Loss, except when they The cost of the right-of-use assets comprises the amount of
relate to items that are recognized in OCI, in which case, the the initial measurement of the lease liability, adjusted for
current and deferred tax income/ expense are recognized in any lease payments made at or prior to the commencement
309

date of the lease, any initial direct costs incurred by the statement of profit and loss on a straight-line basis over the
Company, any lease incentives received and expected costs lease term or another systematic basis. The Company applies
for obligations to dismantle and remove right-of-use assets another systematic basis if that basis is more representative
when they are no longer used. of the pattern in which benefit from the use of the underlying
asset is diminished.
Subsequently, the right-of-use assets is measured at cost less
any accumulated depreciation and accumulated impairment 16 Retirement and Other Employee Benefits
losses, if any. The right-of-use assets are depreciated on a
straight-line basis from the commencement date of the lease Retirement and other Employee benefits are accounted in
over the shorter of the end of the lease term or useful life of accordance with Ind AS 19 – Employee Benefits.
the right-of-use asset.
a) Defined Contribution Plan
Right-of-use assets are assessed for impairment whenever
The Company contributes to a recognised provident
there is an indication that the balance sheet carrying amount
fund for all its employees. Contributions are recognised
may not be recoverable using cash flow projections for the
as an expense when employees have rendered services
useful life.
entitling them to such benefits.
For lease liabilities at commencement date, the Company
b) Gratuity (Defined Benefit Scheme)
measures the lease liability at the present value of the future
lease payments as from the commencement date of the lease The Company provides for its gratuity liability based
to end of the lease term. The lease payments are discounted on actuarial valuation as at the balance sheet date
using the interest rate implicit in the lease or, if not readily which is carried out by an independent actuary using
determinable, the Company’s incremental borrowing rate the Projected Unit Credit Method. Actuarial gains and
for the asset subject to the lease in the respective markets. losses are recognised in full in the Other Comprehensive
Income for the period in which they occur.
Subsequently, the Company measures the lease liability by
adjusting carrying amount to reflect interest on the lease c) Compensated absences (Defined Benefit Scheme)
liability and lease payments made.
Liability in respect of earned leave expected to become
The Company remeasures the lease liability (and makes a due or expected to be availed within one year from
corresponding adjustment to the related right-of-use asset) the balance sheet date is recognized on the basis of
whenever there is a change to the lease terms or expected undiscounted value of benefit expected to be availed
payments under the lease, or a modification that is not by the employees. Liability in respect of earned leave
accounted for as a separate lease expected to become due or expected to be availed
beyond one year after the balance sheet date is
The portion of the lease payments attributable to the
estimated on the basis of actuarial valuation performed
repayment of lease liabilities is recognized in cash flows
by an independent actuary using the projected unit
used in financing activities. Also, the portion attributable
credit method.
to the payment of interest is included in cash flows from
financing activities. Further, Short-term lease payments, 17 Business Combinations under Common Control
payments for leases for which the underlying asset is of
low-value and variable lease payments not included in the Business Combinations involving entities or business under
measurement of the lease liability is also included in cash common control are accounted for using the pooling of
flows from operating activities. interest method.
Company as a Lessor Under pooling of interest method , the assets and liabilities
of the combining entities or businesses are reflected at
In arrangements where the Company is the lessor, it their carrying amounts after making adjustments necessary
determines at lease inception whether the lease is a finance to harmonise the accounting policies. The financial
lease or an operating lease. Leases that transfer substantially information in the standalone financial statements in respect
all of the risk and rewards incidental to ownership of the of prior periods is restated as if the business combination
underlying asset to the counterparty (the lessee) are had occurred from the beginning of the preceding period
accounted for as finance leases. Leases that do not transfer in the standalone financial statements, irrespective of the
substantially all of the risks and rewards of ownership are actual date of the combination. The identity of the reserves
accounted for as operating leases. Lease payments received is preserved in the same form in which they appeared in
under operating leases are recognized as income in the the standalone financial statements of the transferor and the
310

difference, if any, between the amount recorded as share the cash inflows from other assets or group of assets. The
capital issued plus any additional consideration in the form impairment loss is recognised for the amount by which the
of cash or other assets and amount of share capital of the CGUs carrying amount exceeds it recoverable amount. The
transferor is transferred to capital reserves. recoverable amount is the higher of an asset’s fair value less
cost of disposal and value in use. Value in use is arrived at
18 Earnings Per Share by discounting the future cash flows to their present value
based on an appropriate discount factor.
Basic earnings per share are calculated by dividing the
net profit or loss for the year (after deducting preference 20 Employee Stock Option Plan
dividends and attributable taxes) attributable to equity share
holders by the weighted average number of equity shares The cost of equity-settled transactions is determined by
outstanding during the year. The weighted average number the fair value at the date when the grant is made using
of equity shares outstanding during the year is adjusted for an appropriate valuation model. That cost is recognised,
events of bonus issue and consolidation of equity shares. For together with a corresponding increase in share-based
the purpose of calculating diluted earnings per share, the net payment reserves in equity, over the period in which
profit or loss for the year and the weighted average number the performance and/or service conditions are fulfilled
of equity shares outstanding during the year are adjusted for in employee benefits expense. The cumulative expense
the effects of all dilutive potential equity shares. recognised for equity-settled transactions at each reporting
date until the vesting date reflects the extent to which the
For the purpose of calculating diluted earnings per share, vesting period has expired and the Group’s best estimate
the net profit or loss for the year (after deducting preference of the number of equity instruments that will ultimately
dividends and attributable taxes) attributable equity share vest. The statement of profit and loss expense or credit for
holders and the weighted average number of equity shares a period represents the movement in cumulative expense
outstanding during the year are adjusted for the effects of all recognised as at the beginning and end of that period and is
dilutive potential equity shares recognised in employee benefits expense. Upon exercise of
share options, the proceeds received are allocated to share
19 Goodwill
capital up to the par value of the shares issued with any
Goodwill is initially measured at cost being the excess of the excess being recorded as securities premium.
aggregate of the consideration transferred and the amount
21 Joint Development Agreement
recognised for non-controlling interest over the fair value
of net identifiable tangible and intangible assets acquired The Company executes projects through Joint Development
and liabilities assumed. If the consideration is lower than Arrangements (JDA), wherein the land owner provides land
the fair value of the net assets of the subsidiary acquired, and the Company undertakes to develop properties on
the difference is recognised in OCI and accumulated in such land (i.e. development right) and in lieu of land owner
equity as capital reserve. After initial recognition, goodwill providing land, the Company has agreed to transfer certain
is measured at the cost less any accumulated impairment percentage of constructed area or certain percentage of the
losses. revenue proceeds or certain percentage of surplus to the
land owner. Transfer of such constructed area or revenue or
Where goodwill forms part of a cash-generating unit and part
surplus in exchange of such development rights/ land is being
of the operation within that unit is disposed off, the goodwill
estimated at fair value as per the terms of the agreement
associated with the operation disposed off is included in
and accounted for on launch of the project as the cost of
the carrying amount of the operation when determining the
development right (Inventory) with its corresponding liability.
gain or loss on disposal of the operation. Goodwill disposed
Subsequent to initial recognition, such liability is remeasured
off in this circumstance is measured based on the relative
on each reporting period depending on the type of the
values of the operation disposed off and the portion of the
arrangement, to reflect the changes in the estimate, if any.
cash-generating unit retained.
22 Dividend distribution to equity holders
Goodwill is tested annually for impairment, or more
frequently if event or changes in circumstances indicates Dividends paid / payable along with applicable taxes are
that it might be impaired. For the purpose of impairment recognised when it is approved by the shareholders. In case
testing, goodwill recognised in a business combination is of interim dividend, it is recognised when it is approved
allocated to each of the Company’s cash generating units by the Board of Directors and distribution is no longer at
(CGUs) that are expected to benefit from the combination. the discretion of the Company. A corresponding amount is
A CGU is the smallest identifiable group of assets that accordingly recognised directly in equity.
generates cash inflows that are largely independent of
311
312
2 Property, Plant and Equipment

H in million
Site / Sales Capital
Land - Building / Leasehold Plant and Furniture Office Right of
Particulars Offices and Computers Vehicles Total Work in
Freehold Premises Improvements Equipment and Fixtures Equipments Use Assets
Sample Flats Progress

Gross Carrying
Amount
As at 01-April-21 6,759 1,490 310 87 3,160 340 357 325 60 - 12,888 63
Additions - - - - 361 20 20 83 26 - 510 -
Increase on account of 37 - - - - - - - - - 37
Revaluation
Disposals / Adjustments - - - - (4) - - (29) - - (33) (63)
As at 31-March-22 6,796 1,490 310 87 3,517 360 377 379 86 - 13,402 -
Additions - - - - 632 10 111 123 18 3,825 4,719 -
Disposals / Adjustments - - (5) (31) - - - - - (36) -
As at 31-March-23 6,796 1,490 305 87 4,118 370 488 502 104 3,825 18,085 -
Depreciation and
Impairment
As at 01-April-21 - 1,385 46 87 2,248 295 318 316 40 - 4,735 -
Depreciation charge for - 34 16 - 295 12 20 14 9 - 400 -
the year
Disposals / Adjustments - - - - - - - (29) - - (29) -
As at 31-March-22 - 1,419 62 87 2,543 307 338 301 49 - 5,106 -
Depreciation charge for - 23 12 - 443 15 36 51 14 415 1,009 -
the year
Disposals / Adjustments - - (3) - (18) - - - - - (21) -
As at 31-March-23 - 1,442 71 87 2,968 322 374 352 63 415 6,094 -
Net Carrying Amount
As at 31-March-23 6,796 48 234 - 1,150 48 114 150 41 3,410 11,991 -
As at 31-March-22 6,796 71 248 - 974 53 39 78 37 - 8,296 -
Note:
The Company carries a parcel of land at revalued amount and surplus arising from the revaluation is recognised under the head ‘Revaluation Surplus’ through OCI. The carrying amount of
the Land that would have been recognised had the asset being carried under the cost model at 31-March-23 is H 694 million. (31-March-22: H 694 million)

3 Investment Property
H in million
Particulars Land Building Total
(A) Gross Carrying Amount
As at 01-April-21 1,032 3,758 4,790
Disposals / Adjustments - - -
As at 31-March-22 1,032 3,758 4,790
Disposals / Adjustments (1,032) - (1,032)
As at 31-March-23 - 3,758 3,758
(B) Depreciation and Impairment -
As at 01-April-21 - 1,051 1,051
Depreciation charge for the year - 131 131
As at 31-March-22 - 1,182 1,182
As at 31-March-23 - 1,307 1,307
(C) Net Carrying Amount (A-B)
As at 31-March-23 - 2,451 2,451
As at 31-March-22 1,032 2,576 3,608
(i) Income and expenditure of Investment Properties

H in million
For the Year For the Year
Particulars ended ended
Rental and Facilities Income 686 700
Less : Direct Operating expenses for properties that generate Rental and (66) (63)
Facilities Income
Profit from Investment properties before Depreciation and 620 637
Impairment
Depreciation and Impairment 125 131
Profit from Investment Properties 495 506
(ii) Fair value measurement
The fair value of the properties is H7,641 million (31-March-2022: H8,675 million). These values are considered as per valuations
performed by an independent valuer with experience of valuing investment properties. The Fair value was arrived at considering
various factors which includes prevailing market rates.
(iii) Buildings hypothecated with Banks

H in million
Particulars 31-March-23 31-March-22
Carrying amount of Buildings hypothecated with Banks/ Others against 2,378 2,497
borrowings
313

4 Intangible Assets
H in million
Other Intangible Assets
Particulars Goodwill
Software Brand Total
As at 01-April-21 16,898 150 1,030 1,180
Additions - 1 - 1
As at 31-March-22 16,898 151 1,030 1,181
Additions - 5 - 5
Disposals / Adjustments (2,533) - - -
As at 31-March-23 14,365 156 1,030 1,186
(B) Amortisation and Impairment
As at 01-April-21 12,230 149 456 605
Amortisation charge for the year - 2 28 30
As at 31-March-22 12,230 151 484 635
Amortisation charge for the year - 3 106 109
Disposals / Adjustments (2,533) - - -
As at 31-March-23 9,697 154 590 744
As at 31-March-23 4,668 2 440 442
As at 31-March-22 4,668 0 546 546
Note: Brand arising out of merger was capitalized in accordance with the merger scheme, which has been approved by the Hon'ble
High Court of Bombay.
5 Non-Current Investments
H in million
Face Value in J
As at As at
Particulars (unless otherwise
stated)
(i) Unquoted Equity Shares, Fully paid up, at cost
Subsidiaries
Bellissimo Constructions and Developers Pvt. Ltd.
Numbers 1,000 1,000
Amount 10 0 0
Center for Urban Innovation Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 0 0
Cowtown Infotech Services Pvt. Ltd.
Numbers 2,230 2,230
Amount 1,000 4 4
Cowtown Software Design Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 0 0
Lodha Developers International Ltd.
Numbers 10,102 10,102
Amount 1 USD 1 1
Lodha Developers International (Netherlands) B.V
Numbers 20,21,000 20,21,000
Amount 1 EUR 166 166
314

5 Non-Current Investments (Contd..)

H in million
Face Value in J
As at As at
stated)
Lodha Developers U.S., Inc.
Numbers 40,000 40,000
Amount 1 USD - 3
Apollo Complex Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 0 0
One Place Commercial Pvt. Ltd.
Numbers 500 500
Amount 100 0 0
Palava City Management Pvt. Ltd.
Numbers 50,000 50,000
Amount 10 1 1
Primebuild Developers And Farms Pvt. Ltd.
Numbers 1,000 1,000
Amount 10 0 0
Brickmart Constructions and Developers Pvt. Ltd.
Numbers 1,000 1,000
Amount 10 0 0
Homescapes Constructions Pvt.Ltd.
Numbers 1,000 1,000
Amount 10 0 0
Palava Institute of Advanced Skill Training Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 0 0
G Corp Home Pvt. Ltd.
Numbers 10 21,41,817 -
Amount 211 -
Digirealty Technologies Pvt. Ltd.
Numbers 1,000 1,000
Amount 10 0 0
Palava Induslogic 4 Pvt. Ltd.

Numbers - 1,000
Amount 10 - 0
Bellissimo Digital Infrastructure Investment Management Pvt.
Ltd.
Numbers - 1,000
Amount 10 - 0
Bellissimo Digital Infrastructure Development Management
Pvt. Ltd.
Numbers - 1,000
Amount 10 - 0
Thane Commercial Tower A Management Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 0 0
Bellissimo In City FC NCR 1 Pvt. Ltd.
Numbers 10,000 -
Amount 10 0 -
315


H in million
Face Value in J
As at As at
stated)
Numbers 50,01,000 -
Amount 10 50 -
Joint Venture
Altamount Road Property Pvt. Ltd.
Numbers - 13,58,246
Amount 10 - 446
Lodha Developers International (Jersey) III Ltd.*
Numbers 500 500
Amount 1 GBP 0 0
Bellissimo In City FC Mumbai 1 Pvt. Ltd.
Numbers 2,30,65,001 -
Amount 10 231 -
Numbers - 50,01,000
Amount 10 - 50
Numbers 4,89,99,910 -
Amount 10 490 -
Numbers 2,98,435 2,98,435
Amount 10 3 3
Pvt. Ltd.
Numbers 14,04,546 -
Amount 10 28 -
Lodha Developers 1GSQ Holding Ltd.*
Numbers 1 GBP 500 500
Amount 0 0
Lodha Developers UK Ltd.
Numbers 6,120 6,120
Amount 1 GBP 1 1
1,186 675
(ii) Unquoted Equity Shares, Partly paid up, at Cost
Subsidiaries
Digirealty Technologies Pvt. Ltd.
Numbers (Paid up H5 per share) 80,00,000 -
Amount 10 40 -
40 -
(iii) Unquoted Equity Shares , Fully paid up at Fair
Value through Profit and Loss
Others
Kidderpore Holdings Ltd.
Numbers 13,824 13,824
Amount 10 0 0
316


H in million
Face Value in J
As at As at
stated)
Shreeniwas Abode and House Ltd.
Numbers 58,056 58,056
Amount 1 0 0
0 0
(iv) Quoted Equity Shares, Fully paid up, at cost
Subsidiary
Roselabs Finance Ltd.
Numbers 74,24,670 74,24,670
Amount 10 64 64
Sanathnagar Enterprises Ltd.
Numbers 22,89,981 22,89,981
Amount 10 6 6
National Standard (India) Ltd.
Numbers 1,47,88,099 1,47,88,099
Amount 10 149 149
219 219
(v) Unquoted Preference Shares, Fully paid up, at cost
Subsidiary
Non Convertible Non Cumulative Preference
Shares
One Place Commercials Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 0 0
0 0
Joint Venture
Non Convertible Redeemable Preference Shares
Numbers 12,90,000 12,90,000
Amount 1 GBP 131 117
Optionally Convertible Preference Shares
Numbers 9,180 9,180
Amount 1 GBP 1 1
132 118
(vi) Compulsory Convertible Preference Shares, fully
paid up, at amortised cost
Joint Venture
Pvt. Ltd.
Numbers 14,04,546 -
Amount 10 28 -
28 -
317


H in million
Face Value in J
As at As at
stated)
(vii) Non Cumulative Compulsory Convertible
Preference Shares, fully paid up at fair value
through profit and loss
Housr Technologies Pvt. Ltd.
Numbers 27 27
Amount 10 5 5
5 5
(viii) Unquoted Non Convertible Redeemable
Debentures, Fully paid up, at amortised cost
Joint Venture
Numbers 5,41,000 5,41,000
Amount 1 GBP 55 54
Numbers - 17,15,000
Amount 100 - 172
Others
Krisha Enterprises Pvt. Ltd.
Numbers 410 410
Amount 10,00,000 410 410
465 636
(ix) Unquoted Optionally Convertible Debentures, Fully
paid up, at Fair Value through Profit and Loss
Joint Venture
Numbers 5,75,22,565 5,75,22,565
Amount 10 575 575
575 575
(x) Unquoted Compulsorily Convertible Debentures,
Fully paid up, at Fair Value through Profit and Loss
Joint Venture
Numbers 5,52,55,217 -
Amount 10 553 -
Numbers 2,48,10,000 -
Amount 10 248 -
801 -
Total (i To x) 3,451 2,227
Aggregate cost of quoted investments 219 219
Aggregate market value of quoted investments 64,342 1,02,072
Aggregate value of unquoted investments 3,232 2,008
* Subsidiaries of Lodha Developers UK Limited
318

6 Non-Current Loans
(Unsecured considered good unless otherwise stated)

H in million
As at As at
Particulars
Loans/ Intercorporate Deposits to Related Parties :
Subsidiaries 12,102 12,746
Joint Venture 13,405 18,484
Less : Provision for Loan which have significant increase in credit risk (13,281) (65)
Loan to employees 231 723
Total 12,457 31,888
7 Other Non-Current Financial Assets

H in million
As at As at
Particulars
Fixed Deposits with maturity of more than 12 months* 882 1,532
Total 882 1,532
*Lien against bank guarantee and Debt Service Reserve Account 882 532
8 Non-Current Tax Assets (net)

H in million
As at As at
Particulars
Advance Income Tax (Net of Provision) 2,072 2,457
Total 2,072 2,457
9 Other Non-Current Assets

H in million
As at As at
Particulars
Capital Advances 321 321
Indirect Tax Receivable 227 261
548 582
Less : Provision for Advances which have significant increase in credit risk (321) (321)
Total 227 261
10 Inventories (At Lower of Cost and Net Realisable Value)

H in million
As at As at
Particulars
Building Materials 971 1,107
Land and Property Development Work-in-Progress (Refer Note 43) 2,41,910 2,20,057
Finished Stock 43,148 37,927
Total 2,86,029 2,59,091
The carrying amount of Inventories charged as securities against borrowings. 94,477 1,72,165
319

11 Current Investments
H in million
Face Value in J
As at As at
stated)
(i) Quoted Investment at fair value through Profit and Loss
Equity Shares
Dhenu Buildcon Infra Ltd
Numbers 3,02,088 3,02,088
Amount 10 1 1
Mutual Fund:
L & T Debt Fund *
Numbers - 92,90,664
Amount 10 - 188
Fearing Capital India Evolving Fund
Numbers 77,772 77,772
Amount 1,000 232 231
L & T Liquid Fund-Growth *
Numbers 3 3
Amount 1,000 0 0
L & T Short Term Bond Fund-Growth *
Numbers 5,55,521 1,03,40,500
Amount 10 11 224
Baroda Mutual Fund
Numbers - 49,988
Amount 10 - 1
Baroda Business Cycle Fund - Direct Growth
Numbers - 99,995
Amount 10 - 1
Baroda BNP Paribas Liquid fund
Numbers - 40,784
Amount 1,000 - 100
Aditya Birla Sun Life Savings Fund *
Numbers 1,82,704 -
Amount 10 85 -
Nippon India Liquid Fund *
Numbers 3,048 1,44,040
Amount 10 17 750
Union Liquid Fund
Numbers - 48,775
Amount 10 - 100
Kotak Liquid Fund
Numbers - 3,25,449
Amount 1,000 - 1,400
ABSL Liquid Fund
Numbers - 26,23,949
Amount 10 - 900
346 3,896
*Includes on account of Lien against Bank Guarantee, Debt Service Reserve Account, Margin and Letter of Credit
Aggregate Cost of quoted investments 187 3,687
Aggregate market value of quoted investments 346 3,896
320

12 Current Loans

H in million
As at As at
Particulars
Loan/ Intercorporate Deposits to Related Parties :
Subsidiaries 4,372 7,432
Joint Ventures - 680
Other Loans 4,645 3,170
Loan Receivable which have significant increase in credit risk 348 473
9,365 11,755
Less: Provision for Loan which have significant increase in credit risk (348) (473)
Total 9,017 11,282
13 Trade Receivables
H in million
As at As at
Particulars
Unsecured
Considered Good 7,281 5,111
Receivables which have significant increase in credit risk 18 31
7,299 5,142
Less : Provision for Receivables which have significant increase in credit risk (18) (31)
Total 7,281 5,111
(i) Trade Receivables charged as securities against specific borrowings 4,268 4,613
(ii) Trade Receivables are disclosed net of advances, as per agreed terms.
Trade Receivables Ageing Schedule

H in million
Undisputed Trade Disputed Trade
Undisputed Disputed
Receivables Receivables
Trade Trade
– which have – which have
Particulars receivables Receivables
significant significant
– considered – considered
increase in credit increase in credit
good good
risk risk
As at 31 March 2023
Less than 6 months 3,390 - - -
6 months - 1 year 1,059 - - -
1- 2 years 737 - - -
2 - 3 years 319 - - -
More than 3 years 1,776 - - 18
Total 7,281 - - 18
As at 31 March 2022
6 months - 1 year 681 - - -
1- 2 years 366 - - -
2 - 3 years 976 - - 0
More than 3 years 908 - - 31
Total 5,111 - - 31
321


H in million
As at As at
Particulars
Cash on Hand 3 5
Balances with Banks 12,742 3,338
Fixed Deposits with original maturity of less than 3 months - 1
Total 12,745 3,344
15 Bank Balances other than Cash and Cash Equivalents

H in million
As at As at
Particulars
Fixed Deposits with original maturity of less than 12 Months* 4,252 6,866
Total 4,252 6,866
*Lien against bank guarantee, Debt Service Reserve Account, Margin and Letter of 2,985 4,838
Credit (LC)
16 Other Current Financial Assets

H in million
As at As at
Particulars
Interest Receivables 91 126
Deposits 29,251 9,495
Accrued Revenue 4,895 10,412
Other Financial Assets 728 166
Total 34,965 20,199
17 Other Current Assets

H in million
As at As at
Particulars
Advances/ Deposits to / for :
Suppliers and Contractors 1,654 3,408
Employees 46 50
Prepaid Expenses 4,461 4,570
Indirect Tax Receivables 1,334 1,843
Other Advances 476 475
Total 7,971 10,346
322

18 Share Capital
H in million
As at As at
Particulars
(A) Authorised Share Capital:
(i) Equity Shares of J 10 each
Numbers
Balance at the beginning of the year 1,29,49,45,750 1,29,49,45,750
Increase during the year - -
Balance at the end of the year 1,29,49,45,750 1,29,49,45,750
Amount
Balance at the beginning of the year 12,949 12,949
Balance at the end of the year 12,949 12,949
(ii) Preference Shares of J 10 each
Numbers
Balance at the beginning of the year 1,26,96,250 1,26,96,250
Balance at the end of the year 1,26,96,250 1,26,96,250
Amount
Balance at the beginning of the year 127 127
Balance at the end of the year 127 127
(B) Issued Equity Capital
Equity Shares of J 10 each issued, subscribed and fully paid up
Numbers
Increase during the year 2,82,512 8,56,28,362
Amount
Increase during the year 3 856
Pursuant to the approval of the shareholders of the Company, during the Financial Year ended 31-March-18, the Company had
allotted 282,770,000 fully paid up Equity Shares of face value H10 each as bonus shares by utilising the security premium.
(C) Terms/ rights attached to equity shares
The Company has only one class of equity shares having par value of H 10 per share.
Each Shareholder is entitled for one vote per share. The shareholders have the right to receive interim dividends declared by the
Board of Directors and final dividend proposed by the Board of Directors and approved by the Shareholders.
In the event of liquidation, the shareholders will be entitled in proportion to the number of equity shares held by them to receive
remaining assets of the Company, after distribution of all preferential amounts.
323

18 Share Capital (Contd..)

H in million
As at As at
Particulars
(D) Shares held by Holding Company and/ or their subsidiaries
Equity Shares :
a) Sambhavnath Infrabuild and Farms Pvt. Ltd.
Numbers 13,66,63,977 13,66,83,320
Amount 1,367 1,367
b) Sambhavnath Trust
Numbers 11,54,72,762 12,85,80,480
Amount 1155 1,286
c) Hightown Constructions Pvt. Ltd.
Numbers 9,67,38,145 10,95,92,990
Amount 967 1,096
d) Homecraft Developers and Farms Pvt. Ltd.
Numbers 1,24,32,410 2,10,21,010
Amount 124 210
Total Numbers 36,13,07,294 39,58,77,800
Total Amount 3,613 3,959
(E) Details of shareholders holding more than 5% shares in the
company
Equity Shares :
Numbers 13,66,63,977 13,66,83,320
% of Holding 28.37% 28.39%
Numbers 11,54,72,762 12,85,80,480
% of Holding 23.97% 26.70%
c) Hightown Constructions Pvt. Ltd.
Numbers 9,67,38,145 10,95,92,990
% of Holding 20.08% 22.76%
(F) Shares held by Promoters

H in million
As at 31-March-23
Particulars Number of % of total % change
shares shares during the year
(a) Sambhavnath Infrabuild and Farms Pvt. Ltd. 13,66,63,977 28.37% -0.02%
(b) Sambhavnath Trust 11,54,72,762 23.97% -2.74%
(c) Hightown Constructions Pvt. Ltd. 9,67,38,145 20.08% -2.68%
(d) Homecraft Developers and Farms Pvt. Ltd. 1,24,32,410 2.58% -1.79%
(e) Rajendra Lodha 200 0.00% Nil
324

18 Share Capital (Contd..)

H in million
As at 31-March-22
% change
Particulars Number of % of total
during the
shares shares
year
(c) Hightown Constructions Pvt. Ltd. 10,95,92,990 22.76% 22.76%
(d) Homecraft Developers and Farms Pvt. Ltd. 2,10,21,010 4.37% 4.37%
(G) ESOP Scheme- Refer Note 63
19 Optionally Convertible Debentures*

H in million
As at As at
Particulars
Balance at the beginning of the year - 4,604
Less: Repayment during the year - 4,604
Balance at the end of the year - -
*Issued by erstwhile Palava Dwellers Private Limited (PDPL) in financial year 2018-19. These OCDs were classified as equity instrument based on the terms of issue and during
the year, based on the option available, PDPL has redeemed the OCDs (refer note 64).
20 Security Premium
H in million
As at As at
Particulars
Increase during the year 204 64,140
Less: Adjusted for Equity issue expenses (Net of Tax) - 865
21 Retained Earnings
H in million
As at As at
Particulars
Increase during the year 3,682 17,730
325

22 Other Reserves
H in million
As at As at
Particulars
(i) Capital Redemption Reserve
(ii) Capital Reserve
Balance at the beginning of the year (918) (918)
Increase/(Decrease) during the year - -
Balance at the end of the year (918) (918)
(iii) Debenture Redemption Reserve
Balance at the beginning of the year 619 5,829
Transfer during the year (619) (5,210)
Balance at the end of the year - 619
(iv) Revaluation Reserve
Increase during the year (Net of Tax) - 29
(v) Share Based Payment Reserve
Balance at the beginning of the year 394 -
Transfer during the year (107) -
Balance at the end of the year 1,053 394
Total Other Reserves (i) to (v) 4,471 4,431
The nature and purpose of other reserves:
(i) Capital Redemption Reserve - Amount transferred from retained earnings on redemption of issued shares.
(ii) Capital Reserve - Reserve created on account of merger.
(iii) Debenture Redemption Reserve (DRR)- Pursuant to the notification GSR 574(E) dated 16-August-19, in reference to amendment in
rule 18, sub rule 7 of the Companies (Share Capital and Debentures) Rules, 2014, the company has not transferred amount from
retained earnings to DRR, during the year ended as on 31-March-20 and onwards. Further, DRR has been retained on outstanding
Debentures issued upto 31-March-19 and balance has been transferred to Retained Earnings.
(iv) Revaluation Reserve - Gains arising on the revaluation of certain class of Property, Plant and Equipment.
(v) Share Based Payment Reserve - The fair value of the equity-settled share based payment transactions is recognised in standalone
Statement of Profit and Loss with corresponding credit to Share Based Payment Reserve Account.
23 Non-Current Borrowings
H in million
As at As at
Particulars
A Secured
i) Non Convertible Debentures 1,676 -
ii) Term Loans :
Banks 3,731 4,684
Others 13,119 17,254
18,526 21,938
Less: Current maturities of non-current borrowings (2,783) (1,506)
Total 15,743 20,432
326

23 Non-Current Borrowings (Contd..)

H in million
As at As at
Particulars
B Unsecured
Loans/ Intercorporate Deposits from Related Parties - 246
Others 5
- 251
Total 15,743 20,683
A Non Convertible Debentures*
Secured by :
(i) Charge on certain land and building situated at Mumbai and Thane 1,680 -
(ii) Charge over project receivables.
Terms of Repayment :
Repayable at par
Repayment ending from December-2025 to June-2026
Effective Rate of Interest :
Rate of Interest range from 9.12% to 9.65%
B Term Loan from banks and others *
Secured by :
(i) Charge on certain land and building situated at Mumbai and Thane 16,947 22,012
(iii)Personal Guarantee of a Director
(iv) Guarantee for H 965 million (31-March-22: H1,081 million) by relative of a
Director and by Holding Company
Repayment ending from August-2024 to February-2028
Rate of Interest range from 9.50% to 10.90% p.a.
C Related Parties
Repayment ending on June-2023 - 246
*Above figures represent outstanding borrowings before adjusting loan issue cost and premium on debentures.
24 Non-Current Trade Payables

H in million
As at As at
Particulars
Dues to Micro and Small Enterprises (Refer Note 59) 34 -
Due to Others (Refer Note 59) 15 25
Total 49 25
Note: Disclosure of outstanding dues of Micro and Small Enterprise under Trade Payables is based on the information available with
the Company regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006
and relied upon by the auditor.
25 Other Non-Current Financial Liabilities

H in million
As at As at
Particulars
Deposits 308 245
Other liabilities 837 1,284
Total 1,145 1,529
327

26 Non-Current Provisions
H in million
As at As at
Particulars
Employee Benefits (Refer Note 44)
Gratuity 214 164
Leave Obligation 2 2
Total 216 166
27 Other Non-Current Liabilities

H in million
As at As at
Particulars
Deferred Lease Income - 933
- 933
28 Current Borrowings
H in million
As at As at
Particulars
A Secured :
i) Non Convertible Debentures 1,990 9,823
ii) Term Loans :
Banks 25,040 27,253
Others 30,509 34,801
iii) Cash Credit 6,572 4,086
iv) Current maturities of non-current borrowings 2,783 1,506
66,894 77,469
B Unsecured
i) Non Convertible Debentures 8,716 8,311
ii) Loans/ Intercorporate Deposits from Related Parties 10,938 1,862
19,654 10,173
Total 86,548 87,642
H in million
As at As at
Particulars
A Non Convertible Debentures*
Secured by :
(i) Charge on land and building situated at Mumbai and Thane 2,000 9,846
(iii) Personal Guarantee of a Director
Repayable at par
Repayment at the end of the term upto September-2025
Rate of Interest range from 10.34 % to 11.05 %
B Term Loan from banks and others*
1 Secured by : 19,859 24,372
(i) Charge on certain land and building situated at Thane.
328

28 Current Borrowings (Contd..)

H in million
As at As at
Particulars
(iv) Corporate Guarantee by Holding Company for H873 million
(31-March-22: H5,785 million)
(v) Corporate guarantee by DM partner H1,460 million (31-March-22: HNil)
Repayment ending from May-2024 to March-2028.
2 Secured by : 18,653 25,321
(i) Charge on certain land and building situated at Mumbai of Company/Subsidiary
(ii) Charge over project receivables
(iv) Corporate Guarantee by Holding Company for H1,393 million
(31-March-22: H 2,063 million)
(iv) Corporate Guarantee given by Subsidiary Company for H4,673 million
(31-March-22: HNil)
(v) Corporate guarantee by land owner in case of a JDA project for H538
million (31-March-22: H687 million)
3 Secured by : 14,678 12,693
(i) Charge on certain land of Palava
(31-March-22 H5,000 million)
Repayment ending from June-2023 to September-2026
4 Secured by :
(i) Charge on certain land of Pune 2,800 -
Repayment ending on September-2027
Effective Rate of Interest: Rate of Interest 9.85 %
C Cash Credit/ Overdraft Facility 6,572 4,086
Secured by :
(i) Charge on land and building situated at Mumbai and Thane
(ii) Charge on certain land of Palava
(iii) Charge over project receivables.
(iv) Personal Guarantee of a Director
Repayable on demand
D Related Parties
Non-Convertible Debentures 8,716 8,311
Effective Rate of Interest : 15%
Repayment ending on April-2026
329


H in million
As at As at
Particulars
Loans / Intercorporate deposits 10,938 1,863
Rate of Interest range upto 14.50 %
Repayment ending on March-2024
*Above figures represent outstanding borrowings before adjusting loan issue cost and premium on debentures.
The Company does not have any charges or satisfaction which is yet to be registered with Registar of Companies as on Balance sheet date,
beyond the statutory period.
The Company has availed various borrowings from banks or financial institutions on the basis of security of current assets. Quarterly returns
or statements of current assets filed by the Company with the banks or financial institutions are in agreement with the books of account.
29 Current Trade Payables

H in million
As at As at
Particulars
Dues to Micro and Small Enterprises (Refer Note 59) 692 298
Due to Related Parties (Refer Note 49) 11,850 7,067
Due to Others (Refer Note 59) 10,161 6,527
Total 22,703 13,892
the Company regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006
30 Other Current Financial Liabilities

H in million
As at As at
Particulars
Interest accrued but not due 175 391
Other Payables :
Deposits 60 62
Employee Payables 1,121 865
Payable on Cancellation of allotted units 137 360
Deferred Liability against Purchase of Land 18,164 16,271
Other Liabilities (includes payable for development rights) 24,273 4,085
Total 43,930 22,034
31 Provisions
H in million
As at As at
Particulars
Gratuity 63 51
Total 72 54
330

32 Current Tax Liabilities

H in million
As at As at
Particulars
Provision for Income Tax (Net of Advance Tax) 329 -
Total 329 -
33 Other Current Liabilities

H in million
As at As at
Particulars
Advances Received from Customers 71,509 73,915
Duties and Taxes 530 437
Accrued Liability and Society Payables 31,323 30,844
Total 1,03,362 1,05,196
34 Revenue From Operations

H in million
For the For the
Particulars Year ended Year ended
Income From Property Development (Refer Note 62) 80,301 75,554
Sale of Building Materials 43 62
Sale of Land / Development Rights 5,205 6,812
Rent Income 881 935
Other Operating Revenue 916 170
Total 87,346 83,533
35 Other Income
H in million
For the For the
Profit on Sale of Investments 1,185 30
Gains arising from fair valuation of financial Instruments (73) 107
Interest Income 2,093 1,244
Profit on Sale of Property, Plant and Equipment (net) 12 -
Foreign Exchange Gain/ (Loss) (net) (828) (538)
Dividend Income on Current Investments - 53
Miscellaneous Income 160 18
Total 2,549 914
331

36 Cost of Projects
H in million
For the For the
Opening Stock
Land and Property Development - Work-in-Progress 2,20,057 2,19,974
Add : Transfer on account of Merger: (Refer Note 64) - 452
Add: Expenditure during the year :
Land, Construction and Development Cost 57,781 21,926
Consumption of Building Materials 11,134 6,867
Purchase of Building Material 50 61
Other Construction Expenses 2,424 2,004
Overheads Allocated 11,681 14,710
3,41,054 3,12,456
Less: Transfers and Others (165) (99)
3,40,889 3,12,357
Less: Closing Stock
Land and Property Development - Work-in-Progress (2,41,910) (2,20,057)
Finished Stock (43,148) (37,927)
(2,85,058) (2,57,984)
Total 55,831 54,373
37 Employee Benefits Expense

H in million
For the For the
(Net of Recovery)
Salaries and Wages 5,804 5,276
Contribution to Provident and Other Funds 185 136
Share Based Payment to Employees (Refer Note 63) 766 394
Staff Welfare 75 51
6,830 5,857
Less: Allocated to Cost of Projects (2,718) (2,414)
Total 4,112 3,443
38 Finance Costs
H in million
For the For the
Interest Expense on Borrowings and others 14,415 15,956
Other Finance Costs 527 284
14,942 16,240
Total 5,979 3,944
332

39 Other Expenses
H in million
For the For the
Rent 93 19
Rates and Taxes 313 231
Insurance 12 12
Electricity 118 -
Postage / Telephone / Internet 39 46
Printing and Stationery 18 8
Legal and Professional 850 337
Payment to Auditors as:
Audit Fees 21 22
Taxation Matters 1 1
Other Services * 9 8
Advertising Expenses 1,077 796
Brokerage and Commission 1,398 1,028
Business Promotion 375 353
Travelling and Conveyance 195 105
Infrastructure and Facility Expenses 1,594 1,218
Bank Charges 28 75
Donation 267 97
Sundry Balances / Excess Provisions Written Off/(back) (net) (178) (76)
Provision/ (Reversal) for Diminution in Value of Investment - (87)
Stamp Duty and Registration Charges 2,523 1,691
Provision for / (Write back of) Doubtful Receivables /Advances (net) 33 -
Loss on Sale of Assets - 2
Write off of loan** - 10,715
Less: Provision for loss allowances recognized in earlier years - (10,715)
Compensation 178 234
Miscellaneous Expenses 50 19
Total 9,014 6,139
* Other Services does not include fees of H15 million for the year ended 31-March-2022 in respect of services towards IPO / QIP which have been adjusted against security
premium being share issue expenses.
** In respect of Loan given for UK business operations which had been provided in the previous years.
40 Tax Expense:
a. The major components of income tax expense are as follows:

H in million
For the For the
(i) Income tax recognised in statement of profit and loss
Current Income Tax (expense) / benefit :
Current Income Tax (2,818) (151)
Adjustments in respect of current Income Tax of earlier years 126 279
Total (2,692) 128
Deferred Tax (expense) / benefit :
Origination and reversal of temporary differences 4,871 (5,116)
MAT Credit Receivable (738) 150
333

40 Tax Expense: (Contdd..)

H in million
For the For the
Adjustments in respect of Deferred Tax of earlier years (including MAT Credit (330) 187
of earlier years)
Total 3,803 (4,779)
Income Tax (expense) / benefit reported in the Statement of 1,111 (4,651)
Profit or Loss
(ii) Income tax expenses recognised in OCI section
Deferred Tax benefit on remeasurements of defined benefit plans 15 (4)
Gain on Property Revaluation - (9)
Income tax charged to OCI 15 (13)
b. Reconciliation of tax expense and the accounting profit multiplied by India's tax rates :
H in million
For the For the
Accounting Profit/ (loss) Before Tax 1,943 15,987
Income tax expense calculated at corporate tax rate
Tax effect of adjustment to reconcile expected income tax expense to reported (679) (5,586)
Deductible expenses for tax purposes:
Item for which Tax at Special Rate / Exempted Income 1,974 580
Other deductible expenses 149 142
Non-deductible expenses for tax purposes:
Permanent disallowance of Expenses (51) (156)
Donation /CSR Expenses (41) (34)
Other non-deductible expenses (37) (64)
Adjustments in respect of Current Tax of earlier years 126 280
Adjustments in respect of Deferred Tax of earlier years (including MAT Credit of (330) 187
earlier years)
Total 1,111 (4,651)
c. The major components of Deferred Tax (Liabilities)/Assets arising on account of temporary differences are
as follows:
Deferred tax relates to the following: H in million

Balance sheet
Particulars
Accelerated depreciation and amortisation for Tax purposes (1,190) (1,246)
Expenses allowed but not charged to Statement of Profit and Loss (2,624) (2,715)
Expenses disallowed but charged to Statement of Profit and Loss 1,513 153
Carried Forward Business Loss / Unabsorbed Depreciation - 580
Deferred Tax on Revaluation of Land (1,247) (1,300)
Deferred Tax on Gratuity and Leave Encashment 129 151
Expected credit losses of Financial Assets 4,641 23
MAT Credit 426 1,380
Share Issue Expenses - 301
Others 504 970
Net Deferred Tax Assets 2,152 (1,703)
334

40 Tax Expense: (Contd..)

H in million
Profit & loss
For the For the
Particulars
Year ended Year ended
Accelerated depreciation and amortisation for Tax purposes 56 (9)
Expenses allowable but not charged to Statement of Profit and Loss 91 81
Expenses disallowed but charged to Statement of Profit and Loss 1,360 -
Carried Forward Business Loss / Unabsorbed Depreciation (580) (95)
Effect of adoption of Ind AS115 - (936)
Deferred Tax on Revaluation of Land 53 (9)
Expected credit losses of Financial Assets 4,618 (3,618)
Deferred Tax on Gratuity and Leave Encashment (22) -
Tax impact on OCD - (755)
MAT Credit (Including for earlier years) (954) 353
Share Issue expenses (301) -
Others (518) 209
Deferred Tax (Expense)/ Income 3,803 (4,779)
d. Reconciliation of Deferred Tax Assets / (Liabilities)

H in million
Balance sheet
Particulars
Opening balance (1,703) 1,349
Tax income/(expense) during the year recognised in Statement of Profit and Loss 3,803 (4,779)
Tax impact on OCD and NCD - 1,344
Share Issue expenses - 389
Tax income/(expense) during the year recognised in OCI 15 (14)
Deferred Tax on Intangible Assets - Brand 37 8
Closing balance 2,152 (1,703)
41 Significant Accounting Judgements, Estimates And Assumptions
Judgements, Estimates And Assumptions
The Company makes certain judgement, estimates and assumptions regarding the future. Actual experience may differ from these
judgements, estimates and assumptions. The estimates and assumptions that have significant risk of causing material adjustment to
the carrying amounts of assets and liabilities within the next financial year, are described below.
(i) Useful Life Of Property, Plant And Equipments, Intangible Assets And Investment Properties
The Company determines the estimated useful life of its Property, Plant and Equipments, Investment Properties and Intangible
Assets for calculating depreciation/ amortisation. The estimate is determined after considering the expected usage of the assets
or physical wear and tear. The company periodically reviews the estimated useful life and the depreciation/ amortisation method
to ensure that the method and period of depreciation/ amortisation are consistent with the expected pattern of economic benefits
from these assets.
(ii) Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher
of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available
data from binding sales transactions conducted at arm’s length, for similar assets or observable market prices less incremental
335

41 Significant Accounting Judgements, Estimates And Assumptions (Contd..)
costs for disposing of the asset. An assessment is carried to determine whether there is any indication of impairment in the carrying
amount of the Company’s assets. If any such indication exists, the asset’s recoverable amount is estimated. An impairment loss is
recognised whenever the carrying amount of an asset exceeds its recoverable amount.
(iii) Income Taxes
Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision
for income taxes, including amount expected to be paid/recovered for uncertain tax positions.
(iv) Defined Benefit Plans (Gratuity And Leave Obligation Benefits)
The costs of providing pensions and other post-employment benefits are charged to the Standalone Statement of Profit and Loss in
accordance with Ind AS 19 ‘Employee benefits’ over the period during which benefit is derived from the employees’ services. The
costs are assessed on the basis of assumptions selected by the management. These assumptions include salary escalation rate,
discount rates, expected rate of return on assets and mortality rates.
(v) Fair Value Measurement Of Financial Instruments
When the fair values of financials assets and financial liabilities recorded in the Standalone Balance Sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques, including the discounted cash
flow model, which involve various judgements and assumptions.
(vi) Revaluation of Property, Plant and Equipment
The Company measures Land classified as property, plant and equipment at revalued amounts with changes in fair value being
recognised in Other Comprehensive Income (OCI). The Company has engaged an independent valuer to assess the fair value
periodically. Land is valued by reference to market-based evidence, using comparable prices adjusted for specific market factors
such as nature, location and condition of the property.
(vii) Valuation of inventories
The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices
and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects
and selling cost.
(viii) Leases - Estimating the incremental borrowing rate
The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to
measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a
similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.
42 Commitments and contingencies
a. Leases
Operating lease commitments — Company as lessee (Refer Note. 51)

Operating lease commitments — Company as lessor
The Company has entered into cancellable and non-cancellable operating leases on its commercial premises. These leases have
terms of between 3 and 55 years. All leases include a clause to enable upward revision of the rental charge on an annual basis
according to prevailing market conditions. Rent Income recognized by the Company during the year:
336

42 Commitments and contingencies (Contd..)
H in million
Cancellable operating lease 62 102
Non-Cancellable operating lease 819 833
881 935
Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows:
H in million
Within one year 620 522
After one year but not more than five years 683 946
More than five years 351 511
1,654 1,979
b. Commitments
(i) Estimated amount of contracts remaining to be executed on capital account and not provided for:
H in million
Estimated amount of contracts remaining to be executed on capital account 252 389
and not provided for (net of advances).
252 389
(ii) Other Commitment - Investments (on partly paid share) amounting to H40 million (31-March-2022 HNil)
(iii) The Company has entered into joint development agreements (JDA) with land owners for development of projects. Under
these agreements, the Company is required to share built up area/ revenue/ surplus from such developments in exchange of
development rights as stipulated under the agreements.
c. Contingent liabilities
Claims against the company not acknowledged as debts
H in million
(i) Disputed Demands of Customers excluding amounts not ascertainable. 603 913
(ii) Corporate Guarantees Given* 10,475 14,961
(iii)Disputed Taxation Matters 514 1,488
(iv) Disputed Land related Legal cases 467 787
12,059 18,149
*Represents outstanding amount of the loan / balances guaranteed.
(1) The Contingent Liabilities exclude undeterminable outcome of pending litigations.

(2) The Company has assessed that it is not probable that an outflow of resources embodying economic benefits will be required
to settle the obligation.
d. The Company is committed to provide business and financial support to certain subsidiaries, which are in losses and are dependant
on Parent Company for meeting out their cash requirement.
337

43 Land and Property Development Work-in-Progress includes :

H in million
Land for which conveyance is pending. 1,598 3,290
Land held in the name of Individuals on behalf of the Company 134 3,393
Land already acquired for which Memorandum of Understanding / consent letters 418 605
are pending
2,150 7,288
44 Gratuity and Leave Obligation
The Company has a funded defined benefit gratuity plan and is governed by the Payment of Gratuity Act, 1972. Under the Act,
employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the
employee's length of service and salary at retirement age.
The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and the funded
status and amounts recognised in the balance sheet for the respective plans:
Leave Obligation
Changes in the present value of the defined benefit obligation

H in million
Defined benefit obligation as at beginning of the year 5 7
Interest cost 0 0
Current service cost 6 1
Actuarial gain and losses (0) (0)
Experience adjustments (0) (3)
Defined benefit obligation as at end of the year 11 5
Gratuity Benefits
Changes in the present value of the defined benefit obligation are, as follows
H in million
Particulars Obligation Fund Total
Defined benefit obligation as at 01-April-21 264 (59) 205
Current service cost 46 - 46
Interest cost 17 (4) 13
Return on plan assets - 0 0
Transfer in/(out) obligation (2) 0 (2)
Actuarial gain and losses (14) - (14)
Experience adjustments (1) - (1)
Benefits paid (34) - (34)
Defined benefit obligation as at 31-March-22 276 (63) 213
Current service cost 51 - 51
Interest cost 19 (6) 13
Return on plan assets - 1 1
Actuarial gain and losses (10) - (10)
Experience adjustments 53 - 53
Benefits paid (45) - (45)
Defined benefit obligation as at 31-March-23 344 (68) 276
338

44 Gratuity and Leave Obligation (Contd..)

The major category of plan assets relating to gratuity out of the total plan assets are as follows:
H in million
As at As at
Particulars
Unquoted investments:
Policy of insurance (68) (63)
Total (68) (63)
The principal assumptions used in determining gratuity and leave obligations for the Company’s plans are shown below:
(in %)
As at As at
Particulars
Discount rate:
Gratuity 7.55 7.25
Leave Obligation 7.55 7.25
Future salary increases:
Gratuity 5.00 5.00
Leave Obligation 5.00 5.00
Mortality Rate : Indian Assured Lives Mortality (2012-14) Table
Gratuity:
Assumptions
Sensitivity Level
H in million
As at 31-March-23 As at 31-March-22
Particulars
Increase Decrease Increase Decrease
Impact on defined benefit obligation
Discount rate @ 0.5% 329 361 263 292
Future Salary @ 0.5% 355 334 287 266
Leave Obligation:
Assumptions
Sensitivity Level
H in million
Particulars
Increase Decrease Increase Decrease
Impact on defined benefit obligation
Discount rate @ 0.5% 11 12 5 5
Future Salary @ 0.5% 12 11 5 5
The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation as
a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The following payments are expected contributions to the defined benefit plan in future years:
H in million
As at As at
Particulars
Within the next 12 months (next annual reporting period) 24 23
Between 2 and 5 years 82 64
Total expected payments 231 189
339


The average duration of the defined benefit plan obligation w.r.t. gratuity at the end of the reporting year is 12.00 years (31-March-22:
12.42 years).
45 Financial Instrument measured at Amortised Cost
The carrying amount of financial assets and financial liabilities measured at amortised cost in the standalone financial statements are a
reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly
different from the values that would eventually be received or settled.
46 Fair value measurement
The following table provides the carrying amounts and fair value measurement hierarchy of the Company’s financial assets and
financial liabilities, including their levels in the fair value hierarchy.
H in million
Carrying Value Fair value measurement using
Fair Value Quoted
Significant Significant
through prices
Particulars Amortized observable unobservable
Profit Total in active
Cost inputs inputs
& Loss markets
(FVTPL) (Level 1) (Level 2) (Level 3)
As at 31-March-2023
Financial Assets
Investments
Investment in Mutual Funds 345 - 345 345 - -
Investment in Equity Shares 1 - 1 1 - -
Investment in Preference Shares 5 28 33 - 5 -
Investment in Debentures 1,376 465 1,841 - - 1,376
Loans - 21,474 21,474 - - -
Trade Receivables - 7,281 7,281 - - -
Cash and Cash Equivalents - 12,745 12,745 - - -
Bank Balances other than Cash and - 4,252 4,252 - - -
Cash Equivalents
Other Financial Assets - 35,847 35,847 - - -
1,727 82,092 83,819 346 5 1,376
Borrowings - 1,02,291 1,02,291 - - -
Lease Liability - 3,612 3,612 - - -
Trade Payables - 22,752 22,752 - - -
Other Financial Liabilities - 45,075 45,075 - - -
- 1,73,730 1,73,730 - - -
As at 31-March-2022
Financial Assets
Investments
Investment in Mutual Funds 3,895 - 3,895 3,895 - -
Investment in Preference Shares 5 - 5 - 5 -
Investment in Debentures 575 636 1,211 - - 575
Loans - 43,170 43,170 - - -
340

46 Fair value measurement

H in million
Fair Value Quoted
Significant Significant
through prices
Particulars Amortized observable unobservable
Profit Total in active
Cost inputs inputs
& Loss markets
(FVTPL) (Level 1) (Level 2) (Level 3)
Bank Balances other than Cash and - 6,866 6,866 - - -
Cash Equivalents
4,476 80,858 85,334 3,896 5 575
Borrowings - 1,08,325 1,08,325 - - -
Lease Liability - - - - - -
Trade Payables - 13,917 13,917 - - -
- 1,45,805 1,45,805 - - -
The following table presents the changes in level 3 items:

H in million
Particulars Debentures
As at 01-April-21 -
Addition/ (disposal) of financial asset 575
Gain/ (loss) recognised in statement of profit and loss -
As at 31-March-22 575
As at 31-March-23 1,376
47 Financial risk management objectives and policies
The Company’s principal financial liabilities comprise mainly of borrowings, lease liability, trade and other payables. The main purpose
of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include loans and
advances, trade and other receivables, cash and cash equivalents and Other balances with Bank.
The Company is exposed through its operations to the following financial risks:
- Market risk
- Credit risk, and
- Liquidity risk.
The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential
adverse effects on the company’s financial performance. There have been no substantive changes in the company’s exposure to
financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from
previous periods unless otherwise stated herein.
(a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected
by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.
341

47 Financial risk management objectives and policies (Contd..)
(i) Interest rate risk
The Company is exposed to cash flow interest rate risk mainly from long-term borrowings at variable rate. Currently the
company has external borrowings (excluding short-term overdraft facilities) which are fixed and floating rate borrowings. The
Company achieves the optimum interest rate profile by refinancing when the interest rates go down. However this does not
protect Company entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash flow risk
associated with variability in interest payments. The Company considers that it achieves an appropriate balance of exposure
to these risks.
The Company’s interest-bearing financial instruments are reported as below: H in million
Variable Variable
Particulars Fixed Rate Fixed Rate
Rate Rate
Instruments Instruments
Instruments Instruments
Financial Assets 41,673 251 53,153 732
Financial Liabilities 19,654 82,637 17,676 90,649
Fair value sensitivity analysis for fixed rate instruments

The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore,
a change in interest rates at the reporting date would not affect profit or loss.
Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for
the Company by the amounts indicated in the table below:
H in million
Impact on retained earnings/ Equity ended ended
Impact of increase in interest rate by 100 basis point 829 914
Impact of decrease in interest rate by 100 basis point (829) (914)
The Company capitalises interest to the cost of inventory to the extent permissible, hence, the amount indicated above may
have an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also
assumes that the change occurs at the balance sheet date and is calculated based on risk exposures outstanding as at that
date. The year end balances are not necessarily representative of the average debt outstanding during the period.
ii) Foreign currency risk
Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes
in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are denominated in
currencies other than Indian Rupee.
The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company operating
activities including investment in overseas projects.
H in million
As at 31-March-23
Particulars Other
GBP USD Total
Currency
Loan 7,773 - - 7,773
Investments 187 - - 187
Trade Payable (6) (147) (32) (185)
Net Asset / (Liability) 7,954 (147) (32) 7,775
342


H in million
As at 31-March-22
Particulars Other
GBP USD Total
Currency
Loan 25,864 85 - 25,950
Investments 172 - - 172
Trade Payable (2) (164) (13) (179)
Net Asset / (Liability) 26,034 (78) (13) 25,943

Sensitivity Analysis
The sensitivity of profit or loss to change in the reasonably possible strengthening (weakening) of the Indian Rupee against
GBP/ US dollars as mentioned below:
H in million
For the Year ended For the Year ended
Impact on retained earnings/ Equity 31-March-23 31-March-22
GBP USD GBP USD
Impact of 10% increase in exchange rate 795 (15) 2,603 (8)
Impact of 10% decrease in exchange rate (795) 15 (2,603) 8
b) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics
of the Company’s customer base, including the default risk of the industry and country, in which customers operate, has less
influence on the credit risk.
The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments
are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the possession of
residential and commercial units is handed over to the buyer only after all the installments are recovered. In addition, installment
dues are monitored on an ongoing basis with the result that the Company’s exposure to credit risk is not significant. The Company
evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions
of trade receivables as at the year end.
Credit risk from balances with banks and financial institutions is managed by Company's treasury in accordance with the Company’s
policy. The company limits its exposure to credit risk by only placing balances with local banks and international banks of good
repute. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.
c) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial
instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial
asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its
short term, medium term and long term funding and liquidity management requirements. The Company’s exposure to liquidity
risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk
by maintaining adequate funds in cash and cash equivalents.
343

The table below summarises the maturity profile of the Company’s financial liabilities based on contractual undiscounted
payments.
As at 31-March-23
H in million
Less than 1 to 5 More than
Particulars Total
1 year years 5 years
Borrowings * 26,183 78,076 - 1,04,259
Lease Liablity 293 4,408 - 4,701
Trade payables 22,703 49 - 22,752
Other financial liabilities 20,714 32,428 - 53,142
69,893 1,14,961 - 1,84,854
As at 31-March-22
H in million
Less than 1 to 5 More than
Particulars Total
1 year years 5 years
Borrowings * 19,273 82,039 7,479 1,08,791
Lease Liablity - - - -
Trade payables 13,892 25 - 13,917
52,538 86,255 7,479 1,46,272
*Borrowings are stated before adjusting loan issue cost and premium on debentures.
48 Capital management
For the purpose of the Company’s capital management, capital includes issued equity share capital and other equity reserves attributable
to the owners of the Company. The primary objective of the Company’s capital management is to maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided
by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings less cash and cash
equivalents and bank balances other than cash and cash equivalents.
H in million
Borrowings 1,02,291 1,08,325
Less: Cash and Cash Equivalents (12,745) (3,344)
Less: Bank balances other than Cash and Cash Equivalents (4,252) (6,866)
Net Debt 85,294 98,115
Equity Share Capital 4,818 4,815
Other Reserves (Excluding Revaluation Reserves) 1,16,539 1,12,613
Total capital 1,21,357 1,17,428
Capital and net debt 2,06,651 2,15,544
Gearing ratio 41.3% 45.5%
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
344

49 Related Party Transactions
Information on Related Party Transactions as required by Ind AS 24 " Related Party Disclosures".
A. List of related parties: (As identified by the management)
I Person having Control or joint control or significant influence

Abhishek Lodha
II Close family members of person having Control * (with whom the company had transactions)
Mangal Prabhat Lodha

Manjula Lodha
Vinti Lodha
*Pursuant to an arrangement
III Holding Company

Sambhavnath Infrabuild and Farms Pvt. Ltd.
IV Subsidiary of Holding Company (with whom the company had transactions)

Bellissimo Properties Development Pvt. Ltd.
Odeon Construction and Developers Pvt. Ltd.
V Subsidiaries
1 Anantnath Constructions and Farms Pvt. Ltd. (Merged with the Company w.e.f 30-Apr-22)
2 Apollo Complex Pvt. Ltd.
3 Bellissimo Constructions and Developers Pvt. Ltd.
4 Bellissimo Digital Infrastructure Investment Management Pvt. Ltd. (w.e.f. 07-February-22 upto 10-May-22)
5 Bellissimo Digital Infrastructure Development Management Pvt. Ltd. (w.e.f. 17-February-22 upto 10-May-22)
6 Bellissimo Estate Pvt. Ltd. (Merged with the Company w.e.f 30-Apr-22)
7 Brickmart Constructions and Developers Pvt. Ltd.
8 Center for Urban Innovation Pvt. Ltd.
9 Copious Developers and farms Pvt. Ltd. (Merged with the Company w.e.f. 18-June-21)
10 Cowtown Infotech Services Pvt. Ltd.
11 Cowtown Software Design Pvt. Ltd.
12 Digirealty Technologies Pvt. Ltd. (w.e.f. 07-December-21)
13 Palava Induslogic 3 Pvt. Ltd.
14 Palava Industrial & Logistics Park Pvt. Ltd. (Merged with the Company w.e.f 30-Apr-22)
15 Palava Induslogic 2 Pvt. Ltd.(w.e.f. 19-February-21 Upto 28-September-21)
16 Homescapes Constructions Pvt.Ltd.
17 Kora Constructions Pvt. Ltd. (w.e.f. 22-November-21) (Merged with the Company w.e.f 30-Apr-22)
18 Lodha Developers International (Netherlands) B.V.
19 Lodha Developers International Ltd.
20 Lodha Developers U.S., Inc.
345

49 Related Party Transactions (Contd..)
21 Lodha Developers Canada Ltd. (Dissolved w.e.f. 20-August-21)

22 Luxuria Complex Pvt. Ltd. (Merged with the Company w.e.f 30-Apr-22)
23 MMR Social Housing Pvt. Ltd. (Merged with the Company w.e.f 30-Apr-22)
24 National Standard (India) Ltd.
25 Odeon Theatres and Properties Pvt. Ltd. (Merged with the Company w.e.f 30-Apr-22)
26 One Place Commercials Pvt. Ltd.
27 Palava City Management Pvt. Ltd.
28 Palava Dwellers Pvt. Ltd. (Merged with the Company w.e.f. 31-December-21)
29 Palava Institute of Advanced Skill Training Pvt. Ltd.
30 Palava Induslogic 4 Pvt. Ltd. (w.e.f. 08-February-22 upto 26-May-22)
31 Primebuild Developers And Farms Pvt. Ltd.
32 Ramshyam Infracon Pvt. Ltd. (Merged with the Company w.e.f. 18-June-21)
33 Renovar Green Consultants Pvt. Ltd. (Merged with the Company w.e.f 30-Apr-22)
34 Roselabs Finance Ltd.
35 Sanathnagar Enterprises Ltd.
36 Simtools Pvt. Ltd.
37 Sitaldas Estate Pvt. Ltd. (Merged with the Company w.e.f 30-Apr-22)
38 Thane Commercial Tower A Management Private Limited (w.e.f. 16-March-22 )
39 G Corp Homes Pvt. Ltd. (w.e.f. 28-June-22)
40 Bellissimo In City FC NCR 1 Pvt. Ltd. (w.e.f. 30-Nov-22)
41 Bellissimo In City FC Mumbai 1 Pvt. Ltd (w.e.f 20-September-22 upto 30-November-22)
42 Bellissimo Buildtech LLP
VI Joint Venture
1 Altamount Road Property Pvt. Ltd. (upto 13-September-22)

2 Lodha Developers UK Ltd.
3 Grosvenor Street Apartments Ltd. *
4 Lodha Developers 1GSQ Holdings Ltd.*
5 Lodha Developers 1GSQ Ltd. *
6 Lodha Developers 48 CS Ltd. *
7 Lodha Developers Dorset Close Ltd. *
8 Lodha Developers International (Jersey) III Ltd. *
9 1GS Investments Ltd. *
10 1GS Residences Ltd. *
11 1GS Properties Investments Ltd. (Formerly GS Penthouse Limited) (w.e.f 23-September-20) *
12 New Court Developers Ltd. * (upto 14-October-21)
13 New Court Holdings Ltd. *
14 Lincoin Square Apartments Ltd. *
15 1GS Quarter Holding Ltd.* (w.e.f 23-November-21)
346

16 1GSQ Leaseco Ltd *

17 Palava Induslogic 2 Pvt. Ltd. (w.e.f. 28-September-21)
18 Palava Induslogic 3 Pvt. Ltd.(w.e.f. 16-December-21)
19 Mayfair Square Apartments Limited (w.e.f. 27-April-2022)*
20 Mayfair Square Residences Limited (w.e.f. 27-April-2022)*
21 Bellissimo Digital Infrastructure Development Management Pvt. Ltd. (w.e.f. 10-May-22)
22 Bellissimo Digital Infrastructure Investment Management Pvt. Ltd. (w.e.f. 10-May-22)
23 Bellissimo In City FC Mumbai 1 Pvt. Ltd (w.e.f 30-November-22)
24 Palava Induslogic 4 Pvt. Ltd. (w.e.f. 27 May-22)
*Subsidiaries of Lodha Developers UK Ltd.
VII Associates
Kora Construction Pvt. Ltd. (Upto 22-November-21)
VIII Others (Entities controlled by person having control or joint control, KMP, with whom the company had transactions)
1 Sambhavnath Trust
2 Bellissimo Healthy Constructions and Developers Pvt. Ltd.
3 Sitaben Shah Memorial Trust
4 PLP Architecture International Ltd.
IX Key Management Person (KMP)
1 Abhishek Lodha (Managing Director and CEO)

2 Rajendra Lodha (Whole Time Director)
3 Mukund M. Chitale (Independent Director and Chairman)
4 Raunika Malhotra (Whole Time Director)
5 Ashwani Kumar (Independent Director)
6 Rajinder Pal Singh (Non Executive Director)
7 Sushil Kumar Modi (CFO)
8 Lee Anthony Polisano (Independent Director) (w.e.f. 30-July-21)
9 Rajeev Bakshi (Independent Director) (w.e.f. 29-June-22)
10 Harita Gupta (Independent Director) (w.e.f. 20-Sept-22)
X Relative of KMP (with whom the company had transactions)

1 Nitu Lodha
2 Sahil Lodha
XI Directors of Holding Company

1 Ashish Gaggar (Upto 20-May-21)
2 Manoj Vaishya (w.e.f. 20-May-21)
3 Govind Agarwal
347

B. Balances Outstanding with related parties and Transactions during the year ended are as follows:
(i) Outstanding Balances:

H in million
Sr. As at As at
Nature of Transactions Relationship
No. 31-March-23 31-March-22
1 Loans taken Subsidiaries 19,654 10,174
Fellow Subsidiaries - 246
2 Loans given Subsidiaries * 10,656 20,136
Joint Venture ** 5,942 19,140
3 Other Financial Assets Subsidiaries 19,494 5,260
Joint Venture 204 -
4 Investments Subsidiaries 692 972
Joint Venture 2,344 841
5 Trade Payables Subsidiaries 11,570 7,067
Holding Company 152 -
6 Trade Receivables Joint Venture/Subsidiaries 417 403
Others 659 -
7 Other Financial Liabilities Subsidiaries 28 373
8 Other Non- Current Liabilities Joint Venture - 933
9 Guarantee given Subsidiaries 10,373 14,664
Joint Venture 102 297
10 Guarantee taken Holding Company 8,231 12,770
Subsidiaries 4,673 -
*Net of Provision H5,820 million(31-March-22: H42 million)
**Net of Provision H7,461 million (31-March-22: H23 million)
(ii) Disclosure in respect of transactions with parties:

H in million
For the year For the year
Sr.
Nature of Transactions Relationship ended ended
No.
1 Income From Property Development
Sitaben Shah Memorial Trust Others 764 406
Sambhavnath Trust Others 24 -
2 Reversal of Income from Property
Development
Primebuild Developers And Farms Pvt. Ltd. Subsidiary 4,454 725
Bellissimo Constructions and Developers Pvt. Subsidiary 0 733
Ltd.
3 Sale of Building Materials *
Palava City Management Pvt. Ltd. Subsidiary 0 -
Cowtown Infotech Services Pvt. Ltd. Subsidiary - 0
One Place Commercials Pvt. Ltd. Subsidiary 1 1
4 Sale of Land
Palava Induslogic 4 Pvt. Ltd. Joint Venture 2,720 -
Palava Induslogic 3 Pvt. Ltd. Joint Venture - 1,035
Altamount Road Property Pvt. Ltd. Joint Venture 120 1,848
348


H in million
Sr.
No.
5 Interest Income
One Place Commercials Pvt. Ltd. Subsidiary 298 86
Sambhavnath Infrabuild and Farms Pvt. Ltd. Holding Company - 263
Altamount Road Property Pvt. Ltd.. Joint Venture 5 19
Cowtown Infotech Services Pvt. Ltd. Subsidiary 1,000 391
6 Salary and Wages Recovered *
National Standard (India) Ltd. Subsidiary 1 1
Sanathnagar Enterprises Ltd. Subsidiary 1 1
Roselabs Finance Ltd. Subsidiary 0 0
Bellissimo Digital Infrastructure Development Joint Venture 139 -
Management Pvt. Ltd.
7 Other Operating Income (Rent
Income) *
Altamount Road Property Pvt. Ltd. Joint Venture 5 18
Cowtown Software Design Pvt. Ltd. Subsidiary 450 447
8 Other Operating Income
Bellissimo Digital Infrastructure Development Joint Venture 44 -
Bellissimo In City FC Mumbai1 Pvt. Ltd. Joint Venture 0 -
Palava Induslogic 2 Pvt. Ltd. Joint Venture 79 -
9 Other Income
Lodha Developers International Ltd. Subsidiary 83 -
Lodha Developers 1GSQ Limited Joint Venture 3 -
Lodha Developers 48CS Limited Joint Venture 1 -
10 Land, Construction and Development
Cost
Brickmart Constructions and Developers Pvt. Subsidiary 330 97
Ltd.
Cowtown Infotech Services Pvt. Ltd. Subsidiary 12,572 8,901
11 Purchase of Trading and Building
Materials *
Cowtown Infotech Services Pvt. Ltd. Subsidiary 9,972 6,615
Brickmart Constructions and Developers Pvt. Subsidiary 65 648
Ltd.
One Place Commercials Pvt. Ltd. Subsidiary 0 -
Odeon Construction and Developers Pvt. Ltd. Fellow subsidiary 91 -
Sambhavnath Infrabuild and Farms Pvt. Ltd. Holding Company 167 -
349


H in million
Sr.
No.
12 Interest expenses
Cowtown Infotech Services Pvt. Ltd. Subsidiary 750 222
Bellissimo Constructions and Developers Pvt. Subsidiary - 134
Ltd.
Primebuild Developers And Farms Pvt. Ltd. Subsidiary 935 306
Brickmart Constructions and Developers Pvt. Subsidiary 111 -
Ltd.
Cowtown Software Design Pvt. Ltd. Subsidiary 64 -
Homescapes Constructions Pvt.Ltd. Subsidiary - 948
13 Infrastructure and Facility *
Cowtown Software Design Pvt. Ltd. Subsidiary 675 643
14 Rent Expenses
(rent paid has been disclosed as Right of use
assets and Lease liabilities in accordance with
Ind AS 116)
15 Donation/ Corporate Social
Responsibility Expenses
16 Investments
Altamount Road Property Pvt. Ltd. Joint Venture - 24
Primebuild Developers And Farms Pvt. Ltd. Subsidiary - 0
Brickmart Constructions and Developers Pvt. Ltd. Subsidiary - 0
Homescapes Constructions Pvt.Ltd. Subsidiary - 0
Digirealty Technologies Pvt. Ltd. Subsidiary 40 0
Palava Induslogic 4 Pvt. Ltd. Joint Venture 1,043 0
Bellissimo Digital Infrastructure Investment Joint Venture - 0
Bellissimo Digital Infrastructure Development Joint Venture 56 0
Thane Commercial Tower A Management Pvt. Ltd. Subsidiary - 0
One Place Commercials Pvt. Ltd. Subsidiary - 0
Lodha Developers U.S., Inc. Subsidiary (3) -
Bellissimo In City FC NCR 1 Pvt. Ltd. Subsidiary 0 -
Bellissimo In City FC Mumbai 1 Pvt. Ltd. Joint Venture 479 -
17 Sale of Investments
Sambhavnath Infrabuild and Farms Pvt. Ltd. Holding Company - 643
Bellissimo Properties Development Pvt. Ltd. Fellow subsidiary - 198
18 Redemption of Investments
Altamount Road Property Pvt. Ltd. Joint Venture 172 -
Sambhavnath Infrabuild and Farms Pvt. Ltd. Holding Company - 13,257
350


H in million
Sr.
No.
19 Loan/ Advances Given/ (Returned)
-Net
Roselabs Finance Ltd. Subsidiary (6) 4
Sanathnagar Enterprises Ltd. Subsidiary (6) 6
Homescapes Constructions Private Ltd Subsidiary (100) 105
Lodha Developers UK Ltd. Joint Venture (6,617) 6,222
Simtools Pvt. Ltd. Subsidiary (7) 19
Lodha Developers International Ltd. Subsidiary 0 9
Sambhavnath Infrabuild and Farms Pvt. Ltd. Holding Company - (63)
Lodha Developers International (Jersey) III Ltd. Joint Venture 1,134 (0)
Lodha Developers International (Netherlands) Subsidiary 0 (0)
B. V.
Lodha Developers US Inc Subsidiary (85) 1
One Place Commercials Pvt. Ltd. Subsidiary 481 2,133
Altamount Road Property Pvt. Ltd. Joint Venture - (5)
Bellissimo Constructions and Developers Pvt. Subsidiary (346) 681
Ltd.
Palava Industrial & Logistics Park Pvt. Ltd. Subsidiary - 592
Palava Induslogic 3 Pvt. Ltd. Subsidiary (0) 632
Palava Induslogic 2 Pvt. Ltd. Joint Venture (48) 48
Palava Institute of Advanced Skill Training Pvt. Subsidiary 0 0
Ltd.
G Corp Homes Pvt. Ltd. Subsidiary 272 -
Cowtown Infotech Services Pvt. Ltd. Subsidiary (4,997) 8,097
Center for Urban Innovation Pvt. Ltd. Subsidiary - 0
Digirealty Technologies Pvt. Ltd. Subsidiary (0) 4
Primebuild Developers And Farms Pvt. Ltd. Subsidiary 255 -
20 Loan/ Advances Taken / (Returned)-
Net
National Standard (India) Ltd. Subsidiary 615 1,523
Cowtown Infotech Services Pvt. Ltd. Subsidiary 4,638 (6,054)
Cowtown Software Design Pvt. Ltd. Subsidiary 4,106 -
Bellissimo Buildtech LLP LLP - (57)
Bellissimo Healthy Constructions and Others - (832)
Developers Pvt. Ltd.
Homescapes Constructions Pvt.Ltd. Subsidiary - (3,926)
Primebuild Developers And Farms Pvt. Ltd. Subsidiary (283) (3,063)
Bellissimo Properties Development Pvt. Ltd. Fellow subsidiary (246) (523)
21 Advance Received / (Returned)
Homescapes Constructions Pvt.Ltd. Subsidiary - (4,500)
Bellissimo Constructions and Developers Pvt. Subsidiary - (126)
Ltd.
22 Deposit Given/ (Returned)
Cowtown Infotech Services Pvt. Ltd. Subsidiary 13,731 -
351


H in million
Sr.
No.
23 Provision for Doubtful Debt
Lodha Developers International (Jersey) III Ltd. Joint Venture 6,626 -
Lodha Developers International (Netherlands) Subsidiary 2,788 -
B.V.
Lodha Developers International Ltd. Subsidiary 2,360 -
24 Security cum Corporate Guarantee
Given
One Place Commercials Pvt. Ltd. Subsidiary 13,200 -
25 Security cum Corporate Guarantee
Taken
One Place Commercials Pvt. Ltd. Subsidiary 5,300 -
Sambhavnath Infrabuild and Farms Pvt. Ltd. Holding Company - 5,000
*including taxes as applicable
C. KMP, Directors of Holding Co. ,Controlling Shareholder and his Relatives:
(i) Outstanding Balances :

H in million
Sr. As at As at
Particulars Relationship
1 Other Financial Person having Control/Close family member of 1 -
Liabilities person having control
Person having Control 0 -
Close family member of person having control 0 -
KMP 22 -
2 Other Current Person having Control/Close family member of 315 348
Liabilities person having control
Person having Control 302 245
Close family member of person having control 1,117 1,144
Others 300 -
3 Trade Payable KMP 15 10
4 Guarantee Taken Person having Control 52,040 82,333
(ii) Disclosure in respect of transactions :

H in million
Sr. As at As at
1 Income from Property
Development
Sahil Lodha Relative of KMP - 378
2 Reversal of Income from
Property Development
Sahil Lodha Relative of KMP 378 -
Rajendra Lodha KMP 129 108
352


H in million
Sr. As at As at
3 Commission and Sitting
Fees
Mukund Chitale KMP 5 5
Rajeev Bakshi KMP 3 -
Lee Anthony Polisano KMP 4 4
Harita Gupta KMP 2 -
Ashwini Kumar KMP 4 4
4 Remuneration paid
Mangal Prabhat Lodha Close family member of person 17 45
having control
Abhishek Lodha Person having Control 49 48
Manjula Lodha Close family member of person - 7
having control
Vinti Lodha Close family member of person 12 10
having control
Rajendra Lodha KMP 49 -
Rajinder Pal Singh KMP - 6
Raunika Malhotra** KMP 52 69
Sushil Kumar Modi** KMP 106 106
Manoj Vaishya (w.e.f. 20-May- Directors of Holding Company 8 5
21)**
Ashish Gaggar (Upto 20-May- Directors of Holding Company - 2
21)
Govind Agarwal** Directors of Holding Company 7 5
5 Project Expenses
(Consultancy)
PLP Architecture International KMP having substantial Interest 29 -
Ltd.
6 Advances received against
Agreement to Sell
7 Guarantee/ Security Taken -
Abhishek Lodha Person having Control 24,570 42,500
**Including ESOP amortization
D. Terms and conditions of outstanding balances with related parties
a) Receivables from Related parties
The trade receivables from related parties arise mainly from sale transactions and services rendered and are received as per
agreed terms. The receivables are unsecured in nature and interest is charged on over due receivables. No provisions are held
against receivables from related parties.
b) Payable to related parties
The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed
terms.
c) Loans to related party
The loans to related parties are unsecured bearing effective interest rate.
353

50 Segment information
For management purposes, the Company is into one reportable segment i.e. Real Estate development.
The Managing Director is the Chief Operating Decision Maker of the Company who monitors the operating results of the Company
for the purpose of making decisions about resource allocation and performance assessment. The Company’s performance as single
segment is evaluated and measured consistently with profit or loss in the standalone financial statements. Also, the Company’s
financing (including finance costs and finance income) and income taxes are managed on a Company basis.
51 Leases
a The following is carrying value of right of use assets (Building) :

H in million
As at
Particulars
Opening Balance - -
Additions during the previous year 3,825 -
Deletion during the previous year - -
Depreciation of Right of use assets (415) -
Closing Balance 3,410 -
b The following is the carrying value of lease liability :

H in million
As at
Particulars
Opening Balance - -
Additions during the year 3,595 -
Finance cost accrued during the year 193 -
Payment of lease liabilities during the year (176) -
Closing Balance 3,612 -
Current portion of Lease Liability 83 -
Non-current portion of Lease Liability 3,529 -
Total 3,612 -
The maturity analysis of lease liabilities are disclosed in Note no. 47
The following are the amounts recognized in statement of profit and loss
H in million
Depreciation 415 -
Interest expense on lease liabilities 192 -
Total amount recognised in profit and loss 607 -
c Amount recognized in profit and loss as expenses in respect of Cancellable / Short term lease is J 93
million (31-March-22 : J19 million)
354

52 Disclosures required by Clause 34(3) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations,2015
Loan and Advances in the nature of Loans

H in million
Maximum Maximum
As at As at Balance Balance during
Particulars
31-March-23 31-March-22 during the the previous
current year year
Holding Company
Sambhavnath Infrabuild and Farms Pvt. Ltd. - - - 63
Subsidiaries
Sanathnagar Enterprises Ltd. 160 166 167 166
Simtools Pvt. Ltd. 226 233 242 233
Lodha Developers International Ltd. 1,831 4,358 4,475 4,426
Lodha Developers International (Netherlands) B. V. 0 3,087 3,171 3,092
Lodha Developers US Inc - 85 85 85
One Place Commercials Pvt. Ltd. 2,639 2,158 7,237 2,158
Roselabs Finance Ltd. 43 49 57 49
Palava Institute of Advanced Skill Training Pvt. Ltd. 0 0 0 0
Cowtown Infotech Services Pvt. Ltd. 4,250 9,247 11,629 9,247
Bellissimo Construction & Developers Pvt. Ltd. 335 681 681 857
Center for Urban Innovation Pvt. Ltd. 0 0 0 0
Homescapes Constructions Pvt. Ltd. 8 108 197 1,090
Digirealty Technologies Pvt. Ltd. 4 4 4 4
G Corp Home Pvt. Ltd. 272 - 272 -
Primebuild Developers And Farms Pvt. Ltd 255 - 2,973 -
Palava Induslogic 3 Pvt. Ltd. 632 - 636 -
Apollo Complex Pvt. Ltd. 0 - 0 -
Joint Venture
Palava Induslogic 2 Pvt. Ltd. - 48 48 48
Palava Induslogic 3 Pvt. Ltd. - 633 - 632
Lodha Developers International (Jersey) III Ltd. 5,780 11,592 13,824 11,779
Lodha Developers UK Ltd. 162 6,892 6,892 6,892
53 The details of Donation given to political parties is as under:

H in million
Donations given to Political Parties 30 23
54 Pursuant to the Taxation Laws (Amendment) Act, 2019, with effect from 01-April-19 domestic companies have the option to pay
corporate income tax at a rate of 22% plus applicable surcharge and cess (‘New Tax Rate’) subject to certain conditions. The Company
continued to compute tax as per old tax rate for the financial year 2022-23. The Company shall evaluate and decide as to when and
whether it should apply New Tax Rate in the books of account for the future years.
55 In case of pending appeals filed by the Income Tax Department against the favourable orders, the management is confident that
the outcome would be favourable and hence no contingent liability is disclosed.
355

56 Details of Corporate Social Responsibility Expenditure (CSR)

H in million
Gross Amount required to be spent for CSR Activity 123 46
Amount Spent during the year * (Refer Note 49) 210 55
*The amount spent during the year has been incurred for the purposes other than construction / acquisition of any asset and does not
carry any provision.
During the year, the Company has an excess spent of H87 million (31-March-22: H9 million). Thus an amount of H97 million
(31-March-22: H10 million) is available for setoff in succeeding years.
57 Unhedged Foreign Currency exposures / Balances

Foreign Foreign
Currency
Assets J in million Currency in J in million Currency in
million million
AED 87 4 78 4
SGD 0 0 0 0
USD 4 0 2 0
CNY 7 1 7 1
RMB 1 0 1 0
Advances to Suppliers / Vendors
EUR 2 0 0 0
GBP 3 0 4 0
CAD - - 0 0
ZAR 0 0 0 0
AUD - - 0 0
Investments GBP 187 2 172 2
GBP 7,773 76 25,864 362
Loans Given USD - - 85 1
CAD - - - 0
Total Assets 8,065 26,214
Liabilities
AED 1 0 1 0
SGD 17 0 1 0
USD 147 2 164 2
Trade Payables
RMB 1 0 1 0
EUR 12 0 10 0
GBP 6 0 2 0
Total Liabilities 184 179
58 Pursuant to the Order of the Collector of Stamps, levying of stamp duty and penalty in respect of Agreement to Lease entered
with Mumbai Metropolitan Regional Development Authority (MMRDA) for Wadala Truck Terminal plot and the Order of the Hon’ble
Bombay High Court, the Company had deposited H 2,025 million with the Office of the Collector of Stamps. The Order of Chief
Controlling Revenue Authority (CCRA) in appeal upholding the Order of Collector of Stamps levying penalty H 2,713 million has been
stayed by the Hon’ble Bombay High Court through an order dated 08-December-17.
356

59 Trade Payables
(a) Details of dues to Micro, Small and Medium Enterprises :

H in million
As at As at
Particulars
Amount unpaid as at year end - Principal 726 298
Amount unpaid as at year end - Interest Nil Nil
The amount of interest paid by the buyer in terms of section 16, of the Micro Nil Nil
Small and Medium Enterprise Development Act, 2006 (the 'Act')along with the
amounts of the payment made to the supplier beyond the appointed day during
each accounting year.
The amount of interest due and payable for the year of delay in making payment Nil Nil
(which have been paid but beyond the appointed day during the year) but
without adding the interest specified under Act.
The amount of interest accrued and remaining unpaid at the end of each Nil Nil
accounting year.
The amount of further interest remaining due and payable even in the Nil Nil
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 Act.
(b) Trade Payables Ageing Schedule

H in million
Disputed dues Disputed dues
Particulars MSME Others
– MSME – Others
As at 31 March 2023
Unbilled - 607 - -
Not due 102 132 - -
Less than 1 year 479 14,801 - -
1 - 2 years 59 4,910 - -
2 - 3 years 78 816 - -
More than 3 years 8 760 - -
Total 726 22,026 - -
As at 31 March 2022
Unbilled - 285 - -
Not due 103 433 - -
Less than 1 year 111 10,499 - -
1 - 2 years 5 810 - -
2 - 3 years 12 565 - -
More than 3 years 67 1,027 - -
Total 298 13,619 - -
357

60 Basic and Diluted Earnings Per Share
As at As at
Particulars
Basic earnings per share:
Net Profit for the year (H in million) 3,054 11,336
Weighted average no. of Equity Shares outstanding during the year 48,16,59,102 45,75,20,100
Face Value per Equity Share (in H) 10.00 10.00
Basic earnings per share (in H) 6.34 24.78
Diluted earnings per share:
Net Profit for the year (H in million) 3,054 11,336
Weighted average no. of Equity Shares outstanding during the year 48,22,76,708 45,80,85,510
Diluted Earnings Per Share (in H) 6.33 24.75
358
61 Ratios analysis and its element:

H in million
31/March/23 31/March/22 Reason for Change more
Sr. %
Particulars than 25%
No. Numerator Denominator Ratio Numerator Denominator Ratio Change
(Refer note below)
1 Current Ratio - (Current Assets / Current 3,62,606 2,57,027 1.41 3,20,135 2,28,818 1.40 1%
Liabilities)
2 Debt-Equity Ratio - (Paid-up Debt / Total Equity 1,02,291 1,21,357 0.84 1,08,325 1,17,428 0.92 -9%
[Share Capital + Applicable Reserves])
3 Debt Service Coverage Ratio - [Earnings 29,706 32,658 0.91 30,193 39,760 0.76 20%
before Interest Expenses, Depreciation and Tax
(excludes Exceptional Item) / (Interest Expenses#
+ Principal Repayment (excluding refinancing,
prepayment and group debt)]
4 Return on Equity Ratio - (Profit after tax / 3,054 1,19,393 0.03 11,336 81,406 0.14 -82% a
Average of total Equity)
5 Inventory Turnover Ratio - (Cost of Sales / 55,831 41,577 1.34 54,373 43,276 1.26 7%
Average Finished Inventory)
6 Trade Receivables Turnover Ratio - (Revenue 87,346 6,196 14.10 83,533 5,695 14.67 -4%
from operations) / Average Trade receivables)
7 Trade Payables Turnover Ratio - (Cost of 55,831 18,335 3.05 54,373 13,505 4.03 -24%
project / Average Trade payables)
8 Net Capital Turnover Ratio - (Revenue from 87,346 1,05,579 0.83 83,533 91,317 0.91 -10%
operations / Working Capital)
9 Net Profit Ratio - (Profit after tax / Total Income) 3,054 89,895 0.03 11,336 84,447 0.13 -75% b
10 Return on Capital Employed - ((Profit before 16,690 2,21,496 0.08 29,632 2,27,456 0.13 -42% c
tax (+) finance costs) / (Total Equity (+) Borrowings
(-/+) Deferred Tax Asset/Liability))
11 Return on Investment - (Income from 1,112 2,536 0.44 229 2,515 0.09 382% d
investments * / Average Investments *)
# Interest cost represents Finance cost debited to Statement of Profit and Loss and Interest cost charged through cost of projects.
* Investments excludes related parties.
Notes
a) Reduction in Return on Equity Ratio is due to decrease in profit after tax compared to last year.
b) Reduction in Net Profit Ratio is due to decrease in profit after tax compared to last year.
c) Reduction in Return on Capital employed is due to decrease in profit before tax and finance cost compared to last year.
359
d) Return on Investment increased due to higher income on investments as compared to last year.

62 Disclosure under Ind AS 115 -Revenue from Contracts with Customers
Disclosures with respect to Ind AS 115 are as follows:
(a) Contract Assets and Contract Liabilities

H in million
As at
Particulars
Trade receivables (Refer Note 13) 7,281 5,111
Contract Assets- Accrued revenue (Refer Note 16) 4,895 10,412
Contract Liabilities-Advance from customers (Refer Note 33) 71,509 73,915
(b) Movement of Contract Liabilities

H in million
As at
Particulars
Amounts included in contract liabilities at the beginning of the year 73,915 78,767
Amount received during the year 77,895 70,702
Performance obligations satisfied in current year# (80,301) (75,554)
Amounts included in contract liabilities at the end of the year 71,509 73,915
Includes as on 31-March-23 H 48,645 million, (31-March-22 H 34,460 million) recognised out of opening contract liabilities.
#
(c) Closing balances of assets recognised from costs incurred to obtain a contract with a customer.
H in million
As at
Particulars
Closing balances of assets recognised 4,349 4,570
Amortisation recognised during the year 3,921 2,719
(d) The transaction price of the remaining performance obligations as at 31-March-23 H135,084 million, (31-March-22: H127,559
million). The same is expected to be recognised within 1 to 4 years.
360

63 Share Based Payments
ESOP Scheme 2021 was originally approved as “Lodha Developers Limited - Employee Stock Option Plan 2018” for issue of options to
eligible employees (as defined therein) pursuant to the resolution passed by the Board of Directors on February 16, 2018 and by Shareholders
on March 20, 2018. The scheme was amended, and the nomenclature of the scheme was updated to “Macrotech Developers Limited -
Employee Stock Option Plan 2021” (“ESOP Scheme 2021”) pursuant to the resolution passed by the Board and Shareholders on February
13, 2021. The Board has decided on June 22, 2021, not to grant any further options under the ESOP Scheme 2021.
Further, Pursuant to the resolution passed by Board on June 22, 2021and approved by shareholders on September 03, 2021, the Company
had also instituted the ESOP Scheme 2021 – II. The Company has formulated two Plans under the Scheme viz Plan-1 and Plan-2.
1. Details of number of options outstanding have been tabulated below:

H in million
Number of options
outstanding
Date of Exercise Exercise
Plan As at As at Vesting Period
grant Period Price
31-March 31-March
-23 -22
ESOP Scheme 10-Apr- 8,70,200 10,90,000 Tranche-1: 1 year for 40%, 5 years from Date 388.8
2021 21 Tranche-2: 2 years for 30% of Vesting
and
Tranche-3: 3 years for 30%
from date of Grant
ESOP Scheme 19-Oct- 17,57,300 18,17,089 3 years from date of Grant 3 years from Date 684.87
2021 – II (Plan-1) 21 of Vesting
ESOP Scheme 19-Oct- 19,157 87,606 1 year from date of Grant 2 years from Date 10
ESOP Scheme 03-Jun- 2,38,899 - 1 year from date of Grant 2 years from Date 10
ESOP Scheme 03-Jun- 2,83,361 - 3 years from date of Grant 3 years from Date 719.19
ESOP Scheme 27-Oct- 1,09,534 - 3 years from date of Grant 3 years from Date 734.64
2. Movement of options granted

H in million
For the year ended For the year ended
Particulars Weighted Average Weighted
Number of Number of
exercise price per Average exercise
Options Options
share price per share
Opening Balance 557 2,99,46,950 - -
Add: Granted 458 65,35,050 556 3,10,67,380
Less: Forfeited/ Lapsed 615 8,72,370 532 11,20,430
Less: Excercised 305 28,25,120 - -
Closing Balance 558 3,27,84,510 557 2,99,46,950
Weighted average remaining contractual life of the share option outstanding at the end of year is 4.52 years
(Previous Year: 5.60 years).
Weighted average fair value of options granted during the year is H 1,075.99 (31-March-22: H 528.57).
361

3. The value of the underlying share options has been determined by an independent valuer. The following
assumptions were used for calculation of fair value of grants in accordance with Black Scholes model:
H in million
For the year ended 31-March-23 For the year ended 31-March-22
ESOP Scheme 2021
Particulars ESOP Scheme 2021 - II ESOP Scheme 2021
- II
Plan-1 Plan-2 Plan-1 Tranche 1 Tranche 2 Tranche 3 Plan-1 Plan-2
Grant date 03-Jun-22 03-Jun-22 27-Oct-22 10-Apr-21 10-Apr-21 10-Apr-21 19-Oct-21 19-Oct-21
Risk-free interest rate (%) 7% 7% 7% 6% 6% 6% 6% 6%
Expected life of options 4.5 2.0 4.5 3.5 4.5 5.5 4.5 2.0
(years) [(year to vesting)
+ (contractual option
term)/2]
Expected volatility (%) 45.95% 46.42% 45.96% 46.21% 44.96% 43.66% 45.47% 51.11%
Dividend yield - - - - - - - -
The risk free rates are determined based on the average of high and low of the last 12 months of the 10-Year government
securities yield in effect at the time of the grant. Expected volatility of the option is based on historical volatility, during a period
equivalent to the option life, of the observed market prices of the Industry’s publicly traded equity shares. Volatility calculation
is based on historical stock prices using standard deviation of daily change in stock price of the Industry’s publicly traded equity
shares. The historical period is taken into account to match the expected life of the option. Dividend yield has been calculated
taking into account recent dividend activity.
4. The expense arising from ESOP Schemes during the year is J 766 million (31-March-22: J 395 million)
64 (a) The National Company Law Tribunal, Mumbai Bench (NCLT) had approved the Scheme of Amalgamation of Palava Dwellers
Pvt. Ltd. a wholly owned subsidiary. The certified copy of the scheme had been filed with the Registrar of Companies, Mumbai
on 31-December-2021and became effective from Appointed date 01-April-19.
The amalgamation referred to above, being a “common control” transaction, has been accounted for using the ‘Pooling of
Interest’ method as prescribed under Ind AS 103 – “Business Combination” for common control transactions. In accordance
with the requirements of para 9 (iii) of Appendix C to Ind AS 103, the standalone financial statements of the Company in
respect of the prior periods have been restated as if amalgamation had occurred from the beginning of the preceding period,
irrespective of the actual date of the combination.
(b) The Scheme of demerger of Evoq Tower into Homescapes Constructions Private Limited, a wholly owned subsidiary, filed on
08-April-2022 has been withdrawn pursuant to NCLT order dated 21-November-2022.
(c) National Company Law Tribunal, Mumbai Bench (NCLT) has approved the scheme of Merger by Absorption of Anantnath
Constructions and Farms Private Limited, Sitaldas Estate Private Limited, MMR Social Housing Private Limited, Bellissimo
Estate Private Limited, Renovar Green Consultants Private Limited, Kora Constructions Private Limited, Luxuria Complex
Private Limited, Odeon Theatres and Properties Private Limited and Palava Industrial and Logistics Park Private Limited with
the Company on 20-April-2022. The certified copy of the scheme has been filed with the Registrar of Companies, Mumbai
on 30-April-2022 and became effective.
The amalgamation referred to above, being a “common control” transaction, has been accounted for using the ‘Pooling of
Interest’ method as prescribed under Ind AS 103 – “Business Combination” for common control transactions. In accordance
with the requirements of para 9 (iii) of Appendix C to Ind AS 103, the standalone financial results of the Company in respect
of the prior periods have been restated as if amalgamation had occurred from the beginning of the preceding period,
irrespective of the actual date of the combination.
(d) The Company has filed a scheme of Merger by absorption of wholly owned subsidaries namely Bellissimo Constructions and
Developers Private Limited, Homescapes Constructions Private Limited, Primebuild Developers and Farms Private Limited,
Palava Institute of Advanced Skill Training Private Limited and Center for Urban Innovation Private Limited with the Company
362

before National Company Law Tribunal, Mumbai Bench(NCLT) on 15-November-2022 . The scheme has been approved
by NCLT on 12-April-2023 and is reserved for order. Pending receipt of order and filling of the same with Registrar of
Companies, no impact of the said scheme has been given in the financial statements for the year ended 31-March-2023.
65 Exceptional Items
The Company has given loans to Lodha Developers UK Limited (LD UK) and its subsidiaries from time to time for UK projects and
has accrued interest thereon. The current economic uncertainty in European countries alongside adverse geopolitical developments,
high inflation coupled with recessionary economic outlook etc. has led to reduction in expected realisable value of outstanding loans
along with accrued interest. Accordingly, a provision of H11,774 million has been recognised as an “Exceptional Item” during the year
against the same.
66 IPO and QIP Issue
During the year, the Company achieved Minimum Public Shareholding of 25% on 12-December-2022 (ahead of the 3 year period
ending 18-April-2024, stipulated under the Securities Contracts (Regulation) Rules, 1957), consequent to an offer for sale of
3,45,70,506 equity shares of the Company to Qualified Institutional Buyers by certain promoters and members of the promoter group
of the Company.
During the previous year, the Company raised money through Initial Public Offer (IPO) by way of issue of its equity shares comprising
a fresh issue of 5,14,40,328 equity shares having a face value of H 10 each at premium of H476 per share aggregating H25,000
million. Pursuant to the IPO, the equity shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited
with effect from 19-April-21. IPO expenses of H723 million less income tax thereon H 224 million, net H 499 million net of taxes had
been adjusted against Securities Premium in accordance with Indian Accounting Standard 32 - Financial Instruments: Presentation.
During the previous year, the Company had allotted 34,188,034 equity shares having a face value of H10 each at premium of H1,160
per share through Qualified Institutional Placement (QIP) aggregating H40,000 million. QIP Expenses of H530 million less income
tax thereon H165 million, net H366 million net of taxes had been adjusted against Securities Premium in accordance with Indian
Accounting Standard 32 - Financial Instruments: Presentation.
67 Other Information
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.
(iv) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(v) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
363

(vi) The Company does not have any transaction which is not recorded in the books of account that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961).
68 (i) Recent Development
The Ministry of Corporate Affairs (MCA) has notified, Companies (Indian Accounting Standard) Amendment Rules, 2023 on
31-March-2023 to amend certain Ind AS’s which are effective from 01-April-2023. Summary of such amendments are given
below:
(a) Amendment to Ind AS 1 Presentation of financial statements - Disclosure of Accounting Policies:
The amendment replaces the requirement to disclose ‘significant accounting policies’ with ‘material accounting policy
information’. The amendments also provide guidance under what circumstance, the accounting policy information is
likely to be considered material and therefore requiring disclosure. The Company is currently revisiting their accounting
policy information disclosures to ensure consistency with the amended requirements.
(b) Amendments to Ind AS 8 Accounting policies, changes in accounting estimates and errors:
Definition of Accounting Estimates: The amendment added the definition of accounting estimates, clarifies that the
effects of a change in an input or measurement technique are changes in accounting estimates, unless resulting from
the correction of prior period errors. These amendments clarify how entities make the distinction between changes
in accounting estimate, changes in accounting policy and prior period errors. The distinction is important, because
changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in
accounting policies are generally applied retrospectively to past transactions and other past events as well as the current
period. The amendments are not expected to have a material impact on the Company’s financial statements.
(c) Amendments to Ind AS 12 Income taxes - Deferred Tax related to Assets and Liabilities arising from a Single
Transaction:
The amendment to Ind AS 12, requires to recognise deferred tax on transactions that, on initial recognition, give rise to
equal amounts of taxable and deductible temporary differences. They will typically apply to transactions such as leases of
lessees and decommissioning obligations and will require the recognition of additional deferred tax assets and liabilities.
The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative
period presented. In addition, entities should recognise deferred tax assets (to the extent that it is probable that they can
be utilised) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable
temporary differences associated with (i) right-of-use assets and lease liabilities, and (ii) decommissioning, restoration
and similar liabilities, and the corresponding amounts recognised as part of the cost of the related assets.
The cumulative effect of recognising these adjustments is recognised in retained earnings, or another component of
equity, as appropriate.
The Company is currently assessing the impact of the amendments.
(d) The other amendments to Ind AS notified by these rules are primarily in the nature of clarifications.
(ii) Subsequent Events
There are no subsequent events which require disclosure or adjustment to Standalone Financial Statements.
364

69 Bonus Issue
The Board of Directors has recommended a Bonus Issue of Equity Shares in the ratio of 1 (One) fully paid-up Equity Share of H10 each
for every 1 (One) existing fully paid-up Equity Share of H10 each held by the shareholders of the Company (as on the record date to
be decided by the Company), subject to the approval of shareholders through Postal Ballot.
70 Dividend
The Board of Directors has recommended final dividend of H 2.00 i.e. 20% per fully paid up pre bonus equity share of H 10/- each
(to be adjusted proportionately for bonus issue) for the financial year ended 31-March-2023. This payment of dividend is subject to
approval of members of the Company at ensuing Annual General Meeting of the Company.
71 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them
comparable with current year classification.
DIN: 00101004 DIN: 00266089
Place : Mumbai
365
Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS

INDEPENDENT AUDITOR’S REPORT
To the Members of Macrotech Developers Limited
Report on the Audit of the Consolidated Financial controlled entities as at March 31, 2023, of consolidated profit
Statements and other comprehensive loss, consolidated changes in equity
and its consolidated cash flows for the year then ended.
Opinion
Basis for Opinion
We have audited the accompanying consolidated financial
statements of Macrotech Developers Limited (hereinafter We conducted our audit in accordance with the Standards
referred to as the “Holding Company”) and its subsidiaries on Auditing (SAs) specified under section 143(10) of the Act.
(Holding Company and its subsidiaries together referred to as Our responsibilities under those SAs are further described in
“the Group”), and its jointly controlled entities, which comprise the Auditor’s Responsibilities for the Audit of the Consolidated
the Consolidated Balance Sheet as at March 31, 2023, and Financial Statements section of our report. We are independent
the Consolidated Statement of Profit and Loss (including of the Group and its jointly controlled entities in accordance
Other Comprehensive Income), the Consolidated Statement of with the ethical requirements that are relevant to our audit of the
Changes in Equity and the Consolidated Statement of Cash Flows consolidated financial statements in terms of the Code of Ethics
for the year then ended, and notes to the Consolidated Financial issued by Institute of Chartered Accountant of India (“ICAI”), and
Statements, including a summary of significant accounting the relevant provisions of the Act and we have fulfilled our other
policies and other explanatory information (hereinafter referred ethical responsibilities in accordance with these requirements.
to as “the consolidated financial statements”). We believe that the audit evidence we have obtained and on
consideration of audit reports of other auditors referred to in
In our opinion and to the best of our information and according paragraph (a) of the “Other Matters” section below, is sufficient
to the explanations given to us, and based on consideration and appropriate to provide a basis for our opinion.
of reports of other auditors on separate financial statements
and on the other financial information of subsidiaries and Key Audit Matters
jointly controlled entities, the aforesaid consolidated financial
Key audit matters are those matters that, in our professional
statements give the information required by the Companies
judgment, were of most significance in our audit of the
Act, 2013 (“the Act”) in the manner so required and give
consolidated financial statements for the year ended March
a true and fair view in conformity with the Indian Accounting
31, 2023. These matters were addressed in the context of our
Standards prescribed under section 133 of the Act read with
audit of the consolidated financial statements as a whole, and in
Companies (Indian Accounting Standards) Rules, 2015 (“Ind
forming our opinion thereon, and we do not provide a separate
AS”)and other accounting principles generally accepted in India,
opinion on these matters.
of their consolidated state of affairs of the Group and its jointly
Sr.
No
Refer Note 1(B)(III)(11) of consolidated financial Our audit procedures in respect of this area, among others,
statements with respect to the accounting policies included the following:
followed by the Group for recognizing revenue from sale
of residential and commercial properties. • Read the Group’s revenue recognition accounting policies
and evaluated the appropriateness of the same with respect to
The Group applies Ind AS 115 “Revenue from contracts
principles of Ind AS 115 and their application to the significant
with customers” for recognition of revenue from sale of
customer contracts;
commercial and residential real estate, which is being
recognised at a point in time upon the Group satisfying its • Obtained and understood the Group’s process for revenue
performance obligation and the control of the underlying recognition including identification of performance obligations
asset gets transferred to the customer which is linked to and determination of transfer of control of the property to the
the application and receipt of the occupancy certificate. customer;
Since significant judgement is involved in identifying • Evaluated the design and implementation and verified, on a
performance obligations and determining when control test check basis, the operating effectiveness of key internal
of the asset underlying the performance obligation controls over revenue recognition including controls around
transfer of control of the property;
366
Sr.
No
is transferred to the customer basis which revenue is • Verified the sample of revenue contract for sale of residential
recognised as per Ind AS 115, we have considered and commercial units to identify the performance obligations
revenue recognition as a key audit matter. of the Group under these contracts and assessed whether these
performance obligations are satisfied over time or at a point in
time based on the criteria specified under Ind AS 115;
• Verified, on a test check basis, revenue transaction with the
underlying customer contract, Occupancy Certificates (OC)
and other documents evidencing the transfer of control of the
asset to the customer based on which the revenue is recognized;
and
• Assessed the adequacy and appropriateness of the disclosures
made in consolidated financial statements in compliance with
the requirements of Ind AS 115 - ‘Revenue from contracts with
customer’.
2 Inventory
Refer Note 1(B)(III)(5) to the consolidated financial Our audit procedures in respect of this area, among others,
statements which includes the accounting policies included the following:
followed by the Group for valuation of inventory. • Obtained an understanding of the Management’s process
The Group’s properties under development and and methodology of using key assumptions for determining
completed properties are stated at the lower of cost and the valuation of inventory as at the year-end;
Net Realizable Value (NRV). • Evaluated the design and implementation and verified, on
As at March 31, 2023, the Group’s properties under a test check basis, operating effectiveness of controls over
development and inventory of completed properties preparation and update of NRV workings and related to the
amounts to H 2,45,057 million and H 55,066 million Group’s review of key estimates, including estimated future
respectively. selling prices and costs of completion for property development
Determination of the NRV involves estimates based projects;
on prevailing market conditions, current prices, and • Assessed the appropriateness of the selling price estimated by
expected date of commencement and completion of the management and verified the same on a test check basis,
the project, the estimated future selling price, cost to by comparing the estimated selling price to recent market
complete projects and selling costs. prices in the same projects or comparable properties;
The cost of the inventory is calculated using actual land • Compared the estimated construction cost to complete the
acquisition costs, construction costs, development related project with the Group’s updated budgets and
costs and interest capitalized for eligible project. • Assessed the adequacy and appropriateness of the disclosures
We have considered the valuation of inventory as a key made in the consolidated financial statements with respect to
audit matter on account of the significance of the balance Inventory in compliance with the requirements of applicable
to the consolidated financial statements and involvement Indian Accounting Standards and applicable financial
of significant judgement in estimating future selling prices reporting framework.
and costs to complete the project.
Information Other than the Consolidated Financial Our opinion on the consolidated financial statements does not
Statements and Auditor’s Report Thereon cover the other information and we do not express any form of
assurance conclusion thereon.
The Holding Company’s Board of Directors is responsible for
the other information. The other information comprises the In connection with our audit of the consolidated financial
Director’s report and Management Discussion and Analysis but statements, our responsibility is to read the other information and,
does not include the consolidated financial statements and our in doing so, consider whether the other information is materially
auditor’s report thereon. inconsistent with the consolidated financial statements, or our
367
knowledge obtained in the audit or otherwise appears to be assurance is a high level of assurance, but is not a guarantee that
materially misstated. If, based on the work we have performed, an audit conducted in accordance with Standards on Auditing
we conclude that there is a material misstatement of this other (“SAs”) will always detect a material misstatement when it exists.
information, we are required to report that fact. We have nothing Misstatements can arise from fraud or error and are considered
to report in this regard. 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 financial statements.
Responsibilities of Management and Those Charged
with Governance for the Consolidated Financial We give in “Annexure A” a detailed description of Auditor’s
Statements responsibilities for Audit of the Consolidated Financial Statements.
The Holding Company’s Board of Directors is responsible for

the preparation and presentation of these consolidated financial Other Matters
statements in term of the requirements of the Act that give a true
a. We did not audit the financial statements of 10 subsidiaries,
and fair view of the consolidated financial position, consolidated
whose financial statements reflect total assets of H 8,937
financial performance, consolidated changes in equity and
million as at March 31, 2023, total revenues of H 408
consolidated cash flows of the Group including its Jointly
million and net cash outflow amounting to H 19 million
Controlled Entities in accordance with the accounting principles
for the year ended on that date, as considered in the
generally accepted in India, including the Accounting Standards
consolidated financial statements. The consolidated financial
specified under section 133 of the Act. The respective Board of
statements also include the Group’s share of net loss of
Directors of the companies included in the Group and of its jointly
H Nil for the year ended March 31, 2023, as considered
controlled entities are responsible for maintenance of adequate
in the consolidated financial statements, in respect of 15
accounting records in accordance with the provisions of the Act
subsidiaries and of one jointly controlled entity, whose
for safeguarding the assets of the Group and for preventing
financial statements have not been audited by us. These
and detecting frauds and other irregularities; the selection
financial statements have been audited by other auditors
and application of appropriate accounting policies; making
whose reports have been furnished to us by the Management
judgments and estimates that are reasonable and prudent;
and our opinion on the consolidated financial statements, in
and the design, implementation and maintenance of adequate
so far as it relates to the amounts and disclosures included
internal financial controls, that were operating effectively for
in respect of these subsidiaries and jointly controlled entity,
ensuring accuracy and completeness of the accounting records,
and our report in terms of sub-section (3) of Section 143 of
relevant to the preparation and presentation of the consolidated
the Act, in so far as it relates to the aforesaid subsidiaries
financial statements that give a true and fair view and are free
and jointly controlled entity, is based solely on the reports of
from material misstatement, whether due to fraud or error,
the other auditors.
which have been used for the purpose of preparation of the
consolidated financial statements by the Directors of the Holding Certain of these subsidiaries and jointly controlled entities are
Company, as aforesaid. located outside India whose financial statements have been
prepared in accordance with accounting principles generally
In preparing the consolidated financial statements, the respective
accepted in their respective countries and which have
Board of Directors of the companies included in the Group and
been audited by other auditors under generally accepted
of its jointly controlled entities are responsible for assessing
auditing standards applicable in their respective countries.
the ability of the Group and of its jointly controlled entities to
The Holding Company’s management has converted
continue as a going concern, disclosing, as applicable, matters
the financial statements of such subsidiaries and jointly
related to going concern and using the going concern basis
controlled entities located outside India from accounting
of accounting unless the Board of Directors either intends to
principles generally accepted in their respective countries
liquidate the Group or to cease operations, or has no realistic
to accounting principles generally accepted in India. We
alternative but to do so.
have audited these conversion adjustments made by the
The respective Board of Directors of the companies included in Holding Company’s management. Our opinion in so far as
the Group and of its jointly controlled entities are responsible for it relates to the balances and affairs of such subsidiaries and
overseeing the financial reporting process of the Group and of jointly controlled entities located outside India is based on
its jointly controlled entities. the report of other auditors and the conversion adjustments
prepared by the management of the Holding Company and
audited by us.
Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements b. The consolidated financial statements includes the Group’s
share of net loss of H 3 million for the year ended March
Our objectives are to obtain reasonable assurance about 31, 2023, as considered in the consolidated financial
whether the consolidated financial statements as a whole are free statements, in respect of 2 jointly controlled entities,
from material misstatement, whether due to fraud or error, and to whose financial statements have not been audited by us.
issue an auditor’s report that includes our opinion. Reasonable
368
These financial statements are unaudited and have been f. With respect to the adequacy of internal financial controls
furnished to us by the Management and our opinion on the with reference to consolidated financial statements of the
consolidated financial statements, in so far as it relates to Group, and its jointly controlled entities incorporated in
the amounts and disclosures included in respect of these India and the operating effectiveness of such controls,
jointly controlled entities, and our report in terms of sub- refer to our separate report in “Annexure B”.
section (3) of Section 143 of the Act in so far as it relates
to the aforesaid jointly controlled entities, is based solely g. With respect to the other matters to be included in
on such unaudited financial statements. In our opinion and the Auditor’s Report in accordance with Rule 11 of
according to the information and explanations given to the Companies (Audit and Auditor’s) Rules, 2014, in
us by the Management, these financial statements are not our opinion and to the best of our information and
material to the Group. according to the explanations given to us:
Our opinion on the consolidated financial statements, and i. The consolidated financial statements disclose the
our report on Other Legal and Regulatory Requirements impact of pending litigations on the consolidated
below, is not modified in respect of the above matters with financial position of the Group, and its jointly
respect to our reliance on the work done and the reports of controlled entities – Refer Note 43 (c) to the
the other auditors and the financial statements certified by consolidated financial statements.
the Management.
ii. Provision has been made in the consolidated
financial statements, as required under the
Report on Other Legal and Regulatory Requirements applicable law or Ind AS, for material foreseeable
losses, if any, on long-term contracts including
1. As required by Section 143(3) of the Act, we report, to the derivative contracts.
extent applicable, that:
iii. There were no amounts which were required
a. We have sought and obtained all the information and to be transferred to the Investor Education and
explanations which to the best of our knowledge and Protection Fund by the Holding Company, and its
belief were necessary for the purposes of our audit of subsidiary companies and jointly controlled entities
the aforesaid consolidated financial statements. incorporated in India.
b. In our opinion, proper books of account as required by iv. (1) The respective Managements of the Holding
law relating to preparation of the aforesaid consolidated Company and its subsidiaries, and jointly
financial statements have been kept so far as it appears controlled entities which are companies
from our examination of those books and the reports of incorporated in India whose financial
the other auditors. statements have been audited under the Act
have represented to us and the other auditors
c. The Consolidated Balance Sheet, the Consolidated
of such subsidiaries, and jointly controlled
Statement of Profit and Loss (including other
entities respectively that, to the best of their
comprehensive income), the Consolidated Statement of
knowledge and belief, no funds have been
Changes in Equity and the Consolidated Statement of
advanced or loaned or invested (either from
Cash Flow dealt with by this Report are in agreement
borrowed funds or share premium or any
with the relevant books of account maintained for the
other sources or kind of funds) by the Holding
purpose of preparation of the consolidated financial
Company or any of such subsidiaries, and
statements.
jointly controlled entities to or in any other
d. In our opinion, the aforesaid consolidated financial person(s) or entity(ies), including foreign entities
statements comply with the Indian Accounting Standards with the understanding, whether recorded in
specified under Section 133 of the Act. writing or otherwise, as on the date of this
audit report, that such parties shall, directly
e. On the basis of the written representations received or indirectly lend or invest in other persons or
from the directors of the Holding Company as on entities identified in any manner whatsoever
March 31, 2023 taken on record by the Board of by or on behalf of the Holding Company or
Directors of the Holding Company and the reports of any of such subsidiaries, and jointly controlled
the statutory auditors of its subsidiary companies and entities (“Ultimate Beneficiaries”) or provide
jointly controlled entities incorporated in India, none any guarantee, security or the like on behalf of
of the directors of the Group companies and its jointly the Ultimate Beneficiaries.
controlled entities incorporated in India are disqualified
as on March 31, 2023 from being appointed as a (2) The respective Managements of the Holding
director in terms of Section 164 (2) of the Act. Company and its subsidiaries, and jointly
369
controlled entities which are companies dividend declared is in accordance with section
incorporated in India whose financial 123 of the Act to the extent it applies to declaration
statements have been audited under the Act of dividend. (Refer Note 66 to the consolidated
have represented to us and the other auditors financial statements)
of such subsidiaries, and jointly controlled
entities respectively that, to the best of their vi. As proviso to rule 3(1) of the Companies (Accounts)
knowledge and belief, no funds have been Rules, 2014 is applicable for the Holding Company,
received by the Holding Company or any of and its subsidiary companies, and jointly controlled
such subsidiaries, and jointly controlled entities entities incorporated in India only w.e.f. April 1,
from any person(s) or entity(ies), including 2023, reporting under this clause is not applicable.
foreign entities with the understanding,
2. In our opinion, according to information, explanations given
whether recorded in writing or otherwise,
to us, the remuneration paid by the Group, and its jointly
as on the date of this audit report, that the
controlled entities to its directors is within the limits prescribed
Holding Company or any of such subsidiaries,
under Section 197 of the Act and the rules thereunder.
and jointly controlled entities shall, directly or
indirectly, lend or invest in other persons or 3. According to the information and explanations given to us
entities identified in any manner whatsoever and based on the CARO reports issued by us for the Holding
by or on behalf of the Funding Party (“Ultimate Company and on consideration of CARO reports issued by
Beneficiaries”) or provide any guarantee, the statutory auditors of subsidiaries and jointly controlled
security or the like on behalf of the Ultimate entities included in the consolidated financial statements of
Beneficiaries. the Group to which reporting under CARO is applicable, we
report that there are no Qualifications/adverse remarks.
(3) Based on the audit procedures that have been
considered reasonable and appropriate in Further, as per information and explanation given to us by
the circumstances performed by us and that the Holding Company, the consolidated financial statements
performed by the auditors of the subsidiaries, include 1 jointly controlled entity for the year ended March
and jointly controlled entities which are 31, 2023, and covered under that Act but for which the
companies incorporated in India whose respective reports under Section 143(11) of the Act have not
financial statements have been audited under yet issued by the respective statutory auditors.
the Act, and according to the information
and explanations provided to us by the
Management of the Holding company in this
regard, nothing has come to our or other For M S K A & Associates
auditors’ notice that has caused us or the other Chartered Accountants
auditors to believe that the representations ICAI Firm Registration No. 105047W
under sub-clause (i) and (ii) of Rule 11(e) as
provided under (1) and (2) above, contain any Bhavik L. Shah
material mis-statement. Partner
Membership No. 122071
v. The Board of Directors of the Holding Company UDIN: 23122071BGXNQV6933
have proposed final dividend for the year which is
subject to the approval of their respective members Place: Mumbai
at the ensuing Annual General Meeting. The Date: April 22, 2023
370
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT ON EVEN DATE ON THE CONSOLIDATED

Auditor’s Responsibilities for the Audit of the an opinion on the consolidated financial statements. We are
Consolidated Financial Statements responsible for the direction, supervision and performance of
the audit of the financial statements of such entities included
As part of an audit in accordance with SAs, we exercise in the consolidated financial statements of which we are the
professional judgment and maintain professional skepticism independent auditors. For the other entities included in the
throughout the audit. We also: consolidated financial statements, which have been audited
by other auditors, such other auditors remain responsible
• Identify and assess the risks of material misstatement of the
for the direction, supervision and performance of the audits
consolidated financial statements, whether due to fraud or
carried out by them. We remain solely responsible for our
error, design and perform audit procedures responsive to
audit opinion.
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of We communicate with those charged with governance of
not detecting a material misstatement resulting from fraud is the Holding Company and such other entities included in the
higher than for one resulting from error, as fraud may involve consolidated financial statements of which we are the independent
collusion, forgery, intentional omissions, misrepresentations, auditors regarding, among other matters, the planned scope and
or the override of internal control. timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during
• Obtain an understanding of internal control relevant
our audit.
to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of We also provide those charged with governance with a statement
the Act, we are also responsible for expressing our opinion that we have complied with relevant ethical requirements
on whether the company has adequate internal financial regarding independence, and to communicate with them all
controls with reference to consolidated financial statements relationships and other matters that may reasonably be thought
in place and the operating effectiveness of such controls. to bear on our independence, and where applicable, related
safeguards.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related From the matters communicated with those charged with
disclosures made by management. governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements
• Conclude on the appropriateness of management’s use of
for the year ended March 31, 2023 and are therefore the key
the going concern basis of accounting and, based on the
audit matters. We describe these matters in our auditor’s report
audit evidence obtained, whether a material uncertainty
unless law or regulation precludes public disclosure about the
exists related to events or conditions that may cast significant
matter or when, in extremely rare circumstances, we determine
doubt on the ability of the Group and its jointly controlled
that a matter should not be communicated in our report because
entities to continue as a going concern. If we conclude
the adverse consequences of doing so would reasonably
that a material uncertainty exists, we are required to draw
be expected to outweigh the public interest benefits of such
attention in our auditor’s report to the related disclosures in
communication.
the consolidated 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 jointly controlled entities to cease
For M S K A & Associates
to continue as a going concern.
• Evaluate the overall presentation, structure and content of the ICAI Firm Registration No. 105047W
consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent Bhavik L. Shah
the underlying transactions and events in a manner that Partner
achieves fair presentation. Membership No. 122071
UDIN: 23122071BGXNQV6933
• Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities Place: Mumbai
within the Group and its jointly controlled entities to express Date: April 22, 2023
371
ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED

[Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ Report of even
date to the Members of Macrotech Developers Limited on the consolidated Financial Statements for the year ended March 31, 2023]
Report on the Internal Financial Controls under Auditor’s Responsibility

Clause (i) of Sub-section 3 of Section 143 of the
Our responsibility is to express an opinion on the internal financial
Companies Act, 2013 (“the Act”)
controls with reference to consolidated financial statements
Opinion of the Holding company, its subsidiary companies and jointly
controlled entities, which are companies incorporated in India,
In conjunction with our audit of the consolidated financial based on our audit. We conducted our audit in accordance with
statements of the Company as of and for the year ended March the Guidance Note on Audit of Internal Financial Controls Over
31, 2023, we have audited the internal financial controls with Financial Reporting (the “Guidance Note”) issued by the ICAI
reference to consolidated financial statements of Macrotech and the Standards on Auditing prescribed under section 143(10)
Developers Limited (hereinafter referred to as “the Holding of the Act, to the extent applicable to an audit of internal financial
Company”) and its subsidiary companies (the Holding Company controls. Those Standards and the Guidance Note require that
and its subsidiaries together referred to as “the Group”), and its we comply with ethical requirements and plan and perform the
jointly controlled entities, which are companies incorporated in audit to obtain reasonable assurance about whether adequate
India, as of that date. internal financial controls with reference to consolidated financial
statements was established and maintained and if such controls
In our opinion, and to the best of our information and according to
operated effectively in all material respects.
the explanations given to us, the Holding Company, its subsidiary
companies and jointly controlled entities, which are companies Our audit involves performing procedures to obtain audit
incorporated in India, have, in all material respects, where evidence about the adequacy of the internal financial controls
applicable, adequate internal financial controls with reference with reference to consolidated financial statements and their
to consolidated financial statements and such internal financial operating effectiveness. Our audit of internal financial controls
controls with reference to consolidated financial statements with reference to consolidated financial statements included
were operating effectively as at March 31, 2023, based on the obtaining an understanding of internal financial controls with
internal financial controls with reference to consolidated financial reference to consolidated financial statements, assessing the
statements criteria established by the respective companies risk that a material weakness exists, and testing and evaluating
considering the essential components of internal control stated the design and operating effectiveness of internal control based
in the Guidance Note on Audit of Internal Financial Controls on the assessed risk. The procedures selected depend on the
Over Financial Reporting issued by the Institute of Chartered auditor’s judgement, including the assessment of the risks of
Accountants of India (“the ICAI”). material misstatement of the consolidated financial statements,
whether due to fraud or error.
Management’s Responsibility for Internal Financial We believe that the audit evidence we have obtained and the
Controls audit evidence obtained by the other auditors in terms of their
reports referred to in the Other Matter paragraph below, is
The respective Board of Directors of the Holding Company,
sufficient and appropriate to provide a basis for our audit opinion
its subsidiary companies and jointly controlled entities, which
on the internal financial controls with reference to consolidated
are companies incorporated in India, are responsible for
financial statements of the Holding Company, its subsidiary
establishing and maintaining internal financial controls based
companies and jointly controlled entities, which are companies
on the internal control with reference to consolidated financial
incorporated in India.
statements criteria established by the respective companies
considering the essential components of internal control stated
in the Guidance Note. These responsibilities include the design, Meaning of Internal Financial Controls With
implementation and maintenance of adequate internal financial Reference to Consolidated Financial Statements
controls that were operating effectively for ensuring the orderly
and efficient conduct of its business, including adherence to the A company's internal financial control with reference to
respective company’s policies, the safeguarding of its assets, consolidated financial statements is a process designed to
the prevention and detection of frauds and errors, the accuracy provide reasonable assurance regarding the reliability of
and completeness of the accounting records, and the timely financial reporting and the preparation of consolidated financial
preparation of reliable financial information, as required under statements for external purposes in accordance with generally
the Act. accepted accounting principles. A company's internal financial
372
control with reference to consolidated financial statements Other Matter

includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately 1. Our aforesaid report under Section 143(3)(i) of the Act on
and fairly reflect the transactions and dispositions of the assets of the adequacy and operating effectiveness of the internal
the company; (2) provide reasonable assurance that transactions financial controls with reference to consolidated financial
are recorded as necessary to permit preparation of consolidated statements insofar as it relates to 1 jointly controlled entity,
financial statements in accordance with generally accepted which is company incorporated in India, whose financial
accounting principles, and that receipts and expenditures of the statements are unaudited and hence we are unable to
comment on the adequacy and operating effectiveness of the
company are being made only in accordance with authorizations
internal financial controls in respect of such jointly controlled
of management and directors of the company; and (3) provide
entity. In our opinion and according to the information and
reasonable assurance regarding prevention or timely detection
explanation given to us by the management, the said jointly
of unauthorized acquisition, use, or disposition of the company's
controlled entity is not material to the Group.
assets that could have a material effect on the consolidated
financial statements. 2. Our aforesaid report under Section 143(3)(i) of the Act on
the adequacy and operating effectiveness of the internal
Inherent Limitations of Internal Financial Controls financial controls with reference to consolidated financial
statements insofar as it relates to 6 subsidiary companies,
With Reference to Consolidated Financial Statements
which are companies incorporated in India, is based on the
Because of the inherent limitations of internal financial controls corresponding reports of the auditors of such companies
with reference to consolidated financial statements, including incorporated in India.
the possibility of collusion or improper management override
of controls, material misstatements due to error or fraud may For M S K A & Associates
occur and not be detected. Also, projections of any evaluation Chartered Accountants
of the internal financial controls with reference to consolidated ICAI Firm Registration No. 105047W
financial statements to future periods are subject to the risk that
the internal financial control with reference to consolidated Bhavik L. Shah
financial statements may become inadequate because of Partner
changes in conditions, or that the degree of compliance with the Membership No. 122071
policies or procedures may deteriorate. UDIN: 23122071BGXNQV6933
Place: Mumbai
373
CONSOLIDATED BALANCE SHEET

H in million
Notes As at 31-March-23 As at 31-March-22
ASSETS
Non-Current Assets
Property, Plant and Equipment 2 11,429 11,187
Investment Property 3 1,539 2,651
Goodwill 4 5,303 5,388
Other Intangible Assets 4 4 2
Investments accounted for using the Equity Method 5 227 511
Financial Assets
Investments 6 1,887 1,333
Loans 7 6,592 19,748
Deferred Tax Assets (net) 40 2,432 743
Non - Current Tax Assets (net) 9 2,873 3,256
Other Non-Current Assets 10 692 479
Total Non-Current Assets 34,052 47,160
Current Assets
Inventories 11 3,01,167 2,73,583
Financial Assets
Investments 12 346 3,896
Loans 13 4,875 11,993
Trade Receivables 14 7,393 6,451
Cash and Cash Equivalents 15 13,108 4,771
Bank Balances other than Cash and Cash Equivalents 16 5,134 7,686
Other Current Assets 18 9,765 11,949
Total Current Assets 3,57,497 3,37,628
Total Assets 3,91,549 3,84,788
EQUITY AND LIABILITIES
Equity
Equity Share Capital 19 4,818 4,815
Other Equity
Securities Premium 20 65,620 65,416
Retained Earnings 21 51,533 46,076
Other Reserves 22 4,655 4,743
Equity attributable to Owners of the Company 1,26,626 1,21,050
Non-Controlling Interests 596 568
Total Equity 1,27,222 1,21,618
Non-Current Liabilities
Borrowings 23 22,568 27,156
Trade Payables 24
Due to Micro Enterprises and Small Enterprises 894 650
Due to Others 403 573
Provisions 26 223 169
Other Non-Current Liabilities 27 - 933
Deferred Tax Liabilities (net) 40 332 1,911
Total Non-Current Liabilities 25,739 32,921
Current Liabilities
Borrowings 28 67,918 88,211
Trade Payables 29
Due to Micro Enterprises and Small Enterprises 4,593 2,786
Provisions 31 79 55
Current Tax Liabilities 32 367 19
Other Current Liabilities 33 1,06,262 1,05,836
Total Current Liabilities 2,38,588 2,30,249
Total Liabilities 2,64,327 2,63,170
Total Equity and Liabilities 3,91,549 3,84,788
See accompanying notes to the Consolidated Financial Statements 1 - 71
As per our attached report of even date For and on behalf of the Board of Directors of
DIN: 00101004 DIN: 00266089

Place : Mumbai
374
CONSOLIDATED STATEMENT OF PROFIT AND LOSS

H in million
Particulars Notes
I INCOME
Revenue from Operations 34 94,704 92,332
Other Income 35 1,408 2,921
Total Income 96,112 95,253
II EXPENSES
Cost of Projects 36 60,640 60,626
Employee Benefits Expense 37 4,239 3,544
Finance Costs 38 4,791 6,803
Depreciation, Impairment and Amortisation Expense 2, 3 & 4 928 748
Other Expenses 39 9,163 6,376
Total Expenses 79,761 78,097
III Profit Before Exceptional item and Share of Net Profit/(Loss) in 16,351 17,156
Associate and Joint Venture (I-II)
Share of Net Profit/(Loss) in Associates and Joint Venture 5 (52) 9
IV Profit Before Exceptional Items and Tax 16,299 17,165
Exceptional Items 48 (11,774) -
V Profit Before Tax 4,525 17,165
VI Tax Credit/(Expense): 40
Current Tax (2,841) (114)
Deferred Tax 3,211 (4,966)
Total Tax Expense 370 (5,080)
VII Profit for the year 4,895 12,085
VIII Other Comprehensive Income (OCI)
A Items that will not be reclassified to Statement of Profit and Loss
Gain on Property Revaluation - 37
Re-measurement of defined benefit plans (44) 14
Income Tax effect 15 (13)
(29) 38
B Items that will be reclassified to Statement of Profit and Loss
Foreign Currency Translation Reserve (127) (47)
Total Other Comprehensive Income / (Loss) (net of tax) (A+B) (156) (9)
IX Total Comprehensive Income for the year (VII+VIII) 4,739 12,076
Profit for the year attributable to: 4,895 12,085
(i) Owners of the Company 4,867 12,024
(ii) Non Controlling Interest 28 61
4,895 12,085
Other Comprehensive Income / (Loss) for the year attributable to: (156) (9)
(i) Owners of the Company (156) (9)
(ii) Non Controlling Interest - -
(156) (9)
Total Comprehensive Income for the year attributable to: 4,739 12,076
(i) Owners of the Company 4,711 12,015
(ii) Non Controlling Interest 28 61
4,739 12,076
Earnings per Equity Share (in L):
(Face value of H 10 per Equity Share)
Basic 10.10 26.28
Diluted 10.09 26.25
DIN: 00101004 DIN: 00266089

Place : Mumbai
375
CONSOLIDATED STATEMENT OF CASH FLOW

H in million
(A) Operating Activities

Profit before tax 4,525 17,165
Adjustments for :
Depreciation, Impairment and Amortisation Expense 928 748
(Profit)/ Loss on Sale of Property, Plant and Equipment (12) 2
Share of Net (Profit)/ Loss in Associate and Joint Venture 52 (9)
Provision for Doubtful Receivables /Advances 11,774 -
Net Foreign Exchange Differences 1,028 545
Interest Income (961) (2,964)
Finance Costs 13,890 19,923
Provision for Share based payment 765 394
Gain on Sale of Investments (1,185) (30)
Gain on Sale of Investment Property - (80)
Reversal of diminution in value of investment - (87)
Sundry Balances / Excess Provisions written off/ (back) (net) (231) (80)
Provision for/ (Write back of) Doubtful Receivables and Advances / Deposits 54 -
(Gains)/ Loss arising from fair valuation of financial instruments 73 (148)
Dividend on Current Investments - (53)
Working Capital Adjustments:
(Increase)/ Decrease in Trade and Other Receivables 452 (9,423)
(Increase)/Decrease in Inventories (2,045) 12,726
Increase/(Decrease) in Trade and Other payables 503 (16,868)
Cash Generated from / (used in) Operating Activities 29,610 21,761
Income Tax (paid)/ refund (net) (2,110) (1,778)
Net Cash Flows from / (used in) Operating Activities 27,500 19,983
(B) Investing Activities
Sale of Property, Plant and Equipment 149 115
Purchase of Property, Plant and Equipment (904) (445)
Net (Investment) / Divestment in Bank Deposits 3,340 (7,773)
Sale / (Purchase) of Non-Current Investments (net) 865 165
Sale / (Purchase) of Current Investments (net) 3,477 9,264
Interest received 805 838
Loans (Given)/ Received back (Net) 10,046 9,173
Dividend on Current Investments Received - 53
Net Cash Flows from Investing Activities 17,778 11,390
(C) Financing Activities
Finance Costs Paid (11,757) (19,427)
Proceeds from Borrowings 55,167 42,446
Proceeds from Issue of Share Capital (Including Secuirty Premium) 100 63,465
Repayment of Part of Optionally Convertible Debentures - (6,778)
Payment of Lease Liability (5) -
Repayment of Borrowings (80,560) (1,08,584)
Net Cash Flows from/ (used in) Financing Activities (37,055) (28,878)
(D) Net Increase in Cash and Cash Equivalents (A+B+C) : 8,223 2,495
Cash and Cash Equivalents at the beginning of the year 4,771 2,276
Cash and Cash Equivalents acquired on account of Acquisition of Subsidiary 114 -
Cash and Cash Equivalents at year end (Note 15) 13,108 4,771
Note :
a. Cash flow statement has been prepared under the indirect method as set out in Ind AS - 7 specified under Section 133 of the
Companies Act 2013.
376
CONSOLIDATED STATEMENT OF CASH FLOW

b. Reconciliation of liabilities arising from financing activities under Ind AS 7

H in million
Borrowings
Balance at the beginning of the year 1,15,367 1,81,929
Cash flow (25,393) (66,138)
Non cash changes* 512 (424)
Balance at the end of the year 90,486 1,15,367
*Current year figure is on account of acquisition of subsidiary. Previous year figure includes forex impact.
H in million
Lease Liablity
Balance at the beginning of the year - -
Addition during the year 117 -
Cash flow (5) -
Non cash changes 5 -
Balance at the end of the year 117 -

DIN: 00101004 DIN: 00266089
Place : Mumbai
377
378
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(A) EQUITY SHARE CAPITAL

H in million
As at As at
Particulars
Balance at the beginning of the reporting year 4,815 3,959
Changes in Equity Share Capital due to prior period errors - -

Restated Balance at the beginning of the reporting year 4,815 3,959
Issued during the year 3 856
Balance at the end of the reporting year 4,818 4,815
(B) OTHER EQUITY

H in million
Other Reserves through
Reserves and Surplus
OCI Total Equity
Non
Capital Share Foreign attributable to
Particulars Capital Debenture Controlling Total
Reserve Share Based Retained Revaluation Currency Shareholders of
Redemption Redemption Interest
on Premium Payment Earnings Reserve Translation the Group
Reserve Reserve
Merger Reserve Reserve
As at 1-April-22 4 (718) 65,416 620 394 46,076 4,333 110 1,16,235 568 1,16,803
Profit for the year - - - - - 4,867 - - 4,867 28 4,895
Other comprehensive income/ - - - - - (29) - (127) (156) - (156)
(loss)(Net of Tax)
Total Comprehensive - - - - - 4,838 - (127) 4,711 28 4,739
Income for the year
Transfer (from) / to - - 107 (620) (107) 620 - - - -
Reduction on account of - - - - - (1) - - (1) - (1)
acquisition
Addition during the year (Refer - - 97 - 766 - - - 863 - 863
Note 61)
As at 31-March-23 4 (718) 65,620 - 1,053 51,533 4,333 (17) 1,21,808 596 1,22,404
As at 1-April-21 4 (1) 2,128 5,830 - 29,609 4,304 157 42,031 5,269 47,300
Profit for the year - - - - - 12,024 - - 12,024 61 12,085
Other comprehensive loss (Net - - - - - 9 29 (47) (9) - (9)
of Tax)
Total Comprehensive - - - - - 12,033 29 (47) 12,015 61 12,076
Income for the year
Tax impact of NCD on account of - - - - - 589 - - 589 - 589
merger of subsidiary
Premium paid for OCD (Net of - - - - - (1,405) - - (1,405) (4,604) (6,009)
Tax)*
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(B) OTHER EQUITY (Contd..)

H in million
Other Reserves through
Reserves and Surplus
OCI Total Equity
Non
Capital Share Foreign attributable to
Particulars Capital Debenture Controlling Total
Reserve Share Based Retained Revaluation Currency Shareholders of
Redemption Redemption Interest
on Premium Payment Earnings Reserve Translation the Group
Reserve Reserve
Merger Reserve Reserve
Transfer (from) / to - - - (5,210) - 5,210 - - - - -
Impact on acquisition of non - (717) - - - 40 - - (677) (158) (835)
controling interest
Addition during the year (Refer - - 64,153 - 394 - - - 64,547 - 64,547
Note 62)
Equity Issue expenses (Net of - - (865) - - - - - (865) - (865)
Taxes)
As at 31-March-22 4 (718) 65,416 620 394 46,076 4,333 110 1,16,235 568 1,16,803
*During the previous year, outstanding Optionally Convertible Debentures (OCD) issued by erstwhile Palava Dwellers Private Limited of H4,604 million had been redeemed at a premium of H2,160 million. The premium on OCD of H2,160
million less tax thereon of H755 million, net H 1,405 million had been adjusted against retained earning in accordance with Indian Accounting Standard 32 - Financial Instruments: Presentation.

DIN: 00101004 DIN: 00266089

Place : Mumbai
379
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1 SIGNIFICANT ACCOUNTING POLICIES affect the returns through its power to direct the relevant
activities of the entity.
A Group's Background
Subsidiaries are fully consolidated from the date on
The Consolidated financial statements comprise financial which control is transferred to the Group. Control is
statements of Macrotech Developers Limited (the Company), reassessed whenever facts and circumstances indicate
its subsidiaries (collectively, the Group), associates and that there may be a change in any of these elements
jointly controlled entity for the year ended 31-March-2023. of control. They are deconsolidated from the date that
control ceases.
The Company is a public limited company domiciled and
incorporated in India under the Companies Act, 1956 The results and financial position of foreign operations
vide CIN - L45200MH1995PLC093041. The Company’s that have a functional currency different from
registered office is located at 412 , Floor - 4, 17 G the presentation currency are translated into the
Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, presentation currency as follows:
Fort, Mumbai - 400001. The Group is primarily engaged in
the business of real estate development. - assets and liabilities are translated at the closing rate
at the date of the balance sheet;
The Consolidated Financial Statements are approved by
the Company's Board of Directors at its meeting held on - income and expenses are translated at average
22-April-2023. exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates
B Significant Accounting Policies prevailing on the transaction dates, in which case
income and expenses are translated at the dates of
I Basis of Preparation
the transactions), and
The Consolidated financial statements of the Group have
- All resulting exchange differences are recognised in
been prepared in accordance with Indian Accounting
other comprehensive income.
Standards (‘Ind AS’) notified under section 133 of the
Companies Act 2013, read together with the Companies The Group combines the financial statements of the
(Indian Accounting Standards) Rules, 2015 and amendment Company and its subsidiaries line by line adding
if any. together like items of assets, liabilities, equity, income
and expenses. Intercompany transactions, balances
These financial statements have been prepared and
and unrealized gains or losses on transactions between
presented under the historical cost convention, on the
Group companies are eliminated.
accrual basis of accounting except for land as classified
under Property, Plant and Equipment and certain financial Non-controlling interests in the results and equity of
assets and financial liabilities that are measured at fair subsidiaries are shown separately in the Consolidated
values at the end of each reporting year, as stated in the Statement of Profit and Loss, Consolidated Statement
accounting policies set out below. The accounting policies of Changes in Equity and Consolidated Balance Sheet
have been applied consistently over all the years presented respectively.
in these financial statements.
(ii) Associates/ Joint Venture
The financial statements are presented in Indian Rupees (H)
and all values are rounded to the nearest million except Associates or Joint Ventures are all entities over which
when otherwise indicated. Transactions and balances with the Group has significant influence or Joint control
values below the rounding off, have been reflected as “0” in but not control. This is generally the case where the
the relevant notes to these financial statements. group holds between 20% and 50% of the voting
rights or where decisions over the relevant activities
II Principles of Consolidation and Equity Accounting are unanimous in case of joint venture. Investments in
associates and joint ventures are accounted for using
(i) Subsidiaries
the equity method of accounting after initially being
Subsidiaries are all entities over which the Group has recognized at cost.
control. The Group controls an entity, when the group
Under the equity method of accounting, the excess
is exposed to, or has rights to, variable returns from
of cost of investment over the proportionate share in
its involvement with the entity and has the ability to
equity of the associate/ joint venture as at the date of
acquisition of stake is identified as goodwill or capital
380

reserve as the case may be and included in the carrying iv) There is no unconditional right to defer the settlement of
value of the investment in the associate/ joint venture. the liability for at least twelve months after the reporting
period.
The carrying amount of the investment is adjusted
thereafter to recognize the Group’s share of the The Group classifies all other liabilities as non-current.
post-acquisition profits or losses of the investee in
Deferred tax assets and liabilities are classified as non-
Consolidated Statement of Profit and Loss, and the
current assets and liabilities respectively.
Group’s share of other comprehensive income of the
investee in Consolidated Other Comprehensive Income. The operating cycle is the time between the acquisition of
However, the share of losses is accounted for only to the assets for processing and their realisation in cash and cash
extent of the cost of investment. Subsequent profits of equivalents.
such associates/ joint ventures are not accounted for
unless the accumulated losses (not accounted for by the The operating cycle of the Group’s real estate operations
Group) are recouped. Additional losses are provided varies from project to project depending on the size of
for to the extent that the Group has incurred obligations the project, type of development, project complexities and
or made payments on behalf of the associate and joint related approvals. Accordingly, project related assets and
venture to satisfy obligations of the associate and joint liabilities are classified into current and non-current based
venture that the Group has guaranteed or to which the on the operating cycle of the project. All other assets and
Group is otherwise committed. liabilities have been classified into current and non-current
based on a period of twelve months.
Unrealised gains or losses on transactions between
the Group and its associates and joint ventures are 2 Property, Plant and Equipment
eliminated to the extent of the Group’s interest in these
entities. i. Recognition and measurement
III Summary of Significant Accounting Policies All property, plant and equipment except freehold land
and building are stated at historical cost less accumulated
1 Current and Non-Current Classification depreciation. Building was recorded at Fair Value as
Deemed cost as at the date of transition to Ind AS. Historical
The Group presents assets and liabilities in the Consolidated cost includes expenditure that is directly attributable to
Balance Sheet based on current/ non-current classification. the acquisition of the items. Cost includes freight, duties,
An asset is treated as current when it is: taxes, borrowing cost and incidental expenses related to the
i) Expected to be realised or intended to be sold or acquisition and installation of the asset.
consumed in normal operating cycle.
Freehold Land is measured at fair value. Valuations are
ii) Held primarily for the purpose of trading performed with sufficient frequency to ensure that the
carrying value of revalued asset does not defer materially
iii) Expected to be realised within twelve months after the from its fair value.
Revaluation surplus is recorded in Other Comprehensive
iv) Cash or cash equivalent unless restricted from being Income (OCI) and credited to the Revaluation reserve in
exchanged or used to settle a liability for at least twelve Other Equity.
months after the reporting period.
ii. Subsequent costs
All other assets are classified as non-current.
Subsequent expenditure is capitalised only when it is probable
A liability is current when: that the future economic benefits of the expenditure will
i) It is expected to be settled in normal operating cycle flow to the Group. All other repairs and maintenance are
charged to the Consolidated Ind AS Statement of Profit and
ii) It is held primarily for the purpose of trading Loss during the reporting period in which they are incurred.
iii) It is due to be settled within twelve months after the
381

iii. Derecognition 3 Investment Properties
The carrying amount of an item of Property, Plant and The Property that is held for long term rental yield or for
Equipment is derecognized on disposal or when no future capital appreciation or both, and that is not occupied by the
economic benefits are expected from its use or disposal. The Group is classified as an Investment Property.
gain or loss arising from the derecognition of an item of
Property, Plant and Equipment is measured as the difference Investment properties are measured initially at cost, including
between the net disposal proceeds and the carrying amount transaction and borrowing costs. Subsequent to initial
of the item and is recognized in the Consolidated Statement recognition, investment properties are stated at cost less
of Profit and Loss when the item is derecognized. accumulated depreciation and accumulated impairment
losses, if any.
iv. Capital work in progress
The Group depreciates investment properties over the
Cost of assets not ready for intended use, as on the Balance useful life of 60 years from the date of original purchase as
Sheet date, is shown as capital work in progress. prescribed under Schedule II to the Companies Act, 2013.
v. Depreciation Investment properties are derecognized either when they

have been disposed of or when they are permanently
Depreciation is calculated on a written down value basis withdrawn from use and no future economic benefit is
over the estimated useful lives of the assets as specified in expected from their disposal. The difference between the net
Schedule II of Companies Act, 2013 except for Site/Sales disposal proceeds and the carrying amount of the asset is
Offices, Sample Flats and Aluminium Formwork wherein the recognized in profit or loss in the period of derecognition.
estimated useful lives is determined by the management.
Management believes that such estimated useful lives are Amortisation method, useful lives and residual values are
realistic and reflect fair approximation of the period over reviewed at the end of each financial year and adjusted, if
which the assets are likely to be used. appropriate.
Sr. Property, Plant and Useful life 4 Intangible Assets

No. Equipment (Years)
Intangible assets acquired separately are measured on initial
i) Site/Sales Offices and 8 recognition at cost. Following initial recognition, intangible
Sample Flats assets are carried at cost less any accumulated amortisation
ii) Freehold Building 60 and impairment losses.
iii) Plant and Equipment 6 to 15
iv) Office Equipment 5 The useful lives of intangible assets are assessed as either
v) Computers finite or indefinite. Currently the company has not identified
(a) Servers and networks 6 any Intangible assets other than Goodwill to have indefinite
(b) End user devices, such as, 3 life.
desktops, laptops, etc.
Intangible assets with finite lives are amortised over the useful
vi) Furniture and Fixtures 10
economic life. The useful economic life and the amortisation
vii) Vehicles
method for an intangible asset with a finite useful life are
(a) Motor cycles, scooters and 10
reviewed at least at the end of each reporting period. The
other mopeds
amortisation expense on intangible assets with finite lives is
(b) Motor buses, motor lorries, 8 recognised in the Consolidated Statement of Profit and Loss.
motor cars and motor taxies
Gains or losses arising from derecognition of an intangible
Depreciation on addition to property plant and equipment is
asset are measured as the difference between the net
provided on pro-rata basis from the date of acquisition.
disposal proceeds and the carrying amount of the asset and
Depreciation on assets sold during the year is charged to the are recognised in the Consolidated Statement of Profit and
Consolidated Statement of Profit and Loss up to the month Loss when the asset is derecognised.
preceding the month of sale.
Intangible assets are amortized proportionately over a period
Depreciation methods, useful lives and residual values of five years or over the useful economic life of the assets as
are reviewed periodically at each financial year end and determined by the management, whichever is lower.
adjusted prospectively, as appropriate.
382

Intangible assets with indefinite life are tested for impairment carrying value of an asset exceeds its recoverable amount
annually. Impairment losses, if any, are recognised in (i.e. the higher of value in use and fair value less costs to
Consolidated Statement of Profit and Loss. sell), the asset is written down accordingly.
5 Inventories Where it is not possible to estimate the recoverable amount

of an individual asset, the impairment test is carried out
i) Stock of Building Materials and Traded Goods is on the smallest group of assets to which it belongs for
valued at lower of cost and net realizable value. Cost is which there are separately identifiable cash flows; its cash
generally ascertained on weighted average basis. generating units (‘CGUs’).
ii) Completed unsold inventory is valued at lower of Cost 8 Financial Instruments
and Net Realizable Value.
A financial instrument is any contract that gives rise to a
iii) Land and Property Development Work-in-Progress is financial asset of one entity and a financial liability or equity
valued at lower of estimated cost and net realisable instrument of another entity.
value.
Financial Assets
iv) Cost for this purpose includes cost of land, shares with
occupancy rights, Transferrable Development Rights, Initial recognition and measurement
premium for development rights, borrowing costs, The Group classifies its financial assets in the following
construction / development cost and other overheads measurement categories.
incidental to the projects undertaken.
• those to be measured subsequently at fair value (either
Net realizable value is the estimated selling price in the through other comprehensive income, or through profit
ordinary course of business, less estimated cost of completion or loss)
and the estimated cost necessary to make the sale.
• those measured at amortised cost
6 Provisions and Contingencies
All financial assets are recognised initially at fair value plus,
The Group recognizes provisions when a present obligation in the case of financial assets not recorded at fair value
(legal or constructive) as a result of a past event exists and it is through profit or loss, transaction costs that are attributable
probable that an outflow of resources embodying economic to the acquisition of the financial asset.
benefits will be required to settle such obligation and the
amount of such obligation can be reliably estimated. Subsequent measurement
If the effect of time value of money is material, provisions For purposes of subsequent measurement, financial assets
are discounted using a current pre-tax rate that reflects, are classified in four categories:
when appropriate, the risks specific to the liability. When i) Debt instruments at amortised cost
discounting is used, the increase in the provision due to the
passage of time is recognized as a finance cost. ii) Debt instruments at fair value through other
comprehensive income (FVTOCI)
A disclosure of contingent liability is also made when there
iii) Debt instruments, derivatives and equity instruments at
is a possible obligation or a present obligation that may, but
fair value through profit or loss (FVTPL)
probably will not, require an outflow of resources. Where
there is possible obligation or a present obligation in respect iv) Equity instruments measured at fair value through other
of which the likelihood of outflow of resources is remote, no comprehensive income (FVTOCI)
provision or disclosure is made.
Debt instruments at amortised cost
7 Impairment of Non-Financial Assets (excluding A ‘debt instrument’ is measured at the amortised cost if both
Inventories, Investment Properties and Deferred Tax the following conditions are met:
Assets)
a) The asset is held within a business model whose
Non-financial assets are subject to impairment tests objective is to hold assets for collecting contractual
whenever events or changes in circumstances indicate that cash flows, and
their carrying amount may not be recoverable. Where the
383

b) Contractual terms of the asset give rise on specified All Equity Investments in Associates and Joint Venture are
dates to cash flows that are solely payments of principal measured at Cost.
and interest on the principal amount outstanding.
Derecognition of Financial Assets
After initial measurement, such financial assets are
subsequently measured at amortised cost using the effective A financial asset (or, where applicable, a part of a financial
interest rate (EIR) method. Amortised cost is calculated by asset or part of a group of similar financial assets) is primarily
taking into account any discount or premium on acquisition derecognised (i.e. removed from the Group’s Consolidated
and fees or costs that are an integral part of the EIR. The EIR Balance Sheet) when:
amortisation is included in finance income in the statement
i) The rights to receive cash flows from the asset have
of profit or loss. The losses arising from impairment if any,
expired, or
are recognised in the statement of profit or loss.
ii) The Group has transferred its rights to receive cash flows
Debt instruments at FVTOCI
from the asset or has assumed an obligation to pay the
A ‘debt instrument’ is classified as at the FVTOCI if both of received cash flows in full without material delay to a
the following criteria are met: third party under a ‘pass-through’ arrangement’ and
either (a) the Group has transferred substantially all the
a) The objective of the business model is achieved both risks and rewards of the asset, or (b) the Group has
by collecting contractual cash flows and selling the neither transferred nor retained substantially all the risks
financial assets, and and rewards of the asset, but has transferred control of
the asset.
b) The asset’s contractual cash flows represent solely
payments of principal and interest. When the Group has transferred its rights to receive cash
flows from an asset or has entered into a pass-through
Debt instruments included within the FVTOCI category are
arrangement, it evaluates if and to what extent it has
measured initially as well as at each reporting date at fair
retained the risks and rewards of ownership. When it has
value. Fair value movements are recognized in the other
neither transferred nor retained substantially all of the risks
comprehensive income (OCI). However, the Group does
and rewards of the asset, nor transferred control of the asset,
not have any debt instruments which meets the criteria for
the Group continues to recognise the transferred asset to
measuring the debt instrument at FVTOCI.
the extent of the Group’s continuing involvement. In that
Debt instrument at FVTPL case, the Group also recognises an associated liability. The
transferred asset and the associated liability are measured
Any debt instrument, which does not meet the criteria on a basis that reflects the rights and obligations that the
for categorization as at amortized cost or as FVTOCI, is Group has retained.
classified as at FVTPL.
Continuing involvement that takes the form of a guarantee
In addition, the Group may elect to designate a debt over the transferred asset is measured at the lower of the
instrument, which otherwise meets amortized cost or FVTOCI original carrying amount of the asset and the maximum
criteria, at FVTPL. However, such election is allowed only if amount of consideration that the Group could be required
doing so reduces or eliminates a measurement or recognition to repay.
inconsistency (referred to as ‘Accounting Mismatch’). The
Group has not designated any debt instrument at FVTPL. Impairment of Financial Assets
Debt instruments included within the FVTPL category The Group assess on a forward looking basis the expected
are measured at fair value with all changes in fair value credit losses associated with its financial assets carried
recognized in the Statement of Profit and Loss. at amortised cost and FVTOCI debts instruments. The
impairment methodology applied depends on whether
Equity investments there has been significant increase in credit risk. For trade
All equity investments, except investments in associates and receivables, the Group is not exposed to any credit risk
joint venture are measured at FVTPL. The Group may make as the legal title of residential and commercial units are
an irrevocable election on initial recognition to present in transferred to the buyer only after all the installments are
OCI any subsequent changes in the fair value. The Group recovered.
makes such election on an instrument-by-instrument basis.
384

For financial assets carried at amortised cost, the carrying FVTPL, fair value gains/ losses attributable to changes in
amount is reduced and the amount of the loss is recognised own credit risk are recognized in OCI. These gains/ loss
in the consolidated statement of profit and loss. Interest are not subsequently transferred to Statement of Profit and
income on such financial assets continues to be accrued loss. However, the Group may transfer the cumulative gain
on the reduced carrying amount and is accrued using the or loss within equity. All other changes in fair value of such
rate of interest used to discount the future cash flows for liability are recognised in the statement of profit or loss. The
the purpose of measuring the impairment loss. The interest Group has not designated any financial liability as at fair
income is recorded as part of finance income. Financial value through profit and loss.
asset together with the associated allowance are written off
when there is no realistic prospect of future recovery and Loans and borrowings
all collateral has been realised or has been transferred
After initial recognition, interest-bearing loans and
to the Group. If, in a subsequent year, the amount of the
borrowings are subsequently measured at amortised cost
estimated impairment loss increases or decreases because
using the EIR method. Gains and losses are recognised in
of an event occurring after the impairment was recognised,
profit or loss when the liabilities are derecognised as well as
the previously recognised impairment loss is increased or
through the EIR amortisation process.
decreased.
Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that
Initial recognition and measurement are an integral part of the EIR. The EIR amortisation is
included as finance costs in the Consolidated Statement of
Financial liabilities are classified, at initial recognition, Profit and Loss.
as financial liabilities at FVTPL, loans and borrowings, or
payables, as appropriate. Financial guarantee contracts
All financial liabilities are recognised initially at fair value Financial guarantee contracts issued by the Group are those
and, in the case of financial liability not recorded at fair contracts that require a payment to be made to reimburse
value through Profit or Loss, net of directly attributable the holder for a loss it incurs because the specified debtor
transaction costs. fails to make a payment when due in accordance with the
terms of a debt instrument. Financial guarantee contracts
The Group’s financial liabilities include trade and other are recognised initially as a liability at fair value, adjusted for
payables, loans and borrowings including bank overdrafts transaction costs that are directly attributable to the issuance
and financial guarantee contracts. of the guarantee. Subsequently, the liability is measured at
the higher of the amount of loss allowance determined as
Subsequent measurement per impairment requirements of Ind AS 109 and the amount
recognised less cumulative amortisation.
The measurement of financial liabilities depends on their
classification, as described below: Derecognition of Financial Liabilities
Financial liabilities at fair value through profit or loss A financial liability is derecognised when the obligation
under the liability is discharged or cancelled or expires.
Financial liabilities at fair value through profit or loss include
When an existing financial liability is replaced by another
financial liabilities held for trading and financial liabilities
from the same lender on substantially different terms, or the
designated upon initial recognition as at fair value through
terms of an existing liability are substantially modified, such
profit or loss. Separated embedded derivatives are also
an exchange or modification is treated as the derecognition
classified as held for trading unless they are designated as
of the original liability and the recognition of a new
effective hedging instruments.
liability. The difference in the respective carrying amounts is
Gains or losses on liabilities held for trading are recognised recognised in the Consolidated Statement of Profit and Loss.
in the profit or loss.
Reclassification of Financial Assets and Financial Liabilities
Financial liabilities designated upon initial recognition at
The Group determines classification of financial assets and
fair value through profit or loss are designated as such
liabilities on initial recognition. After initial recognition, no
at the initial date of recognition, and only if the criteria
reclassification is made for financial assets which are equity
in Ind AS 109 are satisfied. For liabilities designated as
instruments and financial liabilities. For financial assets
385

which are debt instruments, a reclassification is made only if to measure fair value, maximising the use of relevant
there is a change in the business model for managing those observable inputs and minimising the use of unobservable
assets. Changes to the business model are expected to be inputs.
infrequent. The Group’s management determines change
in the business model as a result of external or internal All assets and liabilities for which fair value is measured
changes which are significant to the Group’s operations. or disclosed in the financial statements are categorised
Such changes are evident to external parties. A change in within the fair value hierarchy, described as follows, based
the business model occurs when the Group either begins on the lowest level input that is significant to the fair value
or ceases to perform an activity that is significant to its measurement as a whole:
operations. If the Group reclassifies financial assets, it applies
i) Level 1 — Quoted (unadjusted) market prices in active
the reclassification prospectively from the reclassification
markets for identical assets or liabilities
date which is the first day of the immediately next reporting
period following the change in business model. The Group ii) Level 2 — Valuation techniques for which the lowest level
does not restate any previously recognised gains, losses input that is significant to the fair value measurement is
(including impairment gains or losses) or interest. directly or indirectly observable
Offsetting of Financial Instruments iii) Level 3 — Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
Financial assets and financial liabilities are offset and the
unobservable
net amount is reported in the Consolidated Ind AS Balance
Sheet if there is a currently enforceable legal right to offset For assets and liabilities that are recognised in the financial
the recognised amounts and there is an intention to settle statements on a recurring basis, the Group determines
on a net basis, to realise the assets and settle the liabilities whether transfers have occurred between levels in the
simultaneously. 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.
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 Cash and cash equivalent in the Consolidated Balance
fair value measurement is based on the presumption that the Sheet comprise cash at banks and on hand and short-term
transaction to sell the asset or transfer the liability takes place deposits with an original maturity of three months or less,
either: which are subject to an insignificant risk of changes in value.
i) In the principal market for the asset or liability, or- 11 Revenue Recognition
ii) In the absence of a principal market, in the most The Group has applied five step model as set out in Ind
advantageous market for the asset or liability AS 115 to recognise revenue in this Consolidated Financial
Statements. The Group satisfies a performance obligation
The principal or the most advantageous market must be
and recognises revenue over time, if one of the following
accessible by the Group.
criteria is met:
The fair value of an asset or a liability is measured using the
a. The customer simultaneously receives and consumes
assumptions that market participants would use when pricing
the benefits provided by the Group’s performance as
the asset or liability, assuming that market participants act in
the Group performs; or
their economic best interest.
b. The Group’s performance creates or enhances an asset
A fair value measurement of a non-financial asset takes into
that the customer controls as the asset is created or
account a market participant’s ability to generate economic
enhanced; or
benefits by using the asset in its highest and best use or by
selling it to another market participant that would use the c. The Group’s performance does not create an asset
asset in its highest and best use. with an alternative use to the Group and the entity
has an enforceable right to payment for performance
The Group uses valuation techniques that are appropriate in
completed to date.
the circumstances and for which sufficient data are available
386

For performance obligations where any of the above III) Sale of Materials, Land and Development
conditions are not met, revenue is recognised at the point in Rights
time at which the performance obligation is satisfied.
Revenue is recognized at point in time with respect to
Revenue is recognised either at point of time and over a contracts for sale of Materials, Land and Development
period of time based on the conditions in the contracts with Rights as and when the control is passed on to the
customers. customers.
The specific revenue recognition criteria are described IV) Interest Income
below:
For all debt instruments measured at amortised cost.
(I) Income from Property Development Interest income is recorded using the effective interest
rate (EIR).
The Group has determined that the existing terms of
the contract with customers does not meet the criteria V) Rental Income
to recognise revenue over a period of time. Revenue is
recognized at point in time with respect to contracts for Rental income arising from operating leases is
sale of residential and commercial units as and when accounted over the lease terms.
the control is passed on to the customers which is linked
VI) Dividends
to the application and receipt of occupancy certificate.
Revenue is recognised when the Group’s right to receive
The Group provides rebates to the customers. Rebates
the payment is established.
are adjusted against customer dues and the revenue to
be recognized. To estimate the variable consideration 12 Foreign Currency Translation
for the expected future rebates the Group uses the
“most-likely amount” method or “expected value Initial Recognition
method”.
Foreign currency transactions during the period / year are
(II) Contract Balances recorded in the reporting currency at the exchange rates
prevailing on the date of the transaction.
Contract Assets:
Conversion
The Group is entitled to invoice customers for
construction of residential and commercial properties Foreign currencies denominated monetary items are
based on achieving a series of construction-linked translated into rupees at the closing rates of exchange
milestones. A contract asset is the right to consideration prevailing at the date of the balance sheet. Non-monetary
in exchange for goods or services transferred to the items, which are carried in terms of historical cost
customer. If the Group performs by transferring goods denominated in a foreign currency, are reported using the
or services to a customer before the payment is due, a exchange rate at the date of the transaction.
contract asset is recognized for the earned consideration
Exchange Differences
that is conditional. Any receivable which represents the
Group’s right to the consideration that is unconditional Exchange differences arising, on the settlement of monetary
is treated as a trade receivable. items or reporting of monetary items at the end of the period /
year at closing rates, at rates different from those at which they
Contract Liabilities:
were initially recorded during the period / year, or reported in
A contract liability is the obligation to transfer goods previous financial statements, are recognized as income or as
or services to a customer for which the Group has expenses in the period / year in which they arise.
received consideration from the customer. If a customer
13 Current Income Tax
pays consideration before the Group transfers goods or
services to the customer, a contract liability is recognised Current income tax for the current and prior periods are
when the payment is made. Contract liabilities are measured at the amount expected to be recovered from or
recognised as revenue when the Group performs under paid to the taxation authorities based on the taxable profit
the contract. for the period. The tax rates and tax laws used to compute
the amount are those that are enacted by the reporting date
and applicable for the period
387

Deferred Tax the recognized amounts and where it intends either to settle
on a net basis, or to realize the asset and settle the liability
Deferred tax is recognized using the balance sheet simultaneously. In case of deferred tax assets and deferred
approach. Deferred tax assets and liabilities are recognized tax liabilities, the same are offset if the Group has a legally
for all deductible and taxable temporary differences arising enforceable right to set off corresponding current tax assets
between the tax bases of assets and liabilities and their against current tax liabilities and the deferred tax assets and
carrying amount in financial statements, except when the deferred tax liabilities relate to income taxes levied by the
deferred tax arises from the initial recognition of goodwill same tax authority on the Group.
or an asset or liability in a transaction that is not a business
combination and affects neither accounting nor taxable 14 Borrowing Costs
profits or loss at the time of transaction.
Borrowing costs that are directly attributable to real estate
Deferred tax assets and liabilities are measured at the tax project development activities are inventorised / capitalized
rates that are expected to apply in the period when the asset as part of project cost.
is realized or the liability is settled, based on tax rates that
have been enacted or substantively enacted at the reporting Borrowing costs are inventorised / capitalised as part
date. of project cost when the activities that are necessary to
prepare the inventory / asset for its intended use or sale
Deferred tax asset in respect of carry forward of unused tax are in progress. Borrowing costs are suspended from
credits and unused tax losses are recognized to the extent inventorisation / capitalisation when development work on
that it is probable that taxable profit will be available against the project is interrupted for extended periods and there is
which the deductible temporary differences, and the carry no imminent certainty of recommencement of work.
forward of unused tax credits and unused tax losses can be
utilized. All other borrowing costs are expensed in the period in which
they occur. Borrowing costs consist of interest and other
The carrying amount of deferred tax assets is reviewed at costs that the group incurs in connection with the borrowing
each reporting date and reduced to the extent that it is no of funds.
longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax asset to be utilized. 15 Leases
The Group recognizes deferred tax liabilities for all taxable The Group evaluates each contract or arrangement, whether
temporary differences except those associated with the it qualifies as lease as defined under Ind AS 116.
investments in subsidiaries where the timing of the reversal Group as a Lessee
of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the The Group assesses, whether the contract is, or contains, a
foreseeable future. lease at the inception of the contract or upon the modification
of a contract. A contract is, or contains, a lease if the contract
Minimum Alternate Tax (MAT) credit is recognised as an asset conveys the right to control the use of an identified asset for
only when and to the extent there is convincing evidence a period of time in exchange for consideration.
that the Group will pay normal tax during the specified
period. Such asset is reviewed at each Balance Sheet date The Group at the commencement of the lease contract
and the carrying amount of the MAT credit asset is written recognizes a Right-of-Use (RoU) asset at cost and
down to the extent there is no longer a convincing evidence corresponding lease liability, except for leases with a term
to the effect that the Group will pay normal tax during the of twelve months or less (short-term leases) and leases for
specified period. which the underlying asset is of low value (low-value leases).
For these short-term and low-value leases, the Company
Presentation of Current and Deferred Tax: recognizes the lease payments as an operating expense on
Current and deferred tax are recognized as income or an a straight-line basis over the term of the lease.
expense in the Statement of Profit and Loss, except when they The cost of the right-of-use assets comprises the amount of
relate to items that are recognized in Other Comprehensive the initial measurement of the lease liability, adjusted for
Income, in which case, the current and deferred tax income/ any lease payments made at or prior to the commencement
expense are recognized in Other Comprehensive Income. date of the lease, any initial direct costs incurred by the
The Group offsets current tax assets and current tax Group, any lease incentives received and expected costs
liabilities, where it has a legally enforceable right to set off
388

for obligations to dismantle and remove right-of-use assets systematic basis if that basis is more representative of the
when they are no longer used. pattern in which benefit from the use of the underlying asset
is diminished.
Subsequently, the right-of-use assets is measured at cost less
any accumulated depreciation and accumulated impairment 16 Retirement and Other Employee Benefits
losses, if any. The right-of-use assets are depreciated on a
straight-line basis from the commencement date of the lease Retirement and other Employee benefits are accounted in
over the shorter of the end of the lease term or useful life of accordance with Ind AS 19 – Employee Benefits.
the right-of-use asset.
a) Defined Contribution Plan
Right-of-use assets are assessed for impairment whenever
The Group contributes to a recognised provident fund
there is an indication that the balance sheet carrying amount
for all its employees. Contributions are recognised as
may not be recoverable using cash flow projections for the
an expense when employees have rendered services
useful life.
entitling them to such benefits.
For lease liabilities at commencement date, the Group
b) Gratuity (Defined Benefit Scheme)
measures the lease liability at the present value of the future
lease payments as from the commencement date of the lease The Group provides for its gratuity liability based on
to end of the lease term. The lease payments are discounted actuarial valuation as at the balance sheet date which
using the interest rate implicit in the lease or, if not readily is carried out by an independent actuary using the
determinable, the Group’s incremental borrowing rate for Projected Unit Credit Method. Actuarial gains and
the asset subject to the lease in the respective markets. losses are recognised in full in the other comprehensive
income for the period in which they occur.
Subsequently, the Group measures the lease liability by
adjusting carrying amount to reflect interest on the lease c) Compensated absences
liability and lease payments made.
Liability in respect of earned leave expected to become
The Group remeasures the lease liability (and makes a due or expected to be availed within one year from
corresponding adjustment to the related right-of-use asset) the balance sheet date is recognized on the basis of
whenever there is a change to the lease terms or expected undiscounted value of benefit expected to be availed
payments under the lease, or a modification that is not by the employees. Liability in respect of earned leave
accounted for as a separate lease expected to become due or expected to be availed
beyond one year after the balance sheet date is
The portion of the lease payments attributable to the
estimated on the basis of actuarial valuation performed
repayment of lease liabilities is recognized in cash flows
by an independent actuary using the projected unit
used in financing activities. Also, the portion attributable
credit method.
to the payment of interest is included in cash flows from
financing activities. Further, Short-term lease payments, 17 Business Combinations under Common Control
payments for leases for which the underlying asset is of
low-value and variable lease payments not included in the Business Combinations involving entities or business under
measurement of the lease liability is also included in cash common control are accounted for using the pooling of
flows from operating activities. interest method.
Group as a Lessor Under pooling of interest method , the assets and liabilities
of the combining entities or businesses are reflected at their
In arrangements where the Group is the lessor, it determines carrying amounts after making adjustments necessary to
at lease inception whether the lease is a finance lease or an harmonise the accounting policies. The financial information
operating lease. Leases that transfer substantially all of the in the consolidated financial statements in respect of prior
risk and rewards incidental to ownership of the underlying periods is restated as if the business combination had
asset to the counterparty (the lessee) are accounted for occurred from the beginning of the preceding period in
as finance leases. Leases that do not transfer substantially the consolidated financial statements, irrespective of the
all of the risks and rewards of ownership are accounted actual date of the combination. The identity of the reserves
for as operating leases. Lease payments received under is preserved in the same form in which they appeared in
operating leases are recognized as income in the statement the standalone financial statements of the transferor and the
of profit and loss on a straight-line basis over the lease term difference, if any, between the amount recorded as share
or another systematic basis. The Group applies another capital issued plus any additional consideration in the form
389

of cash or other assets and amount of share capital of the of assets. The impairment loss is recognised for the amount
transferor is transferred to capital reserves. by which the CGUs carrying amount exceeds it recoverable
amount. The recoverable amount is the higher of an asset’s
18 Earnings Per Share fair value less cost of disposal and value in use. Value in
use is arrived at by discounting the future cash flows to their
Basic earnings per share are calculated by dividing the
present value based on an appropriate discount factor.
net profit or loss for the year (after deducting preference
dividends and attributable taxes) attributable to equity share 20 Employee Stock Option Plan
holders by the weighted average number of equity shares
outstanding during the year. The weighted average number The cost of equity-settled transactions is determined by
of equity shares outstanding during the year is adjusted for the fair value at the date when the grant is made using
events of bonus issue and consolidation of equity shares. an appropriate valuation model. That cost is recognised,
For the purpose of calculating diluted earnings per share, together with a corresponding increase in share-based
the net profit or loss for the year and the weighted average payment (SBP) reserves in equity, over the period in which
number of equity shares outstanding during the year are the performance and/or service conditions are fulfilled
adjusted for the effects of all dilutive potential equity shares. in employee benefits expense. The cumulative expense
recognised for equity-settled transactions at each reporting
For the purpose of calculating diluted earnings per share, date until the vesting date reflects the extent to which the
the net profit or loss for the year (after deducting preference vesting period has expired and the Group’s best estimate
dividends and attributable taxes) attributable equity share of the number of equity instruments that will ultimately
holders and the weighted average number of equity shares vest. The statement of profit and loss expense or credit for
outstanding during the year are adjusted for the effects of all a period represents the movement in cumulative expense
dilutive potential equity shares. recognised as at the beginning and end of that period and is
recognised in employee benefits expense. Upon exercise of
19 Goodwill
share options, the proceeds received are allocated to share
Goodwill is initially measured at cost being the excess of the capital up to the par value of the shares issued with any
aggregate of the consideration transferred and the amount excess being recorded as securities premium.
recognised for non-controlling interest over the fair value
21 Joint Development Arrangements (JDA)
of net identifiable tangible and intangible assets acquired
and liabilities assumed. If the consideration is lower than The Group executes projects through Joint Development
the fair value of the net assets of the subsidiary acquired, Arrangements (JDA), wherein the land owner provides land
the difference is recognised in OCI and accumulated in and the Group undertakes to develop properties on such
equity as capital reserve. After initial recognition, goodwill land (i.e. development right) and in lieu of land owner
is measured at the cost less any accumulated impairment providing land, the Group has agreed to transfer certain
losses. percentage of constructed area or certain percentage of the
revenue proceeds or certain percentage of surplus to the
Where goodwill forms part of a cash-generating unit and part
land owner. Transfer of such constructed area or revenue or
of the operation within that unit is disposed off, the goodwill
surplus in exchange of such development rights/ land is being
associated with the operation disposed off is included in
estimated at fair value as per the terms of the agreement
the carrying amount of the operation when determining the
and accounted for on launch of the project as the cost of
gain or loss on disposal of the operation. Goodwill disposed
development right (Inventory) with its corresponding liability.
off in this circumstance is measured based on the relative
Subsequent to initial recognition, such liability is remeasured
values of the operation disposed off and the portion of the
on each reporting period depending on the type of the
cash-generating unit retained.
arrangement, to reflect the changes in the estimate, if any.
Goodwill is tested annually for impairment, or more
22 Dividend distribution to equity holders
frequently if event or changes in circumstances indicates that
it might be impaired. For the purpose of impairment testing, Dividends paid / payable along with applicable taxes are
goodwill recognised in a business combination under recognised when it is approved by the shareholders. In case
common control is allocated to each of the Company’s of interim dividend, it is recognised when it is approved
cash generating units (CGUs) that are expected to benefit by the Board of Directors and distribution is no longer at
from the combination. A CGU is the smallest identifiable the discretion of the Company. A corresponding amount is
group of assets that generates cash inflows that are largely accordingly recognised directly in equity.
independent of the cash inflows from other assets or group
390
2 Property, Plant and Equipment

H in million
Site / Sales Furniture Capital
Freehold Freehold Leasehold Plant and Office Right to
Particulars Office and Computers and Vehicles Total Work in
Land Buildings Improvements Equipments Equipments Use
Sample Flat Fixtures Progress
Cost as at 01-April-21 6,759 1,549 3,986 75 3,922 371 378 345 60 - 17,445 63
Additions - - - - 361 20 82 20 26 - 509 -
Increase in Revaluation 37 - - - - - - - - - 37 -
Disposals / Adjustments - - - - (4) (0) (29) - - - (33) (63)
As at 31-March-22 6,796 1,549 3,986 75 4,279 391 431 365 86 - 17,958 -
Additions - - - - 633 111 126 11 18 123 1,022 -
Increase in Revaluation - - - - - - - - - - - -
As at 31-March-23 6,796 1,549 3,980 75 4,879 502 557 376 103 123 18,941 -
(B) Depreciation and
Impairment
As at 01-April-21 - 1,443 882 75 2,781 330 369 299 40 - 6,219 -
Depreciation charge for the year - 34 154 - 336 21 14 12 9 - 580 -
Disposals / Adjustments - - - - - - (28) - - - (28) -
As at 31-March-22 - 1,477 1,036 75 3,117 351 355 311 49 - 6,771 -
Depreciation charge for the year - 22 143 - 477 37 51 15 14 4 763 -
As at 31-March-23 - 1,499 1,175 75 3,576 388 406 326 63 4 7,512 -
As at 31-March-23 6,796 50 2,805 - 1,303 114 151 50 40 119 11,429 -
As at 31-March-22 6,796 72 2,950 - 1,162 40 76 54 37 - 11,187 -
Note:
1 The Group carries a parcel of land at revalued amount and surplus arising from the revaluation is recognised under the head ‘Revaluation Surplus’ through OCI. During the year, the
Company has obtained fair valuation report from registered valuer for such land. The carrying amount of the Land that would have been recognised had the asset being carried under
the cost model at 31-March-23 is H 694 million. (31-March-22: H 694 million)
H in million
As at As at
Particulars
2 Carrying amount of Buildings hypothecated with Banks against loans. 2,472 2,598
391

3 Investment Property
H in million
Particulars Land Building Total
Cost as at 01-April-21 1,032 2,226 3,258
Disposals/ Adjustments - (39) (39)
As at 31-March-22 1,032 2,187 3,219
Additions - - -
Disposals / Adjustments (1,032) - (1,032)
As at 31-March-23 - 2,187 2,187
(B) Depreciation and Impairment
As at 01-April-21 - 491 491
Disposals/ Adjustments - (6) (6)
As at 31-March-22 - 568 568
As at 31-March-23 - 648 648
As at 31-March-23 - 1,539 1,539
As at 31-March-22 1,032 1,619 2,651
(i) Income and expenditure of Investment Properties

H in million
Rental and Facilities Income 686 700
Less : Direct Operating expenses for properties that generate Rental and (66) (63)
Facilities Income
Profit from Investment properties before depreciation 620 637
Depreciation and Impairment 80 83
Profit from Investment Properties 540 554
(ii) Fair value measurement
The fair value of the properties is H 3,883 million and H 4,748 million as at March 31, 2023 and March 31, 2022 respectively.
These values are considered as per valuations performed by an independent valuer with experience of valuing investment
properties. The Fair value was arrived at considering various factors which includes prevaling market rates.
H in million
As at As at
Particulars
(iii) Carrying amount of Buildings hypothecated with Banks/ Others against 1,466 1,540
borrowings.
392

4 Intangible Assets
H in million
Other Intangible
Particulars Goodwill
Assets (Software)
Cost as at 01-April-21 18,538 207
Additions 3 1
As at 31-March-22 18,541 208
Additions - 5
Disposals / Adjustments (2,533) -
As at 31-March-23 16,009 213
(B) Amortisation and Impairment
As at 01-April-21 13,071 203
Amortisation charge for the year 82 3
As at 31-March-22 13,153 206
Impairment/ Amortisation charge for the year 82 3
Disposals / Adjustments (2,529) -
As at 31-March-23 10,706 209
(C) Net Book Value (A-B)
As at 31-March-23 5,303 4
As at 31-March-22 5,388 2
5 Investments accounted for using the Equity Method

H in million
As at As at
Particulars Face Value in J
The following entity has been included in the consolidated financial statements using
the equity method:
Numbers - 13,58,246
Amount 10 - 459
Palava Induslogic 4 Pvt. Ltd. #
Numbers 4,89,99,910 -
Amount 10 - -
Palava Induslogic 2 Pvt. Ltd. #
Numbers 2,98,435 2,98,435
Amount 10 - 3
Numbers - 50,01,000
Amount 10 - 49
Pvt. Ltd. #
Numbers 14,04,546 -
Amount 10 - -
Numbers 2,30,65,001 -
Amount 10 227 -
Lodha Developers UK Ltd.#
Numbers 6,120 6,120
Amount 1 GBP - -
393

5 Investments accounted for using the Equity Method (Cond.)

H in million
As at As at
Particulars Face Value in J
Lodha Developers 1GSQ Holding Ltd.#
Numbers 500 500
Amount 1 GBP - -
Lodha Developers International (Jersey) III Ltd.#
Numbers 500 500
Amount 1 GBP - -
Total Equity Accounted Investments 227 511
#
Investment value is Nil after considering fair value of retained interest and group’s share of losses in joint venture.
Summarised financial information of associate/ joint venture:

H in million
As at As at
Particulars
Current Assets 17,773 49,274
Non-Current Assets 8,536 3,873
Current Liabilities (3,679) (8,479)
Non-Current Liabilities (36,405) (52,112)
Equity (13,775) (7,444)
H in million
Revenue 27,669 37,636
Expenses 31,857 45,500
Loss before Tax (4,188) (7,864)
Tax Credit/ (Expense) 111 185
Loss for the year (4,077) (7,679)
Group's share of Profit/ (Loss) for the year* (52) 9
*Losses restricted to the extent of investment amount
6 Non-Current Investments
H in million
Face As at As at
Particulars
Value in J 31-March-23 31-March-22
(A) Unquoted Equity Shares, Fully paid up
at fair value through Profit and Loss
Shreeniwas Abode and House Ltd.
Numbers 58,056 58,056
Amount 1 0 0
Kidderpore Holdings Ltd.
Numbers 13,824 13,824
Amount 10 0 0
Total (A) 0 0
394


H in million
Face As at As at
Particulars
Value in J 31-March-23 31-March-22
(B) Preference Shares
Non Convertible Redeemable Preference Shares
Joint Venture, fully paid up at cost
Numbers 12,90,000 12,90,000
Amount 1 GBP 131 117
Optionally Convertible Preference Shares
Joint Venture, fully paid up at cost
Numbers 9,180 9,180
Amount 1 GBP 1 1
Non Cumulative Compulsory Convertible Preference
Shares,
fully paid up at fair value through profit and loss
Housr Technologies Pvt. Ltd.
Numbers 27 27
Amount 10 5 5
Compulsory Convertible Preference Shares, fully paid
up, at cost
Bellissimo Digital Infrastructure Development Management Pvt. Ltd.
Numbers 10 14,04,546 -
Amount 28 -
Total (B) 165 123
H in million
As at As at
Particulars
(C) Unquoted Non Convertible Redeemable Debentures,
Fully paid up at amortised cost
Joint Venture
Numbers 5,41,000 5,41,000
Amount 1 GBP 55 54
Numbers - 17,15,000
Amount 100 - 171
Others
Krisha Enterprises Pvt Ltd
Numbers 410 410
Amount 10,00,000 410 410
Total (C) 465 635
395


H in million
As at As at
Particulars
(D) Unquoted Optionally Convertible Debentures,

Fully paid up at Fair Value through Profit and Loss
Numbers 5,75,22,565 5,75,22,565
Amount 10 575 575
Total (D) 575 575
(E) Unquoted Compulsory Convertible Debentures,

Fully paid up at Fair Value through Profit and Loss
Numbers 5,52,55,217 -
Amount 100 434 -
Bellissimo In City FC Mumbai 1 Pvt. Ltd .

Numbers 2,48,10,000 -
Amount 10 248 -
Total (E) 682 -
Total Unquoted Investments (A+B+C+D+E) 1,887 1,333
Total Investments 1,887 1,333
Aggregate value of unquoted investments 1,887 1,333

Aggregate amount of impairment in value of investments - -
7 Non-Current Loans
(Unsecured considered good unless otherwise stated) H in million
As at As at
Particulars
Loans/ Intercorporate Deposits to:
Related Parties (Refer Note 49) 19,643 19,090
Less: Provision for Loans which have significant increase in credit risk (13,281) (65)
Loan to Employees 230 723
Total 6,592 19,748
396

8 Other Non-Current Financial Assets

As at As at
Particulars
Deposits - 0
Fixed Deposits with maturity of more than 12 months* 1,074 1,862
Total 1,074 1,862
*Lien against Bank Guarantee, Debt Service Reserve Account, Margin and Letter of Credit 1,067 874
9 Non - Current Tax Assets (net)

H in million
As at As at
Particulars
Advance Income Tax (Net of Provisions) 2,873 3,256
Total 2,873 3,256
10 Other Non-Current Assets

(Unsecured, considered good unless otherwise stated)
H in million
As at As at
Particulars
Deposits 254 -
Indirect Tax Receivables 438 479
Capital Advances 321 321
1,013 800
Less: Advances which have significant increase in credit risk (321) (321)
Total 692 479
11 Inventories
H in million
As at As at
Particulars
(at lower of cost and net realisable value)
Building Materials 1,044 1,138
Land and Property Development Work-in-Progress (Refer note 45) 2,45,057 2,30,442
Total 3,01,167 2,73,583
The carrying amount of Inventories charged as securities against borrowings. 98,926 1,87,606
397

12 Current Investments
H in million
Face As at As at
Particulars
Value J 31-March-23 31-March-22
Quoted Investments at Fair Value through Profit & Loss
(A) In Mutual Funds
Faering Capital India Evolving Fund
Numbers 77,772 77,772
Amount 1,000 232 231
L & T Liquid Fund - Growth*
Numbers 3 3
Amount 1,000 0 0
Nippon India Liquid Fund*
Numbers 3,048 1,44,040
Amount 10 17 750
Baroda Mutual Fund
Numbers - 49,988
Amount 10 - 1
Baroda Business Cycle Fund - Direct Growth
Numbers - 99,995
Amount - 1
Union Liquid Fund
Numbers - 48,775
Amount 10 - 100
L & T Short Term Bond Fund-Growth*
Numbers 5,55,524 1,03,40,500
Amount 10 11 224
Aditya Birla Sun Life Savings Fund*
Numbers 1,82,704 -
Amount 85 -
Baroda BNP Paribas Liquid fund
Numbers - 40,784
Amount 10 - 100
Aditya Birla Sun Life Liquid Fund*
Numbers - 26,23,949
Amount 10 - 900
Kotak Liquid Fund
Numbers - 3,25,449
Amount 10 - 1,400
L & T Debt Fund*
Numbers - 92,90,664
Amount 10 - 188
345 3,895
*Includes on account of Lien against Bank Guarantee, Debt Service Reserve Account, Margin and Letter of Credit
Quoted Investment at fair value through Profit and Loss
(B) In Equity Shares
Dhenu Buildcon Infra Ltd.
Numbers 3,02,088 3,02,088
Amount 10 1 1
1 1
Total Current Investments 346 3,896
Aggregate cost of quoted investments 187 3,687
Aggregate value of unquoted investments - -
Aggregate market value of quoted investments 346 3,896
398

13 Current Loans
As at As at
Particulars
Loans / Inter Corporate Deposits to Related Parties (Refer Note 49) - 8,516
Loan to others 4,875 3,477
Loan Receivable which have significant increase in credit risk 348 474
5,223 12,467
Less: Provision for Loan which have significant increase in credit risk (348) (474)
Total 4,875 11,993
14 Trade Receivables
H in million
As at As at
Particulars
Unsecured
Considered good 7,393 6,451
Receivables which have significant increase in credit risk 25 31
7,418 6,482
Less: Receivables which have significant increase in credit risk (25) (31)
Total 7,393 6,451
(i) Trade Receivables charged as securities against borrowings. 4268 5594

(ii) Trade Receivables are disclosed net of advances, as per agreed terms.
Trade Receivables Ageing Schedule
Undisputed Disputed
Undisputed Trade Disputed Trade
Trade Receivables Trade Receivables
Particulars receivables – which have Receivables – which have
– considered significant – considered significant
good increase in good increase in
credit risk credit risk
As at 31 March 2023
6 months - 1 year 1,220 - - -
1- 2 years 756 - - -
2 - 3 years 415 - - -
More than 3 years 1,819 - - 25
Total 7,393 - - 25
As at 31 March 2022
6 months - 1 year 702 - - -
1- 2 years 1,110 - - -
2 - 3 years 1,006 - - 0
More than 3 years 908 - - 31
Total 6,451 - - 31
399


H in million
As at As at
Particulars
Cash on Hand 3 6
Balances with Banks 13,105 4,764
Fixed Deposits with original maturity of less than 3 months - 1
Total 13,108 4,771
16 Bank Balances other than Cash and Cash Equivalents

H in million
As at As at
Particulars
Fixed Deposits with original maturity of less than 12 months* 5,134 7,686
Total 5,134 7,686
*Lien against Bank Guarantee, Debt Service Reserve Account, Margin and Letter of Credit 3,867 5,646
17 Other Current Financial Assets

H in million
As at As at
Particulars
Deposits 9,894 4,245
Interest Receivables (Refer Note 49) 156 2,324
Accrued Revenue (Refer Note 58) 5,037 10,573
Other Financial Assets 622 157
Total 15,709 17,299
18 Other Current Assets

(Unsecured, considered good unless otherwise stated)
H in million
As at As at
Particulars
Advances / Deposits to:
Suppliers / Contractors 2,137 4,106
Employees 47 50
Prepaid Expenses 4,485 4,634
Indirect Tax Receivables 2,566 2,609
Other Advances 530 550
Total 9,765 11,949
400

19 Equity Share Capital

H in million
As at As at
Particulars
(A) Authorised Share Capital
Equity Shares of L 10 each
Numbers
Balance at the beginning of the year 1,29,49,45,750 1,29,49,45,750
Balance at the end of the year 1,29,49,45,750 1,29,49,45,750
Amount
Preference Shares of L 10 each
Numbers
Amount
(B) Issued Equity Capital
Equity Shares of L 10 each issued, subscribed and fully paid up
Numbers
Increase during the year 2,82,512 8,56,28,362
Amount
Pursuant to the approval of the shareholders of the Company, during the Financial Year ended 31-March-18, the Company has alloted
282,770,000 fully paid up Equity Shares of face value H 10 each as bonus shares by utilising the security premium.
(C) Terms/ rights attached to equity shares
The Company has only one class of equity shares having par value of H 10 per share.
Each Shareholder is entitled for one vote per share. The shareholders have the right to receive interim dividends declared by the
Board of Directors and final dividend proposed by the Board of Directors and approved by the Shareholders.
In the event of liquidation, the shareholders will be entitled in proportion to the number of equity shares held by them to receive
remaining assets of the Company, after distribution of all preferential amounts.
H in million
As at As at
Particulars
(D) Shares held by holding company and / or their subsidiaries
Equity Shares
Numbers 13,66,63,977 13,66,83,320
Amount 1,367 1,367
401

19 Equity Share Capital (Contd..)

H in million
As at As at
Particulars
Numbers 11,54,72,762 12,85,80,480
Amount 1,155 1,286
c) Hightown Constructions Private Limited
Numbers 9,67,38,145 10,95,92,990
Amount 967 1,096
d) Homecraft Developers and Farms Private Limited
Numbers 1,24,32,410 2,10,21,010
Amount 124 210
Total
Numbers 36,13,07,294 39,58,77,800
Amount 3,613 3,959
H in million
As at As at
Particulars
(E) Details of shareholders holding more than 5% shares in the
Company
Equity Shares
Numbers 13,66,63,977 13,66,83,320
% of Holding 28.37% 28.39%
Numbers 11,54,72,762 12,85,80,480
% of Holding 23.97% 26.70%
c) Hightown Constructions Private Limited
Numbers 9,67,38,145 10,95,92,990
% of Holding 20.08% 22.76%
(F) Shares held by Promoters

H in million
Number of % of total % change during
Particulars
shares shares the year
As at 31-March-23
(c) Hightown Constructions Private Limited 9,67,38,145 20.08% -2.68%
(d) Homecraft Developers and Farms Private Limited 1,24,32,410 2.58% -1.79%
(a) Sambhavnath Infrabuild and Farms Pvt. Ltd. 13,66,83,320 28.39% 39.13%
(c) Hightown Constructions Private Limited 10,95,92,990 22.76% 22.76%
(d) Homecraft Developers and Farms Private Limited 2,10,21,010 4.37% 4.37%
(c) Rajendra Lodha 200 0.00% Nil
(G) ESOP Scheme 2021 (Refer note 61)
402

20 Securities Premium
H in million
As at As at
Particulars
Increase / (Decrease) during the year (Refer Note 68) 204 64,153
Less: Adjusted for Issue expenses (Refer Note 68) - 865
21 Retained Earnings
H in million
As at As at
Particulars
Increase during the year 5,457 16,468
22 Other Reserves
H in million
As at As at
Particulars
(i) Capital Redemption Reserve 4 4
(ii) Capital Reserve (718) (718)
(iii) Debenture Redemption Reserve - 620
(iv) Foreign Currency Translation Reserve (17) 110
(v) Revaluation Reserve 4,333 4,333
(vi) Share Based Payment Reserve 1,053 394
Total 4,655 4,743
(i) Capital Redemption Reserve
Increase / (Decrease) during the year - -
(ii) Capital Reserve
Balance at the beginning of the year (718) (1)
Increase / (Decrease) during the year - (717)
Balance at the end of the year (718) (718)
(iii) Debenture Redemption Reserve
Balance at the beginning of the year 620 5,830
Transfer during the year (620) (5,210)
Balance at the end of the year - 620
(iv) Foreign Currency Translation Reserve
Transfer during the year (127) (47)
Balance at the end of the year (17) 110
(v) Revaluation Reserve
Increase during the year (net of tax) - 29
403

22 Other Reserves (Contd..)

H in million
As at As at
Particulars
(vi) Share Based Payment Reserve
Balance at the beginning of the year 394 -
Transfer during the year (107) -
Balance at the end of the year 1,053 394
The nature and purpose of other reserves:
(i) Capital Redemption Reserve - Amount transferred from retained earnings on redemption of issued shares.
(ii) Capital Reserve - Amount of Share capital issued on merger.
(iii) Debenture Redemption Reserve (DRR)- Pursuant to the notification GSR 574(E) dated 16-August-19, in reference to amendment in
rule 18, sub rule 7 of the Companies (Share Capital and Debentures) Rules, 2014, the company has not transferred amount from
retained earnings to DRR, during the year ended as on 31-March-20 and onwards. Further, DRR has been retained on outstanding
Debentures, if any, issued upto 31-March-19 and balance has been transferred to Retained Earnings.
(iv) Foreign Currency Translation Reserve - Gains / losses arising on retranslating the net assets of overseas entities.
(v) Revaluation Reserve - Gains arising on the revaluation of certain class of Property, Plant and Equipment.
(vi) Share Based Payment Reserve - The fair value of the equity-settled share based payment transactions is recognised in Consolidated
Statement of Profit and Loss with corresponding credit to Share Based Payment Reserve Account.
23 Non-Current Borrowings
H in million
As at As at
Particulars
Secured
Non Convertible Debentures 1,676 6,053
Term Loans
From Banks 7,295 5,104
From Others 16,889 17,259
Senior Notes - 4,154
Unsecured
Redeemable Preference Shares* 95 -
Loans / Inter Corporate Deposit from Related Parties (Refer note 49) - 246
25,955 32,816
Less: Current Maturities of Non-Current Borrowings (Refer note 28) (3,387) (5,660)
Total 22,568 27,156
*Repayble between 42 to 60 months post approval of underlying project.
404

23 Non-Current Borrowings (Contd..)

Disclosure of details of security, terms of repayments and rate of interest of borrowings *:
H in million
As at As at
Particulars
1 Non Convertible Debentures 1,680 6,053
Secured by :
(i) Charge on certain land and building situated at Mumbai and Thane
Repayable at par
Repayment ending from December-2025 to June-2026
2 Term Loan from banks and others
Secured by : 24,276 22,432
(i) Charge on certain land and building situated at Mumbai and Thane.
(iii) Personal Guarantee of a Director.
(iv) Guarantee for H 965 million (31-March-22 : H 1,081 million) by relative of
a Director and by Holding Company
Repayment ending from August-2024 to February-2028
Rate of Interest range from 9.50% to 10.90% p.a.
3 Senior Notes - 4,154
Secured by :
(i) Charge on Escrow Account of Lodha Developers International Ltd.
(ii) The aggregate potential liability of the Parent Guarantor and Subsidiary
Guarantor under their Note Guarantees will be capped initially at an
amount equal to 125.00 % of the aggregate principal amount of the Notes,
being Nil (31-March-22; US$69 million)
Terms of Repayment : Loan repaid during the year
Effective Rate of Interest : Rate of Interest 14% p.a.
4 Related Parties - 246
Repayment made during the year
*Above note represents outstanding borrowings before adjusting loan issue cost and premium on debentures.
24 Non-Current Trade Payables

H in million
As at As at
Particulars
Due to Micro and Small Enterprises (Refer Note 62) 894 650
Due to Others 403 573
Total 1,297 1,223
the Group regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006
405

25 Other Non-Current Financial Liabilities

H in million
As at As at
Particulars
Deposits 383 245
Other Liabilities 836 1,284
Total 1,219 1,529
26 Non-Current Provisions
H in million
As at As at
Particulars
Gratuity 219 167
Total 223 169
27 Other Non-Current Liabilities

H in million
As at As at
Particulars
Deferred Lease Income - 933
Total - 933
28 Current Borrowings
H in million
As at As at
Particulars
Secured
Non Convertible Debentures 1,990 12,149
Term Loans
From Banks 25,040 27,253
From Others 30,929 38,968
Cash Credit / Overdraft Facility 6,572 4,181
Current Maturity of non-current borrowings 3,387 5,660
Total 67,918 88,211
Disclosure of details of security, terms of repayments and rate of interest of borrowings *:

H in million
As at As at
Particulars
A Non Convertible Debentures
Secured by : 2,000 12,171
(iii) Personal Guarantee of the Director
Repayment at the end of the term upto September-2025
406


H in million
As at As at
Particulars
B Term Loan from banks and others
1 Secured by : 19,859 24,372
(i) Charge on certain land and building situated at Thane.
(iv) Corporate Guarantee by Holding Company for H 873 million
(31-March-2022 : H 5,785 million).
(v) Corporate guarantee by DM partner H 1,460 million (31-March-22:
H Nil)
Rate of Interest range from 8.25 % to 11.85%
2 Secured by : 18,653 29,489
(i) Charge on certain land and building situated at Mumbai
(31-March-22 : H2,064 million)
(v) Corporate Guarantee given by Subsidiary Company for H4,673 million
(31-March-22 : HNil)
(vi) Corporate guarantee by land owner in case of a JDA project for H538
million (31-March-22 : H688 million)
3 Secured by : 2,800 -
(i) Charge on certain land of Pune
Repayment ending on September-2027
Effective Rate of Interest: Rate of Interest 9.85 %
4 Secured by : 14,678 12,693
(i) Charge on certain land of Palava
(iv) Corporate Guarantee by Company for H5,000 million (31-March-22:
H5,000 million)
Repayment ending from June-2023 to September-2026
Effective Rate of Interest : Rate of Interest range from 9.70% to 9.90%
5 Secured by :
(i) Charge on certain land and building situated at Bengaluru 424 -
(ii) Charge on Inventory and receivables.
(iii) Corporate Guarantee by the company
Terms of Repayment : Repayment ending on August-2025
Effective Rate of Interest : Rate of Interest 10.45 % p.a.
407


H in million
As at As at
Particulars
C Cash Credit/ Overdraft Facility
Secured by : 6,572 4,182
Repayable on demand
*Above note represents outstanding borrowings before adjusting loan issue cost and premium on debentures.
The Group does not have any charges or satisfaction which is yet to be registered with Registar of Companies as on Balance sheet
date, beyond the statutory period.
The Group has availed various borrowings from banks or financial institutions on the basis of security of current assets. Quarterly
returns or statements of current assets filed by the Group with the banks or financial institutions are in agreement with the books of
account.
29 Current Trade Payables

H in million
As at As at
Particulars
Due to Micro and Small Enterprises (Refer Note 62) 4,593 2,786
Total 19,665 13,864
the Group regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006
30 Other Current Financial Liabilities

H in million
As at As at
Particulars
Interest accrued but not due 175 545
Other Payables
Deposits 62 64
Employee Payables 1,140 882
Deferred Liability against Purchase of Land 18,164 16,271
Payable on Cancellation of Allotted Units 162 408
Other Liabilities (includes payable for development rights) 24,577 4,094
Total 44,280 22,264
408

31 Current Provisions
H in million
As at As at
Particulars
Gratuity 65 52
Total 79 55
32 Current Tax Liabilities

H in million
As at As at
Particulars
Provision for Income Tax (Net of Advance Tax) 367 19
Total 367 19
33 Other Current Liabilities

H in million
As at As at
Particulars
Advances received from Customers 73,512 74,312
Duties and Taxes 771 600
Accrued Liability and Society Payables 31,979 30,924
Total 1,06,262 1,05,836
34 Revenue from Operations

H in million
Income from Property Development (Refer Note 58) 88,081 83,290
Sale of Land / Development Rights 4,277 6,812
Sale of Building Materials 436 802
Income from Lease Rentals 554 565
Other Operating Revenue 1,356 863
Total 94,704 92,332
35 Other Income
H in million
Gains arising from fair valuation of financial instruments (73) 148
Gain on Sale of Investments 1,185 30
Gain on Sale of Investment Property - 80
Dividend on Current Investments - 53
Foreign Exchange (Loss) / Gain (net) (1,028) (539)
Gain/(Loss) on Sale of Property, Plant & Equipment 12 (2)
Interest Income 1,226 3,127
Miscellaneous Income (Net) 86 24
Total 1,408 2,921
409

36 Cost of Projects
H in million
Opening Stock
Land and Property Development Work-in-Progress 2,30,442 2,28,056
Add : Expenditure during the year
Land, Construction and Development Cost 59,560 26,023
Consumption of Building Materials 11,211 6,867
Purchase of Building Materials 359 786
Other Construction Expenses 2,516 2,009
Overheads Allocated 11,810 15,533
Add / (Less) :
Acquisition of Subsidiary 3,027 12
Transfers and Others (165) (99)
Less: Closing Stock
Land and Property Development Work-in-Progress (2,45,057) (2,30,442)
Finished Stock (55,066) (42,003)
Total 60,640 60,626
37 Employee Benefits Expense

H in million
Salaries and Wages 5,920 5,372
Contribution to Provident and Other Funds 189 140
Share Based Payment to Employees 766 395
Staff Welfare 75 51
6,950 5,958
Total 4,239 3,544
38 Finance Costs
H in million
Interest Expense on Borrowings and Others 13,284 19,348
Other Finance Costs 606 575
13,890 19,923
Total 4,791 6,803
410

39 Other Expenses
H in million
Rent 106 19
Rates and Taxes 352 234
Insurance 19 13
Electricity 157 16
Postage / Telephone / Internet 40 46
Printing and Stationery 19 11
Legal and Professional 990 437
Payment to Auditors as:
Audit Fees 28 28
Taxation matters 1 1
Other services* 9 9
Advertising Expenses 1,090 799
Brokerage and Commission 1,507 1,045
Business Promotion 386 373
Stamp Duty and Registration Charges 2,552 1,731
Travelling and Conveyance 198 107
Bank Charges 29 76
Donations/ CSR 366 102
Sundry Balances / Excess Provisions written back/off (net) (231) (167)
Repairs and Maintenance - Others 1,250 1,213
Provision for / (Write back of) Doubtful Receivables and Advances/ Deposits 54 -
Write off of loan** - 10,715
Less: Provision for loss allowances recognized in earlier years - (10,715)
Compensation 179 235
Miscellaneous Expenses 62 48
9,163 6,376
*Other Services does not include fees of H15 million for the year ended 31-March-2022 in respect of services towards IPO / QIP which have been adjusted against security
premium being share issue expenses.
** In respect of Loan given for UK business operations which had been provided in the previous year.
40 Tax Expense
a) The major components of Income Tax expense are as follows:

H in million
Profit or loss section ended ended
(i) I ncome tax expense recognised in the statement of profit and
loss:
Current Income Tax (expense) / benefit :
Current Income Tax (2,986) (345)
Adjustments in respect of current Income Tax of earlier years 145 231
Total (2,841) (114)
Deferred Tax (expense) / benefit :
Origination and reversal of temporary differences 4,271 (5,312)
MAT Credit Receivable (738) 150
411

40 Tax Expense (Contd..)

H in million
Profit or loss section ended ended
Adjustments in respect of deferred tax of earlier years (Including MAT Credit of (322) 196
earlier years)
Total 3,211 (4,966)
Income Tax (expense) / benefit reported in the Statement of Profit 370 (5,080)
and Loss
(ii) Income tax expenses recognised in OCI
Deferred Tax (expense) / benefit on remeasurements of defined benefit plans 15 (13)
Income Tax charged to OCI 15 (13)
b) Reconciliation of Tax Expense and the Accounting Profit multiplied by applicable tax rate:
H in million
Accounting Profit Before Tax 4,525 17,165
Income tax expenses calculated at corporate tax rate (1,581) (5,998)
Tax effect of adjustment to reconcile expected income tax expense
to reported:
Deductible expenses for Tax purposes:
Deduction under the Tax Laws/ Exempted Income 1,974 845
Other deductible expenses 328 -
Non-deductible expenses for Tax purposes:
Permanent disallowance of Expenses (52) (156)
Donation / CSR Expenses (41) (34)
Other non-deductible expenses (81) (157)
Adjustments in respect of Current Tax of earlier year 145 231
Adjustments in respect of Deferred Tax of earlier year (Including MAT Credit of (322) 188
earlier years)
Tax expense reported in the Statement of Profit and Loss 370 (5,080)
c) The major components of deferred tax (liabilities)/assets arising on account of temporary differences are
as follows:
H in million
Balance sheet
Deferred Tax relates to the following: As at As at
Accelerated depreciation and amortisation for tax purposes (1,168) (1,222)
Expenses allowable but not charged to Statement of Profit and Loss (2,910) (2,715)
Expenses disallowable but charged to Statement of Profit and Loss 1,513 153
Carried Forward Business Loss / Unabsorbed Depreciation 23 579
Deferred Tax on Revaluation of Land (1,247) (1,299)
Expected credit losses of Financial Assets 4,642 67
MAT credit 462 1,416
Share Issue Expenses - 301
Others 785 1,552
Net Deferred Tax Assets / (Liabilities) 2,100 (1,168)
412

40 Tax Expense (Contd..)

H in million
Profit and Loss
Particulars
ended ended
Accelerated depreciation and amortisation for tax purposes 54 (12)
Expenses allowable but not charged to Statement of Profit and Loss (195) 169
Expenses disallowable but charged to Statement of Profit and Loss 1,360 -
Carried Forward Business Loss / Unabsorbed Depreciation (556) (158)
Deferred Tax on Revaluation of Land 52 (9)
Effect of adoption of Ind AS115 - (936)
Expected credit losses of Financial Assets 4,575 (3,644)
MAT credit (Including for earlier years) (954) 354
Tax impact on OCD - (755)
Others (1,125) 25
Deferred Tax (Expense) / Income 3,211 (4,966)
d) Reconciliation of Deferred Tax Assets / (Liabilities) (net) :

H in million
Balance sheet
Particulars As at As at
Balance at the beginning of the year (1,168) 2,098
Tax income/(expense) during the year recognised in Statement of Profit and Loss 3,211 (4,966)
Tax income/(expense) during the year recognised in OCI 15 (14)
Tax impact on OCD and NCD - 1,344
Tax impact on Share Issue expenses - 389
Deferred Tax on brand / acquistion of subsidiary 42 (19)
Balance at the end of the year 2,100 (1,168)
e) Deferred Tax as per the Balance Sheet

H in million
As at As at
Particulars
Deferred Tax Assets (net) 2,432 743
Deferred Tax Liabilities (net) (332) (1,911)
Deferred Tax Assets/ (Liabilities) (net) 2,100 (1,168)
41 Significant Accounting Judgements, Estimates and Assumptions
(i) Useful Life of Property, Plant and Equipments, Intangible Assets and Investment Properties
The Group determines the estimated useful life of its property, plant and equipments , investment properties and intangible
assets for calculating depreciation/ amortisation. The estimate is determined after considering the expected usage of the assets
or physical wear and tear. The Group periodically reviews the estimated useful life and the depreciation/ amortisation method to
ensure that the method and period of depreciation/ amortisation are consistent with the expected pattern of economic benefits
from these assets.
413

(ii) Impairment of Non-Financial Assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher
of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data
from binding sales transactions conducted at arm’s length, for similar assets or observable market prices less incremental costs for
disposing of the asset. An assessment is carried to determine whether there is any indication of impairment in the carrying amount
of the Group's assets. If any such indication exists, the asset’s recoverable amount is estimated. An impairment loss is recognised
whenever the carrying amount of an asset exceeds its recoverable amount.
(iii) Income Taxes
Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision
for income taxes, including amount expected to be paid/recovered for uncertain tax positions.
(iv) Defined Benefit Plans (Gratuity and Leave Encashment Benefits)
The costs of providing pensions and other post-employment benefits are charged to the Consolidated Statement of Profit and Loss
in accordance with Ind AS 19 ‘Employee benefits’ over the period during which benefit is derived from the employees’ services.
The costs are assessed on the basis of assumptions selected by the management. These assumptions include salary escalation
rate, discount rates, expected rate of return on assets and mortality rates.
(v) Fair Value Measurement of Financial Instruments
When the fair values of financials assets and financial liabilities recorded in the Balance Sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques, including the discounted cash flow model,
which involve various judgements and assumptions.
(vi) Revaluation of Property, Plant and Equipment
The Group measures Land classified as property, plant and equipment at revalued amounts with changes in fair value being
recognised in Other Comprehensive Income (OCI) . The Group has engaged an independent valuer to assess the fair value
periodically. Land is valued by reference to market-based evidence, using comparable prices adjusted for specific market factors
such as nature, location and condition of the property.
(vii) Valuation of inventories
The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices
and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects
and selling cost.
414

42 Company Information
The Subsidiaries, Associates, Joint Venture and Limited Liability Partnership considered in the Consolidated
Financial Statement are :
a) Subsidiaries
H in million
Sr Principal Country of Percentage of Holding as on
Name of the Company
No activities Incorporation 31-March-23 31-March-22
1 Anantnath Constructions and Farms Pvt. Ltd.1 Real Estate India - 100.00%
2 Apollo Complex Pvt. Ltd. Real Estate India 100.00% 100.00%
3 Bellissimo Constructions and Developers Pvt. Real Estate India 100.00% 100.00%
Ltd.
4 Bellissimo Digital Infrastructure Development Real Estate India - 100.00%
Management Pvt. Ltd.2
5 Bellissimo Digital Infrastructure Investment Real Estate India - 100.00%
6 Bellissimo In City FC NCR1 Pvt. Ltd.3 Real Estate India 100.00% -
7 Bellissimo Estate Pvt. Ltd.1 Real Estate India - 100.00%
8 Brickmart Constructions And Developers Pvt. Real Estate India 100.00% 100.00%
Ltd.
9 Center for Urban Innovation Pvt. Ltd. Real Estate India 100.00% 100.00%
10 Cowtown Infotech Services Pvt. Ltd. Support India 100.00% 100.00%
service
activities
11 Cowtown Software Design Pvt. Ltd. Support India 100.00% 100.00%
service
activities
12 Digirealty Technologies Pvt. Ltd. Real Estate India 100.00% 100.00%
13 G Corp Homes Pvt. Ltd.4 Real Estate India 100.00% -
14 Homescapes Constructions Pvt. Ltd. Real Estate India 100.00% 100.00%
15 Kora Constructions Pvt. Ltd.1 Real Estate India - 100.00%
16 Lodha Developers International (Netherlands) Real Estate Netherlands 100.00% 100.00%
B. V.
17 Lodha Developers International Ltd. Marketing Mauritius 100.00% 100.00%
and Sales
activities
18 Lodha Developers U.S. Inc. Marketing United States 100.00% 100.00%
and Sales
activities
19 Luxuria Complex Pvt. Ltd.1 Real Estate India - 100.00%
20 MMR Social Housing Pvt. Ltd.1 Real Estate India - 100.00%
21 National Standard (India) Ltd. Real Estate India 73.94% 73.94%
22 Odeon Theatres and Properties Pvt. Ltd.1 Real Estate India - 100.00%
23 One Place Commercials Pvt. Ltd. Real Estate India 100.00% 100.00%
24 Palava City Management Pvt. Ltd. Facility India 100.00% 100.00%
Management
Services
25 Palava Induslogic 4 Pvt. Ltd.2 Real Estate India - 100.00%
26 Palava Industrial and Logistics Park Pvt. Ltd.1 Real Estate India - 100.00%
27 Palava Institute of Advanced Skill Training Pvt. Real Estate India 100.00% 100.00%
Ltd.
28 Primebuild Developers and Farms Pvt. Ltd. Real Estate India 100.00% 100.00%
415

42 Company Information (Contd..)

H in million
Sr Principal Country of Percentage of Holding as on
Name of the Company
No activities Incorporation 31-March-23 31-March-22
29 Renover Green Consultants Pvt. Ltd.1 Real Estate India - 100.00%
30 Roselabs Finance Ltd. Real Estate India 74.25% 74.25%
31 Sanathnagar Enterprises Ltd. Real Estate India 72.70% 72.70%
32 Simtools Pvt. Ltd. Real Estate India 49.85% 49.85%
33 Sitaldas Estate Pvt. Ltd.1 Real Estate India - 100.00%
34 Thane Commercial Tower A Management Pvt. Ltd. Real Estate India 100.00% 100.00%
35 Palava Induslogic 3 Pvt. Ltd. Real Estate India 100.00% -
36 Bellissimo Buildtech LLP Real Estate India 100.00% 100.00%
1 Merged with the Company w.e.f. effective date 30-April-22

2 Upto 27-May-22
3 Incorporated on 30-November-22
4 w.e.f 28-June-22
b) Associate/ Joint Venture
H in million
Sr Country of Percentage of Holding as on
Name of the Company Relationship
No Incorporation 31-March-23 31-March-22
1 Altamount Road Property Pvt. Ltd.1 Joint Venture India - 49.00%
2 Lodha Developers UK Ltd. Joint Venture United Kingdom 51.00% 51.00%
3 Grosvenor Street Apartments Ltd.# Joint Venture United Kingdom 51.00% 51.00%
4 Lodha Developers 1GSQ Holdings Ltd. # Joint Venture Jersey Island 53.45% 53.45%
5 Lodha Developers 1GSQ Ltd.# Joint Venture Jersey Island 53.45% 53.45%
6 Lodha Developers 48 CS Ltd.# Joint Venture Jersey Island 53.45% 53.45%
7 Lodha Developers Dorset Close Ltd.# Joint Venture Jersey Island 53.45% 53.45%
8 Lodha Developers International (Jersey) III Ltd.# Joint Venture Jersey Island 53.45% 53.45%
9 1GSQ Leaseco Ltd.# Joint Venture United Kingdom 51.00% 51.00%
10 Mayfair Square Apartments Ltd. #2 Joint Venture United Kingdom 45.90% -
11 Mayfair Square Residence Ltd. #2 Joint Venture United Kingdom 45.90% -
12 New Court Holdings Ltd.# Joint Venture United Kingdom 51.00% 51.00%
13 Palava Induslogic 2 Pvt. Ltd. Joint Venture India 100.00% 100.00%
14 Palava Induslogic 3 Pvt. Ltd. Joint Venture India - 100.00%
15 Palava Induslogic 4 Pvt. Ltd.3 Joint Venture India 33.33% -
16 Bellissimo Digital Infrastructure Development Joint Venture India 60.00% -
17 Bellissimo Digital Infrastructure Investment Joint Venture India 60.00% -
Management Pvt. Ltd. 3
18 Bellissimo In City FC Mumbai 1 Pvt. Ltd. 4 Joint Venture India 33.33% -
19 Lincoin Square Apartments Ltd.# Joint Venture United Kingdom 51.00% 51.00%
20 1GS Investments Ltd.# Joint Venture United Kingdom 53.45% 53.45%
21 1GS Residences Ltd.# Joint Venture United Kingdom 53.43% 53.43%
22 1GS Properties Investments Ltd. # Joint Venture United Kingdom 51.00% 51.00%
23 1GS Quarter Holding Ltd. # Joint Venture United Kingdom 53.45% 53.45%
1 Upto 13-September-22
2 w.e.f. 27-April-22
3 w.e.f. 10-May-22
4 w.e.f 30-November-22
#
Subsidiaries of Lodha Developers UK Ltd.
416

43 Commitments and Contingencies

a. Leases
Operating Lease Commitments — Company as Lessee (Refer Note 60)
Operating Lease Commitments — Company as Lessor
The Group has entered into cancellable and non-cancellable operating leases on its commercial premises. These leases have
terms of between 3 and 55 years. All leases include a clause to enable upward revision of the rental charge on an annual basis
according to prevailing market conditions.
Rent Income recognized by the group during the year:
H in million
Cancellable operating lease 117 102
Non-Cancellable operating lease 438 455
555 557
Future minimum rentals receivable under non-cancellable operating leases are, as follows:
H in million
Within one year 245 522
After one year but not more than five years 590 946
More than five years 351 511
1,186 1,979
b. Commitments
(i) Estimated amount of contracts remaining to be executed on capital account and not provided for:
H in million
Estimated amount of contracts remaining to be executed on capital account and 694 552
not provided for (net of advances). *
*Above amount includes share of Associate/ Joint ventures.
417

43 Commitments and Contingencies (Contd..)
(ii) The Group has entered into joint development agreements (JDA) with land owners for development of projects. Under these
agreements, the group is required to share built up area/ revenue/ surplus from such developments in exchange of development
rights as stipulated under the agreements.
c. Contingent Liabilities
Claims against the company not acknowledged as debts

H in million
(i) Disputed Demands of Customers/Vendor excluding amounts not ascertainable. 620 913
(ii) Corporate Guarantees Given* 102 297
(iii) Disputed Taxation Matters 1,052 2,302
(iv) Disputed Land related Legal cases 467 803
*Represents Outstanding amount of the Loan / Balances guaranteed.
(i) The Contingent Liabilities exclude undeterminable outcome of pending litigations.

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

H in million
a Land for which conveyance is pending. 1,598 3,290
b Land held in the name of Individuals on behalf of the Group 134 3,394
c Land already acquired for which Memorandum of Understanding / consent 418 605
letters are pending
2,150 7,289
46 The details of Donation given to political parties is as under:

H in million
Donations given 107 23
418

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

H in million
As at As at
Particulars
Changes in the present value of the defined benefit obligation are, as follows:
Defined benefit obligation at the beginning of the year 5 7
Opening Balance on account of acquisition of subsidiary 6 -
Interest cost 1 0
Transfer in / (out) obligation - 0
Experience adjustments 0 (3)
Benefits paid (1) -
Defined benefit obligation at the end of the year 18 5
(B) Gratuity Benefits
(i) Obligation
H in million
As at As at
Particulars
Interest cost 20 18
Transfer in/(out) obligation - 2
Experience adjustments 53 1
Benefits paid (47) (35)
(ii) Fund
H in million
As at As at
Particulars
Defined benefit plan at the beginning of the year (64) (60)
Current service cost 0 (0)
Interest cost (5) (4)
Transfer in/(out) obligation - -
Return on plan assets 1 0
Experience adjustments - (0)
Defined benefit plan at the end of the year (68) (64)
419


H in million
As at As at
Particulars
Total Gratuity Benefits (i+ii)
Interest cost 15 14
Transfer in/(out) obligation - 1
Return on plan assets 1 0
Experience adjustments 53 1
Benefits paid (47) (35)
The major category of plan assets relating to gratuity out of total plan assets are as follows:
H in million
As at As at
Particulars
Unquoted investments:
Policy of insurance (68) (64)
Total (68) (64)
(C) The principal assumptions used in determining gratuity and leave encashment obligations for the Group’s
plans are shown below:
Particulars
% %
Discount rate:
Gratuity 7.55% 7.25%
Leave Obligation 7.55% 7.25%
Future salary increases:
Gratuity 5.00% 5.00%
Leave Obligation 5.00% 5.00%
Mortality Rate : Indian Assured Lives Mortality (2012-14) Table
(D) Impact on defined benefit obligation

H in million
Sensitivity Level
Impact of 0.5% Increase of Discount Rate
Gratuity 337 269
Impact of 0.5% Decrease of Discount Rate
Gratuity 365 299
420


H in million
Sensitivity Level
Impact of 0.5% Increase of Future Salaries
Gratuity 364 294
Impact of 0.5% Decrease of Future Salaries
Gratuity 337 273
The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation
as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
(E) The following payments are expected contributions to the defined benefit plan in future years:
H in million
Within the next 12 months (next annual reporting period) 31 25
Total expected payments 244 194
The average duration of the defined benefit plan obligation w.r.t. gratuity at the end of the reporting period is 13.22 years
(31- March-22: 12.42 years).
48 Exceptional Items
The Group has given loans to Lodha Developers UK Limited (LD UK) and its subsidiaries from time to time for UK projects and has
accrued interest thereon. The current economic uncertainty in European countries alongside adverse geopolitical developments, high
inflation coupled with recessionary economic outlook etc. has led to reduction in expected realisable value of outstanding loans along
with accrued interest. Accordingly, a provision of H1,1774 million has been recognised as an “Exceptional Item” during the year
against the same.
49 Related Party Transactions
Information on Related Party Transactions as required by Ind AS 24 - 'Related Party Disclosures'
A. List of Related Parties:
(As identified by the management)
I Person having Control or Joint Control or Significant Influence

Abhishek Lodha
II Close family members of person having control* (with whom the Group had transactions)

Mangal Prabhat Lodha

Manjula Lodha

Vinti Lodha
*Pursuant to an arrangement
421

III Holding Company

Sambhavnath Infrabuild and Farms Pvt. Ltd.
IV Subsidiaries of Holding Company (with whom the Group had transactions)

1 Bellissimo Properties Development Pvt. Ltd.
2 Odeon Construction and Devlopment Pvt. Ltd.
V Others (Entities controlled by person having control, joint control or KMP, with whom the Group had transactions)
1 Sambhavnath Trust
2 Sitaben Shah Memorial Trust
3 Bellissimo Healthy Constructions and Developers Pvt. Ltd.
4 PLP Architecture International Ltd.
VI Associate
Kora Construction Pvt. Ltd. (Upto 22-November-21)
VII Joint Venture

1 Altamount Road Property Private Limited (upto 13-September-22)
2 Lodha Developers UK Ltd.
3 Grosvenor Street Apartments Ltd.*
4 Lodha Developers 1GSQ Holdings Ltd.*
5 Lodha Developers 1GSQ Ltd. *
6 Lodha Developers 48 CS Ltd. *
7 Lodha Developers Dorset Close Ltd. *
8 Lodha Developers International (Jersey) III Ltd. *
9 1GSQ Leaseco Ltd. *
10 New Court Developers Ltd. * (upto 14-October-21)
11 New Court Holdings Ltd. *
12 Lincoin Square Apartments Ltd. *
13 1GS Quarter Holding Ltd.* (w.e.f 23-November-21)

14 1GS Investments Ltd. *

15 1GS Residences Ltd. *
16 1GS Properties Investments Ltd. (Formerly Known as GS Pent House Ltd.) (w.e.f 23-September-20) *
17 Palava Induslogic 2 Pvt. Ltd. (w.e.f. 28-September-21)
18 Palava Induslogic 3 Pvt. Ltd. (w.e.f. 16-December-21)
19 Mayfair Square Appartment Ltd. (w.e.f. 27-April-22)
20 Mayfair Square Residence Ltd. (w.e.f. 27-April-22)
21 Bellissimo Digital Infrastructure Development Management Pvt. Ltd. (w.e.f. 10-May-22)
22 Bellissimo Digital Infrastructure Investment Management Pvt. Ltd. (w.e.f. 10-May-22)
23 Palava Induslogic 4 Pvt. Ltd. (w.e.f. 10-May-22)
24 Bellissimo In City FC Mumbai Pvt. Ltd. (w.e.f. 30-November-22)
*Subsidiaries of Lodha Developers UK Ltd.
422

VIII Key Management Person (KMP)
1 Abhishek Lodha (Managing Director and CEO)

2 Mukund M. Chitale (Independent Director and Chairman)
3 Rajendra Lodha (Whole Time Director)
4 Rajinder Pal Singh (Non Executive Director)
5 Ashwani Kumar (Independent Director)
6 Raunika Malhotra (Whole Time Director)
7 Sushil Kumar Modi (CFO)
8 Lee Anthony Polisano (Independent Director) (w.e.f. 30-July-21)
9 Rajeev Bakshi (Independent Director) (w.e.f. 29-June-22)
10 Harita Gupta (Independent Director) (w.e.f. 20-September-22)
IX Relative of KMP (with whom the Group had transactions)

1 Nitu Lodha
2 Sahil Lodha
X Directors of Holding Company

1 Ashish Gaggar (Upto 20-May-21)

2 Manoj Vaishya (w.e.f. 20-May-21)
3 Govind Agarwal
B. Balances Outstanding and Transactions during the year ended with related parties are as follows:
(i) Outstanding Balances

H in million
Sr. As at As at
No. 31-Mar-23 31-March-22
1 Investments Joint Ventures 1,699 1,429
2 Loans given Joint Ventures* 6,362 27,541
3 Trade Receivable Joint Venture - 403
Others 659 59
4 Other Financial Assets Joint Ventures 204 2,133
5 Loans taken Subsidiary of Holding Company - 246
6 Trade Payables KMP 15 -
7 Other Non - Current Liabilities Joint Ventures - 933
8 Other Financial Liabilities Person having control 0 -
Close family member of person 1 -
having control
KMP 22 -
9 Other Current Liabilities Person having control 302 245
Close family member of person 1,432 1,492
having control
Others 300 -
10 Guarantees taken Holding Company 8,231 12,770
Person having control 55,811 94,879
11 Guarantees given Joint Ventures 102 297
*Net of Provision H13,281 million (31-March-2022: H65 million)
423

(ii) Disclosure in respect of transactions with Related Parties:

H in million
Sr.
No.
1 Income from Property
Development
Sambhavnath Infrabuild and Holding Company 24 -
Farms Pvt Ltd
Sahil Lodha Relative of KMP - 378
2 Reversal of Income from
Property Development
Sahil Lodha Relative of KMP 378 -
Rajendra Lodha KMP 129 108
3 Income from Construction
Contracts
4 Sale of Land
Altamount Road Property Pvt Ltd. - 120 -
5 Interest Income
Lodha Developers UK Ltd. Joint Venture 36 68
Lodha Developers 1GSQ Ltd. Joint Venture 313 2,190
Sambhavnath Infrabuild and Holding Company - 283
Farms Pvt. Ltd.
6 Salary and Wages
Recovered *
Bellissimo Digital Infrastructure Joint Venture 139 -
Development Management Pvt.
Ltd.
7 Purchase of Construction
materials
Odeon Constructions and Subsidiary of Holding Company 91 -
Development Pvt. Ltd.
Sambhavnath Infrabuild and Holding Company 167 -
Farms Pvt. Ltd.
8 Remuneration paid
Mangal Prabhat Lodha Close family members of person 17 45
having control
Abhishek Lodha Person having control 49 48
Rajendra Lodha KMP 49 -
Rajinder Pal Singh KMP 9 9
Manjula Lodha Close family members of person - 7
having control
424


H in million
Sr.
No.
Vinti Lodha Relative of KMP 12 10
Ashish Gaggar (Upto 20-May-21) Directors of Holding Company - 2
Govind Agarwal* Directors of Holding Company 7 5
Manoj Vaishya (w.e.f. 20-May-21)* Directors of Holding Company 8 5
Sushil Kumar Modi* KMP 106 106
Raunika Malhotra* KMP 52 69
9 Commission and Sitting Fees
Mukund Chitale KMP 5 5
Rajeev Bakshi KMP 3 -
Ashwini Kumar KMP 4 4
Harita Gupta KMP 2 -
Lee Anthony Polisano KMP 4 4
11 Donation / Corporate Social
Responsibility
12 Loans / Advances given /
(returned) - Net
Altamount Road Property Pvt. Ltd. Joint Venture - (5)
Sambhavnath Infrabuild and Holding Company - (1,548)
Farms Pvt. Ltd.
Lodha Developers International Joint Venture 1,134 -
(Jersey) III Ltd.
Palava Induslogic 2 Pvt. Ltd. Joint Venture (48) 48
Palava Induslogic 3 Pvt. Ltd. Joint Venture - 632
Lodha Developers 1GSQ Ltd. Joint Venture (4,394) (17,908)
Lodha Developers UK Ltd. Joint Venture (6,553) 6,297
13 Loans / Advances taken /
(returned) - Net
Bellissimo Healthy Constructions Others - (832)
and Developers Pvt. Ltd.
Bellissimo Properties Development Subsidiary of Holding Company (246) (523)
Pvt. Ltd.
14 Advance Received /
(Returned)
15 Provision for Doubtful
Receivable
Lodha Developers International Joint Venture 6,626 -
(Jersey) III Ltd.
Lodha Developers 1GSQ Ltd. Joint Venture 2,788
Lodha Developers UK Ltd. Joint Venture 2,360 -
16 Redemption of Investments
Sambhavnath Infrabuild and Holding Company - 13,257
Farms Pvt. Ltd.
425


H in million
Sr.
No.
(Rent Income)
Development Management Pvt.
Ltd.
Bellissimo In City FC Mumbai Pvt Joint Venture 0 -
Ltd
19 Other Income (Commission)
Lodha Developers 1GSQ Ltd. Joint Venture 3 -
Lodha Developers 48CS Ltd. Joint Venture 1 -
20 Investments
Altamount Road Property Pvt. Ltd. Joint Venture - 24
Development Management Pvt. Ltd.
Bellissimo In City FC Mumbai Pvt Ltd Joint Venture 479 -
21 Sale of Investments
Sambhavnath Infrabuild and Holding Company - 643
Farms Pvt. Ltd.
Bellissimo Properties Development Subsidiary of Holding Company - 198
Pvt. Ltd.
22 Project Expenses
(Consultancy)
PLP Architecture International Ltd. KMP having substantial Interest 29 -
23 Guarantees taken
Sambhavnath Infrabuild and Holding Company - 5,000
Farms Pvt. Ltd.
Abhishek Lodha Person having control 28390 42,500
*Including ESOP amortization
iii) Terms and conditions of outstanding balances with Related Parties

a) Receivables from related parties
The trade receivables from related parties arise mainly from sale transactions and services rendered and are received
as per agreed terms. The receivables are unsecured in nature and interest is charged on over due recievables. No
provisions are held against receivables from related parties.

b) Payable to Related Parties
The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed
terms.
426


c) Loans to Related Parties
The loans to related parties are unsecured bearing effective interest rate.
50 Financial Instrument measured at Amortised Cost
The carrying amount of financial assets and financial liabilities measured at amortised cost in the consolidated financial statements are
a reasonable approximation of their fair values since the Group does not anticipate that the carrying amounts would be significantly
different from the values that would eventually be received or settled.
The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities.
H in million
Quoted
Fair Value Significant Significant
prices
Particulars through Amortised observable Unobservable
Total in active
Profit & Cost inputs inputs
markets
Loss (FVTPL) Level 2 Level 3
Level 1
As at 31-March-23
Financial Assets
Investment in Mutual Funds 345 - 345 345 - -
Investment in Preference Shares 5 159 164 - 5 -
Investment in Debentures 1,257 1,147 2,404 - - 1,257
Loans - 11,467 11,467 - - -
Bank Balances other than Cash - 5,134 5,134 - - -
and Cash Equivalents
1,608 55,191 56,799 346 5 1,257
Borrowings - 90,486 90,486 - - -
Lease Liability - 117 117 - - -
Trade Payables - 20,962 20,962 - - -
- 1,57,064 1,57,064 - - -
As at 31-March-22
Financial Assets
Investment in Mutual Funds 3,895 - 3,895 3,895 - -
Investment in Preference Shares 5 - 5 - 5 -
Investment in Debentures 575 752 1,327 - - 575
Loans - 31,741 31,741 - - -
Bank Balances other than Cash - 7,686 7,686 - - -
and Cash Equivalents
427

51 Fair Value Measurement (Contd..)

H in million
Quoted
Fair Value Significant Significant
prices
Particulars through Amortised observable Unobservable
Total in active
Profit & Cost inputs inputs
markets
Loss (FVTPL) Level 2 Level 3
Level 1
4,476 70,562 75,038 3,896 5 575
Borrowings - 1,15,367 1,15,367 - - -
Lease Liability - - - - - -
Trade Payables - 15,087 15,087 - - -
- 1,54,247 1,54,247 - - -
The following table presents the changes in level 3 items:

H in million
Particulars Debentures
As at 01-April-21 -
As at 31-March-22 575
As at 31-March-23 1,257
52 Financial Risk Management Objectives and Policies
The Group's principal financial liabilities comprise mainly of borrowings, lease liability, trade and other payables. The main purpose of
these financial liabilities is to finance the Group's operations. The Group's principal financial assets include loans and advances, trade
and other receivables, cash and cash equivalents and Other balances with Bank.
The Group is exposed through its operations to the following financial risks:
- Market risk
- Credit risk, and
- Liquidity risk.
The Group has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse
effects on the Group's financial performance. There have been no substantive changes in the Group's exposure to financial instrument
risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless
otherwise stated herein.
(a) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected
by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.
428

52 Financial Risk Management Objectives and Policies (Contd..)

(i) Interest Rate Risk
The Group is exposed to cash flow interest rate risk mainly from long-term borrowings at variable rate. Currently the Group
has external borrowings (excluding short-term overdraft facilities) which are fixed and floating rate borrowings. The Group
achieves the optimum interest rate profile by refinancing when the interest rates go down. However this does not protect
Group entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash flow risk associated with
variability in interest payments. The Group believes that it achieves an appropriate balance of exposure to these risks.
The Company’s interest-bearing financial instruments are reported as below:

H in million
As at 31-Mar-23 As at 31-Mar-22
Particulars Fixed Rate Variable Rate Fixed Rate Variable Rate
Instruments Instruments Instruments Instruments
Financial Assets 14,450 251 38,756 732
Financial Liabilities 95 90,391 7,749 1,07,618
Fair value sensitivity analysis for fixed rate instruments
The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore,
a change in interest rates at the reporting date would not affect profit or loss.
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 100 basis points in interest rate would have resulted in variation in the interest expense for
the Company by the amounts indicated in the table below.
H in million
Impact on retained earnings/ Equity
ended Mar-23 ended Mar-22
Impact of increase in interest rate by 100 basis point 904 1,076
Impact of decrease in interest rate by 100 basis point (904) (1,076)
The Group capitalises interest to the cost of inventory to the extent permissible, hence, the amount indicated above may have
an impact on reported profits over the life cycle of projects to which such interest is capitalised. This calculation also assumes
that the change occurs at the balance sheet date and is calculated based on risk exposures outstanding as at that date. The
year end balances are not necessarily representative of the average debt outstanding during the period.
ii) Foreign Currency Risk
Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes
in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are denominated in
currencies other than Indian Rupee.
The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities
including investment in overseas projects.
As a result operations of the Company are adversely affected as rupee appreciates/ depreciates against respective currency.
H in million
As at March 31-2023 As at March 31-2022
Particulars Other Other
GBP USD Total GBP USD Total
Currency Currency
Loan 7,773 - - 7,773 25,930 85 - 26,015
Trade Payable (6) (258) (44) (308) (2) (173) (72) (246)
Net Asset/ (Liability) 7,767 (258) (44) 7,465 25,928 (88) (72) 25,769
429


Sensitivity Analysis
The sensitivity of profit or loss to change in the reasonably possible strengthening (weakening) of the Indian Rupee against
GBP/ US dollars as mentioned below:
H in million
Impact on retained earnings/ Equity Mar-23 Mar-22
GBP USD GBP Total
Impact of 10% increase in exchange rate 777 (26) 2,593 (9)
Impact of 10% decrease in exchange rate (777) (26) (2,593) (9)
b) Credit Risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of
the Group’s customer base, including the default risk of the industry and country, in which customers operate, has less influence
on the credit risk.
The Group has entered into contracts for the sale of residential and commercial units on an installment basis. The installments
are specified in the contracts. The Group is exposed to credit risk in respect of installments due. However, the possession of
residential and commercial units is handed over to the buyer only after all the installments are recovered. In addition, installment
dues are monitored on an ongoing basis with the result that the Group’s exposure to credit risk is not significant. The Group
evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions
of trade receivables as at the year end.
Credit risk from balances with banks and financial institutions is managed by Group's treasury in accordance with the Group’s
policy. The Group limits its exposure to credit risk by only placing balances with local banks and international banks of good
repute. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.
c) Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in raising funds to meet commitments associated with financial
instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial
asset quickly at close to its fair value. The Group has an established liquidity risk management framework for managing its short
term, medium term and long term funding and liquidity management requirements. The Group’s exposure to liquidity risk arises
primarily from mismatches of the maturities of financial assets and liabilities. The Group manages the liquidity risk by maintaining
adequate funds in cash and cash equivalents.
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments.
H in million
More than 5
Particulars Less than 1 year 1 to 5 years Total
years
As at 31-March-23
Borrowings * 15,966 75,114 - 91,080
Lease Liability 20 72 103 195
Trade Payables 19,665 1,297 - 20,962
48,435 1,08,773 103 1,57,311
430


H in million
More than 5
Particulars Less than 1 year 1 to 5 years Total
years
As at 31-March-22
Borrowings * 21,661 86,693 7,480 1,15,834
Lease Liability - - - -
Trade Payables 13,864 1,223 - 15,087
55,127 92,107 7,480 1,54,714
*Borrowings are stated before adjusting loan issue cost and premium on debentures
53 Capital Management
For the purpose of the Group’s capital management, capital includes issued equity share capital and other equity reserves attributable
to the owners of the Group. The primary objective of the Group’s capital management is to maximise the shareholder value.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of
the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares. The Group monitors capital using a gearing ratio, which is net debt divided by total capital
plus net debt. The Group includes within net debt, interest bearing loans and borrowings less cash and cash equivalents and bank
balances other than cash and cash equivalents.
H in million
Borrowings 90,486 1,15,367
Less: Cash and Cash Equivalents (13,108) (4,771)
Less: Bank balances other than cash and cash equivalents (5,134) (7,686)
Net debt 72,244 1,02,910
Equity Share Capital 4,818 4,815
Other Equity
Others Reserves (excluding revaluation reserve) 1,17,475 1,11,902
Total Capital 1,22,294 1,16,718
Capital and net debt 1,94,537 2,19,627
Gearing ratio 37.14% 46.86%
In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets financial
covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
431

54 Unhedged Foreign Currency Exposure

H in million
Foreign Foreign
Particulars Currency
J in million Currency in J in million Currency in
million million
ASSETS
Advances to Suppliers / Contractors / Expenses USD 52 1 3 0
Euro 4 0 1 0
AED 88 4 78 4
GBP 3 0 4 0
SGD 1 0 - 1
CAD - - - 0
ZAR - 0 - 0
CNY 7 1 7 1
RMB 1 0 1 0
Investments GBP 187 2 171 2
Loans Given GBP 7,773 76 25,930 262
USD - - 85 0
TOTAL ASSETS 8,116 26,280
H in million
Foreign Foreign
Particulars Currency
J in million Currency in J in million Currency in
million million
LIABILITIES
Trade Payables USD 258 3 173 2
Euro 22 0 66 1
AED 4 0 4 0
GBP 6 0 2 0
SGD 17 0 1 0
RMB 1 0 1 0
THB 0 0 0 0
TOTAL LIABILITIES 308 246
The Group has not entered into any derivative contract during the aforesaid years.
55 Pursuant to the Taxation Laws (Amendment) Act, 2019, with effect from 01-April-19 domestic companies in India have the option
to pay corporate income tax at a rate of 22% plus applicable surcharge and cess ('New Tax Rate') subject to certain conditions. The
Company and some of its domestic subsidiary companies are in the process of evaluating as to when and whether they should apply
impact of New Tax Rate in books of account. Meanwhile, the Company and some of the subsidiaries continued to compute tax as per
old tax rate for the financial year 2019-20 and onwards.
56 Pursuant to the Order of the Collector of Stamps levying stamp duty and penalty in respect of Agreement to Lease entered in to
with Mumbai Metropolitan Regional Development Authority (MMRDA) for Wadala Truck Terminal plot and the Order of the Hon’ble
Bombay High Court, the Company had deposited H 2,025 million with the Office of the Collector of Stamps. The Order of Chief
Controlling Revenue Authority (CCRA) in appeal upholding the Order of Collector of Stamps levying penalty of H 2,713 million has
been stayed by the Hon’ble Bombay High Court through an order dated 8-December-17.
432

57 Goodwill on consolidation is tested for impairment annually or if there are indications that it might be impaired. The Group uses
cash flow projections based on the recent financial forecast approved by the management for the purpose of impairment testing.
58 Disclosure under Ind AS 115 -Revenue from Contracts with Customers
Disclosures with respect to Ind AS 115 are as follows:
(a) Contract Assets and Contract Liabilities

H in million
As at As at
Particulars
Trade receivables (Refer Note 14) 7,393 6,451
Contract Assets - Accrued revenue (Refer Note 17) 5,037 10,573
Contract Liabilities - Advance from customers (Refer Note 33) 73,512 74,312
(b) Movement of Contract Liabilities

H in million
As at As at
Particulars
Amounts included in contract liabilities at the beginning of the year 74,312 81,795
Amount received during the year 87,281 75,807
Performance obligations satisfied in current year # (88,081) (83,290)
Amounts included in contract liabilities at the end of the year 73,512 74,312
#
Includes as on 31-March-23 H 48,665 million (31-March-22: H 34,460 million) recognised out of opening contract liabilities.
(c) Closing balances of assets recognised from costs incurred to obtain a contract with a customer.
H in million
As at As at
Particulars
Closing balances of assets recognised 4,474 4,634
Amortisation recognised during the year 4,059 2,776
(d) The transaction price of the remaining performance obligations as at 31-March-23 is H 1,35,206 million (31-March-22:
H1,27,901 million). The same is expected to be recognised within 1 to 4 years.
59 Basic and Diluted Earnings Per Share

H in million
Basic earnings per share:
a) Profit for the year (H in million) 4,867 12,024
b) Weighted average no. of Equity Shares outstanding during the year 48,16,59,102 45,75,20,100
c) Face Value per Equity Share (H) 10 10
d) Basic earnings per share (H) 10.10 26.28
Diluted earnings per share:
a) Profit for the year (H in million) 4,867 12,024
b) Weighted average no. of Equity Shares outstanding during the year 48,22,76,708 45,80,85,510
c) Diluted earnings per share (H) 10.09 26.25
433

60 Leases
a The following is carrying value of right of use assets (Building) :

H in million
As at As at
Particulars
Opening Balance - -
Additions during the previous year 123 -
Deletion during the previous year - -
Depreciation of Right of use assets 4 -
Closing Balance 119 -
b The following is the carrying value of lease liability :

H in million
As at As at
Particulars
Opening Balance - -
Additions during the year 117 -
Finance cost accrued during the year 5 -
Payment of lease liabilities during the year (5) -
Closing Balance 117 -
Current portion of Lease Liability 17 -
Non-current portion of Lease Liability 100 -
Total 117 -
The maturity analysis of lease liabilities are disclosed in Note No. 52

The following are the amounts recognized in statement of profit and loss
H in million
Depreciation 4 -
Interest expense on lease liabilities 5 -
Total amount recognised in profit and loss 9 -
c Amount recognized in profit and loss as expenses in respect of Cancellable / Short term lease is J106
million (31-March-22 : J19 million)
61 Share Based Payments
ESOP Scheme 2021 was originally approved as “Lodha Developers Limited - Employee Stock Option Plan 2018” for issue of options
to eligible employees (as defined therein) pursuant to the resolution passed by the Board of Directors on February 16, 2018 and
by Shareholders on March 20, 2018. The scheme was amended, and the nomenclature of the scheme was updated to “Macrotech
Developers Limited - Employee Stock Option Plan 2021” (“ESOP Scheme 2021”) pursuant to the resolution passed by the Board
and Shareholders on February 13, 2021. The Board has decided on June 22, 2021, not to grant any further options under the ESOP
Scheme 2021.
Further, Pursuant to the resolution passed by Board on June 22, 2021and approved by shareholders on September 03, 2021, the
Company had also instituted the ESOP Scheme 2021 – II. The Company has formulated two Plans under the Scheme vis Plan-1 and
Plan-2.
434

61 Share Based Payments (Contd..)
1. Details of number of options outstanding have been tabulated below:

H in Million
Number of options
Date of outstanding Exercise
Plan Vesting Period Exercise Period
grant As at As at Price
ESOP Scheme 2021 10-Apr-21 8,70,200 10,90,000 Tranche-1: 1 year for 5 years from Date of 388.80
40%, Vesting
Tranche-2: 2 years for
30% and
Tranche-3: 3 years
for 30%
from date of Grant
ESOP Scheme 2021 – II 19-Oct-21 17,57,300 18,17,089 3 years from date of 3 years from Date of 684.87
(Plan-1) Grant Vesting
ESOP Scheme 2021 – II 19-Oct-21 19,157 87,606 1 year from date of 2 years from Date of 10.00
ESOP Scheme 2021 – II 03-Jun-22 2,38,899 - 1 year from date of 2 years from Date of 10.00
ESOP Scheme 2021 – II 03-Jun-22 2,83,361 - 3 year from date of 3 years from Date of 719.19
ESOP Scheme 2021 – II 27-Oct-22 1,09,534 - 3 year from date of 3 years from Date of 734.64
2. Movement of options granted

H in Million
Particulars Weighted Weighted
Number of Number of
Average exercise Average exercise
Options Options
price per share price per share
Opening Balance 557 29,94,695 - -
Add: Granted 458 6,53,505 556 31,06,738
Less: Forfeited/ Lapsed 615 87,237 532 1,12,043
Less: Exercised (305) 2,82,512 - -
Closing Balance 558 32,78,451 557 29,94,695
Weighted average remaining contractual life of the share option outstanding at the end of year is 4.52 years (Previous Year:
5.60 years).
Weighted average fair value of options granted during the year is H 621.08 (31-March-22: H 528.57).
435

61 Share Based Payments (Contd..)
3. The value of the underlying shares has been determined by an independent valuer. The following
assumptions were used for calculation of fair value of grants in accordance with Black Scholes model:
H in Million
For the year ended
For the year ended 31-March-22
31-March-23
Particulars
ESOP Scheme 2021 ESOP Scheme 2021 ESOP Scheme 2021 - II
Plan-1 Plan-2 Plan-1 Tranche 1 Tranche 2 Tranche 3 Plan-1 Plan-2
Risk-free interest rate 7% 7% 7% 6% 6% 6% 6% 6%
(%)
Expected life of 4.5 2.0 4.5 3.5 4.5 5.5 4.5 2.0
options (years)
[(year to vesting) +
(contractual option
term)/2]
Expected volatility (%) 45.95% 46.42% 45.96% 46.21% 44.96% 43.66% 45.47% 51.11%
Dividend yield - - - - - - - -
The risk free rates are determined based on the average of high and low of the last 12 months of the 10-Year government
securities yield in effect at the time of the grant. Expected volatility of the option is based on historical volatility, during a period
equivalent to the option life, of the observed market prices of the Industry’s publicly traded equity shares. Volatility calculation
is based on historical stock prices using standard deviation of daily change in stock price of the Industry’s publicly traded equity
shares. The historical period is taken into account to match the expected life of the option. Dividend yield has been calculated
taking into account recent dividend activity.
4. The expense arising from ESOP Schemes during the year is J 766 million (31-March-22: J 395 million)
62 Trade Payables
(a) Details of dues to Micro Enteprises and Small Enterprises :

H in Million
As at As at
Particulars
Amount unpaid as at year end - Principal 5,487 3,436
Amount unpaid as at year end - Interest Nil Nil
The amount of interest paid by the buyer in terms of section 16, of the Micro Nil Nil
Small and Medium Enterprise Development Act, 2006 (the 'Act')along with the
amounts of the payment made to the supplier beyond the appointed day during
each accounting year.
The amount of interest due and payable for the year of delay in making payment Nil Nil
(which have been paid but beyond the appointed day during the year) but
without adding the interest specified under Act.
The amount of interest accrued and remaining unpaid at the end of each Nil Nil
accounting year.
The amount of further interest remaining due and payable even in the Nil Nil
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 Act.
436

62 Trade Payables (Contd..)
(b) Trade Payables Ageing Schedule

H in Million
Disputed dues Disputed dues
Plan MSME Others
– MSME – Others
As at 31 March 2023
Unbilled - 610 - -
Not due 1,019 920 - -
Less than 1 year 2,827 6,036 - -
1 - 2 years 317 5,098 - -
2 - 3 years 345 1,047 - -
Total 5,487 15,475 - -
As at 31 March 2022
Unbilled 96 422 - -
Not due 224 613 - -
Less than 1 year 1,133 5,613 - -
1 - 2 years 548 1,487 - -
2 - 3 years 446 1,036 - -
Total 3,436 11,651 - -
63 Segment information
For management purposes, the Group is into one reportable segment i.e. Real Estate development.
The Managing Director is the Chief Operating Decision Maker of the Group who monitors the operating results of the Group for the
purpose of making decisions about resource allocation and performance assessment. The Group's performance as single segment is
evaluated and measured consistently with profit or loss in the Consolidated financial statements.
64 Details of Corporate Social Responsibility Expenditure (CSR)

H in Million
Gross Amount required to be spent for CSR Activity 135 50
Amount Spent during the year (Refer note 49) 223 60
*The amount spent during the year has been incurred for the purposes other than construction / acquisition of any asset and does not carry any provision.
During the year, the Group has an excess spent of H89 million (31-March-22 : H9 million). Thus an amount of H99 million (31-March-22
: H10 million) is available for setoff in succeeding years.
65 The Board of Directors has recommended a Bonus Issue of Equity Shares in the ratio of 1 (One) fully paid-up Equity Share of H10
each for every 1 (One) existing fully paid-up Equity Share of H10 each held by the shareholders of the Company (as on the record date
to be decided by the Company), subject to the approval of shareholders through Postal Ballot.
66 The Board of Directors has recommended final dividend of H2.00 i.e. 20% per fully paid up pre bonus equity share of H10/- each
(to be adjusted proportionately for bonus issue) for the financial year ended 31-March-2023. This payment of dividend is subject to
approval of members of the Company at ensuing Annual General Meeting of the Company.
437

67 Other Information
(i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group for
holding any Benami property.
(ii) The Group does not have any transactions with companies struck off.
(iii) The Group has not traded or invested in Crypto currency or Virtual Currency during the year.
(iv) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the group
(Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(v) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Group shall:
Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vi) The Group does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961.
68 (i) Recent Development
The Ministry of Corporate Affairs (MCA) has notified, Companies (Indian Accounting Standard) Amendment Rules, 2023 on
31-March-2023 to amend certain Ind AS’s which are effective from 01-April-2023. Summary of such amendments are given
below:
(a) Amendment to Ind AS 1 Presentation of financial statements - Disclosure of Accounting Policies:
The amendment replaces the requirement to disclose ‘significant accounting policies’ with ‘material accounting policy
information’. The amendments also provide guidance under what circumstance, the accounting policy information is
likely to be considered material and therefore requiring disclosure. The Company is currently revisiting their accounting
policy information disclosures to ensure consistency with the amended requirements.
(b) Amendments to Ind AS 8 Accounting policies, changes in accounting estimates and errors:
Definition of Accounting Estimates: The amendment added the definition of accounting estimates, clarifies that the
effects of a change in an input or measurement technique are changes in accounting estimates, unless resulting from
the correction of prior period errors. These amendments clarify how entities make the distinction between changes
in accounting estimate, changes in accounting policy and prior period errors. The distinction is important, because
changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in
accounting policies are generally applied retrospectively to past transactions and other past events as well as the current
period. The amendments are not expected to have a material impact on the Group financial statements.
438

(c) Amendments to Ind AS 12 Income taxes - Deferred Tax related to Assets and Liabilities arising from a Single
Transaction:
The amendment to Ind AS 12, requires to recognise deferred tax on transactions that, on initial recognition, give rise to
equal amounts of taxable and deductible temporary differences. They will typically apply to transactions such as leases of
lessees and decommissioning obligations and will require the recognition of additional deferred tax assets and liabilities.
The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative
period presented. In addition, entities should recognise deferred tax assets (to the extent that it is probable that they can
be utilised) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable
temporary differences associated with (i) right-of-use assets and lease liabilities, and (ii) decommissioning, restoration
and similar liabilities, and the corresponding amounts recognised as part of the cost of the related assets.
The cumulative effect of recognising these adjustments is recognised in retained earnings, or another component of
equity, as appropriate.
The Company is currently assessing the impact of the amendments.
(d) The other amendments to Ind AS notified by these rules are primarily in the nature of clarifications.
(ii) Subsequent Events
There are no subsequent events which require disclosure or adjustment to the Consolidated Financial Statements.
69 IPO and QIP Issue
During the year, the Company achieved Minimum Public Shareholding of 25% on 12-December-2022 (ahead of the 3 year period
ending 18-April-2024, stipulated under the Securities Contracts (Regulation) Rules, 1957), consequent to an offer for sale of
3,45,70,506 equity shares of the Company to Qualified Institutional Buyers by certain promoters and members of the promoter group
of the Company.
During the previous year, the Company raised money through Initial Public Offer (IPO) by way of issue of its equity shares comprising
a fresh issue of 5,14,40,328 equity shares having a face value of H10 each at premium of H 476 per share aggregating H 25,000
million. Pursuant to the IPO, the equity shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited
with effect from 19-April-21. IPO expenses of H 723 million less income tax thereon H 225 million, net H499 million net of taxes had
been adjusted against Securities Premium in accordance with Indian Accounting Standard 32 - Financial Instruments: Presentation.
During the year, the Company had allotted 34,188,034 equity shares having a face value of H10 each at premium of H1,160 per share
through Qualified Institutional Placement (QIP) aggregating H40,000 million. QIP Expenses of H530 million less income tax thereon
H165 million, net H366 million net of taxes had been adjusted against Securities Premium in accordance with Indian Accounting
Standard 32 - Financial Instruments: Presentation.
70 Additional Information, as required under Schedule III to the Companies Act, 2013, of enterprises
consolidated as Subsidiary / Associates/ Joint Venture for the year ended 31-March-23:
H in Million
Net Assets (Total Assets Other Comprehensive Total Comprehensive
Share in Profit and Loss
minus Total Liabilities) Income (OCI) Income (TCI)
Sr. As % of Profit
Plan As % of Net Assets As % of OCI As % of TCI
No Consolidated and Loss
Consolidated (J in Consolidated (J in Consolidated (J in
Profit and (J in
Net Assets million) OCI million) TCI million)
Loss million)
Parent
1 Macrotech 98.80% 1,25,690 62.39% 3,054 18.07% (28) 63.85% 3,026
Developers Ltd.
439

consolidated as Subsidiary / Associates/ Joint Venture for the year ended 31-March-23: (Contd..)
H in Million
Sr. As % of Profit
Profit and (J in
Loss million)
Subsidiaries
Indian
2 G Corp Homes Pvt. 0.13% 167 -0.98% (48) (0.00) 0 -1.01% (48)
Ltd.
3 Bellissimo In City 0.00% 0 0.00% (0) - - 0.00% (0)
FC NCR 1 Pvt. Ltd.
4 Apollo Complex 0.00% (0) 0.00% (0) - - 0.00% (0)
Pvt. Ltd.
5 Cowtown Infotech 0.53% 669 1.44% 70 0.00 (0) 1.48% 70
Services Pvt. Ltd.
6 One Place 1.05% 1,336 9.13% 447 - - 9.44% 447
Commercials Pvt.
Ltd.
7 Bellissimo 0.03% 42 1.65% 81 - - 1.70% 81
Constructions and
8 Bellissimo Buildtech 0.00% - 0.00% - - - 0.00% -
LLP
9 Cowtown Software 0.04% 53 0.10% 5 0.19% (0) 0.10% 5
Design Pvt. Ltd.
10 National Standard 1.92% 2,444 1.68% 82 - - 1.74% 82
(India) Ltd.
11 Palava City 0.02% 24 0.05% 3 - - 0.05% 3
Management Pvt.
Ltd.
12 Palava Induslogic 3 0.04% 49 0.00% (0) - - 0.00% (0)
Pvt. Ltd
13 Roselabs Finance -0.03% (43) 0.41% 20 - - 0.43% 20
Ltd.
14 Sanathnagar -0.09% (120) -0.06% (3) - - -0.06% (3)
Enterprises Ltd.
15 Digirealty -0.01% (8) -0.87% (42) - - -0.89% (42)
Technologies Pvt.
Ltd.
16 Simtools Pvt. Ltd. 0.01% 15 0.09% 4 - - 0.09% 4
17 Center for Urban 0.00% (0) 0.00% (0) - - 0.00% (0)
Innovation Pvt. Ltd.
18 Palava Institute 0.00% (0) 0.00% (0) - - 0.00% (0)
of Advanced Skill
Training Pvt. Ltd.
19 Brickmart 0.00% 0 0.49% 24 - - 0.50% 24
Constructions And
20 Homescapes -0.01% (8) -0.10% (5) - - -0.10% (5)
Constructions Pvt.
Ltd.
21 Thane Commercial 0.00% 0 0.00% (0) - - 0.00% (0)
Tower A
Management
Private Limited
440

H in Million
Sr. As % of Profit
Profit and (J in
Loss million)
22 Primebuild 0.00% (2) 11.74% 575 - - 12.13% 575
Developers And
Farms Pvt. Ltd.
Foreign
23 Lodha Developers 0.00% 0 0.29% 14 - - 0.30% 14
U.S., Inc.
24 Lodha Developers -1.44% (1,834) -5.60% (274) - - -5.78% (274)
International Ltd.
25 Lodha Developers 0.31% 399 0.09% 4 - - 0.09% 4
International
(Netherlands) B. V.
Associate / Joint
Venture
26 Lodha Developers 0.00% - 0.00% - - - 0.00% -
1GSQ Ltd.
48CS Ltd.
Dorset Close Ltd.
1GSQ Holdings
Ltd.
30 Grosvenor Street 0.00% - 0.00% - - - 0.00% -
Apartments Ltd.
International
(Jersey) III Ltd.
UK Ltd.
33 New Court 0.00% - 0.00% - - - 0.00% -
Holdings Ltd.
34 Lincoln Square 0.00% - 0.00% - - - 0.00% -
Apartments Ltd.
35 1GS Investments 0.00% - 0.00% - - - 0.00% -
Ltd.
36 1GS Properties 0.00% - 0.00% - - - 0.00% -
Investments Ltd.
37 1GS Quarter 0.00% - 0.00% - - - 0.00% -
Holding Ltd.
38 1GSQ Leaseco Ltd. 0.00% - 0.00% - - - 0.00% -
39 1GS Residences Ltd. 0.00% - 0.00% - - - 0.00% -
40 Mayfair Square 0.00% - 0.00% - - - 0.00% -
Apartments Ltd.
41 Mayfair Square 0.00% - 0.00% - - - 0.00% -
Residences Ltd.
42 Palava Induslogic 2 0.00% - -0.06% (3) - - -0.06% (3)
Pvt. Ltd.
43 Palava Induslogic 4 0.00% - -0.35% (17) - - -0.36% (17)
Pvt. Ltd.
441

H in Million
Sr. As % of Profit
Profit and (J in
Loss million)
44 Bellissimo Digital 0.00% - -0.58% (29) - - -0.60% (29)
Infrastructure
Development
Management Pvt.
Ltd.
45 Bellissimo Digital 0.00% - 0.00% - - - 0.00% -
Infrastructure
Investment
Management Pvt.
Ltd.
46 Bellissimo In City 0.00% - -0.07% (3) - - -0.07% (3)
FC Mumbai 1 Pvt.
Ltd.
Sub-Total 1,28,873 3,959 (28) 3,931
Adjustments -1.30% (1,651) 19.11% 936 81.74% (128) 17.05% 808
arising out of
Consolidation
Total 1,27,222 4,895 (156) 4,739
71 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them
comparable with current years classification.
DIN: 00101004 DIN: 00266089
Place : Mumbai
442
FORM AOC - 1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries / associate / joint venture companies
PART “A” : SUBSIDIARIES

H in million
Provision
Profit/
Turnover for Profit/ % of
Sr. Name of Subsidiary Reporting Date of Share Reserves Total Total (Loss) Proposed
Investments / Total Taxation/ (Loss) After Shareholding
No. Company Currency Investment Capital & Surplus Assets Liabilities Before Dividend
Income Prior period Taxation
Taxation
Taxation
1 Apollo Complex Pvt. Ltd. INR 04-January-2020 0 (0) 0 0 - - (0) - (0) - 100.00%
2 Bellissimo Constructions and INR 01-February-2019 0 42 460 418 - 253 102 (22) 81 - 100.00%
3 Bellissimo In City FC NCR INR 30-November-2022 0 (0) 0 0 - - (0) - (0) - 100.00%
1 Pvt. Ltd.
4 Brickmart Constructions and INR 26-November-2020 0 0 879 879 - 583 32 (8) 24 - 100.00%
5 Center for Urban Innovation INR 14-January-2019 0 (0) 0 0 - - (0) - (0) - 100.00%
Pvt. Ltd.
6 Cowtown Infotech Services INR 14-May-2007 2 670 33,866 33,194 10,134 24,202 119 (45) 74 - 100.00%
Pvt. Ltd.
7 Cowtown Software Design INR 12-October-2007 0 54 4,414 4,361 - 637 7 (2) 5 - 100.00%
Pvt. Ltd.
8 Digirealty Technologies INR 07-December-2021 40 (48) 5 13 - 0 (42) - (42) - 100.00%
Pvt. Ltd
9 G Corp Homes Pvt. Ltd. INR 28-June-2022 21 146 2,738 2,571 6 81 (45) 4 (41) - 100.00%
10 Homescapes Constructions INR 03-December-2020 0 (8) 1 9 - 3 (3) (1) (5) - 100.00%
Pvt. Ltd.
11 Lodha Developers GBP 09-March-2018 171 228 5,571 5,172 - 313 5 (1) 4 - 100.00%
International (Netherlands)
B. V.
12 Lodha Developers USD 16-December-2013 1 (1,835) 2,646 4,480 - 336 (274) - (274) - 100.00%
International Ltd.
13 Lodha Developers U.S., Inc. USD 03-October-2017 3 (3) - - - 15 14 (0) 14 - 100.00%
14 National Standard (India) INR 19-May-2011 200 2,244 2,535 91 - 279 120 (38) 82 - 73.94%
Ltd.
15 One Place Commercials INR 18-July-2019 0 1,336 13,065 11,729 - 3,430 600 (153) 447 - 100.00%
Pvt. Ltd.
16 Palava City Management INR 29-March-2012 1 24 182 157 - 419 4 (2) 3 - 100.00%
Pvt. Ltd.
17 Palava Institute of Advanced INR 14-January-2019 0 (0) 0 0 - - (0) - (0) - 100.00%
Skill Training Pvt. Ltd.
443
444
FORM AOC - 1 (Contd..)
(Pursuant to first proviso to sub-section (3) of section 129 read with rule of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries / associate / joint venture companies
PART “A” : SUBSIDIARIES

H in million
Provision
Profit/
Turnover for Profit/ % of
Sr. Name of Subsidiary Reporting Date of Share Reserves Total Total (Loss) Proposed
Investments / Total Taxation/ (Loss) After Shareholding
No. Company Currency Investment Capital & Surplus Assets Liabilities Before Dividend
Income Prior period Taxation
Taxation
Taxation
18 Palava Induslogic 3 Pvt. Ltd. INR 28-January-2021 50 (1) 1,119 1,070 - - (0) - (0) - 100.00%
19 Primebuild Developers And INR 12-November-2020 0 (2) 270 272 - 1,135 769 (194) 575 - 100.00%
Farms Pvt. Ltd.
Notes to the Consolidated Financial Statements
20 Roselabs Finance Ltd. INR 10-June-2013 100 (143) 1 44 - 2 21 (1) 20 - 74.25%

21 Sanathnagar Enterprises Ltd. INR 25-May-2010 32 (152) 53 173 - 13 (3) - (3) - 72.70%
22 Simtools Pvt. Ltd. INR 01-June-2007 3 12 260 246 - 7 7 (2) 4 - 49.85%
23 Thane Commercial Tower A INR 16-March-2022 0 (0) 0 0 - - (0) - (0) - 100.00%
Converted into Indian Rupees at the exchange rate as on 31-March-2023: 1 GBP = H101.8728 and 1 USD = H82.2169
The above statement also indicates performance and financial position of each subsidiary.
Notes:
1 There are no subsidiaries are yet to commence operations.
2 Subsidiary sold during the year: NIL

PART “B” : ASSOCIATES AND JOINT VENTURES

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Shares of Associate / Joint Venture held by the

Networth Profit / (Loss) for the year
Date on which company as at the year end
attributable to Description Reason why
Latest audited the Associate / Amount of
Sr. Name of Associates / Joint Shareholding as Considered Not of how there the associate
Balance Sheet Joint Venture was Investment
No. Venture Extend of per last audited in Considered in is significant is not
Date associated No. in Associate /
Holding % Balance Sheet Consolidation Consolidation influence consolidated
or acquired Joint Venture (J in million) (J in million) (J in million)
(J in million)
1 Lodha Developers 1GSQ Limited 31-March-2023 25-March-2020 1,00,000 Equity Shares - 53.45% (6,489) - (1,043) Note - A NA
of GBP 1 each
2 Lodha Developers 48CS Limited 31-March-2023 25-March-2020 10,000 Equity Shares of - 53.45% (2,307) - (133) Note - A NA
GBP 1 each
3 Lodha Developers Dorset Close 31-March-2023 25-March-2020 1 Equity Shares of GBP - 53.45% (0) - (0) Note - A NA
Limited 1 each
4 Lodha Developers 1GSQ Holdings 31-March-2023 25-March-2020 10,010 Equity Shares of -* 53.45% (17) - (2) Note - A NA
Limited GBP 1 each
5 Lodha Developers International 31-March-2023 25-March-2020 10,000 Equity Shares of -* 53.45% (43) - (1) Note - A NA
(Jersey) III Ltd. GBP 1 each
6 Lodha Developers UK Ltd. 31-March-2022 25-March-2020 12,000 Equity Shares of -* 51.00% 1,760 - 213 Note - A NA
GBP 1 each
7 Lincoln Square Apartments Limited 31-March-2023 25-March-2020 10 Equity Shares of GBP - 51.00% (772) - (412) Note - A NA
1 each
8 1GSQ Leasco Limited 31-March-2023 25-March-2020 10 Equity Shares of GBP - 51.00% (1) - (1) Note - A NA
1 each
9 New Court Holdings Ltd. 31-March-2023 25-March-2020 10 Equity Shares of GBP - 51.00% (33) - 0 Note - A NA
1 each
10 Grosvenor Street Apartments 31-March-2023 25-March-2020 10 Equity Shares of GBP - 51.00% (36) - (0) Note - A NA
Limited 1 each
11 1GS Investments Limited 31-March-2023 07-July-2020 90,010 Equity Shares of - 53.45% 3 - (2) Note - A NA
GBP 1 each
12 1GS Residences Limited 31-March-2023 07-July-2020 100 Equity Shares of GBP - 53.43% (1,104) - (2,081) Note - A NA
0.10 each
13 1GS Properties Investments Limited 31-March-2023 23-September-2020 10 Equity Shares of GBP - 51.00% (1) - (1) Note - A NA
1 each
14 1GS Quarter Holding Ltd.(Formerly 31-March-2023 23-November-2021 20 Equity Shares of GBP - 53.45% (17) - (2) Note - A NA
GS Penthouse Limited) 1 each
15 Mayfair Square Apartments Limited 31-March-2023 27-April-2022 10 Equity Shares of GBP - 45.90% (27) - (57) Note - A NA
1 each
16 Mayfair Square Residance Limited 31-March-2023 27-April-2022 10 Equity Shares of GBP - 45.90% (36) - (74) Note - A NA
1 each
17 Bellissimo Digital Infrastructure 31-March-2023 27-May-2022 23,40,910 Equity Shares -* 60.00% (49) (29) (149) Note - A NA
Development Management Pvt. Ltd. of H 10 each
445
446
PART “B” : ASSOCIATES AND JOINT VENTURES (Contd..)
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Shares of Associate / Joint Venture held by the

Networth Profit / (Loss) for the year
Date on which company as at the year end
attributable to Description Reason why
Latest audited the Associate / Amount of
Sr. Name of Associates / Joint Shareholding as Considered Not of how there the associate
Balance Sheet Joint Venture was
No. Venture Investment

Extend of per last audited in Considered in is significant is not
Date associated No. in Associate /
Holding % Balance Sheet Consolidation Consolidation influence consolidated
or acquired Joint Venture (J in million) (J in million) (J in million)
(J in million)
18 Bellissimo Digital Infrastructure 31-March-2023 27-May-2022 1,000 Equity Shares of - 60.00% (13) - (22) Note - A NA
Investment Management Pvt. Ltd. H 10 each
19 Bellissimo In City FC Mumbai 1 31-March-2023 30-November-2022 Class A 6,91,95,001 227 33.33% 356 (3) (7) Note - A NA
Notes to the Consolidated Financial Statements
Pvt. Ltd. Equity Shares and Class B

1,000 of H 10 each
20 Palava Induslogic 2 Pvt. Ltd. 31-March-2022 19-February-2021 2,98,435 Equity Shares -* 100.00% (46) (3) - Note - A NA
of H 10 each
21 Palava Induslogic 4 Pvt. Ltd. 31-March-2023 27-May-2022 Class A 14,69,99,728 - 33.33% 753 (17) (34) Note - A NA
Equity Shares and Class B
1,000 of H 10 each
*Investment value is nil afteer considering fair value of retain interest and group's share of loss in joint venture
The above statement also indicates performance and financial position of each of the Associates/Joint Venture.
Converted into Indian Rupees at the exchange rate as on 31-March-2023: 1 GBP = H101.8728
Note:
1 There are no Associates/ Joint Venture which are yet to commence operations.
2 Investment in Joint Venture, Altamount Road Property Pvt. Ltd., has been sold on 13-September-2022.
A. There is significant influence due to Joint control.
For and on behalf of the Board of Directors of

Mukund Chitale Abhishek Lodha Sushil Kumar Modi Sanjyot Rangnekar

(Chairman) (Managing Director and CEO) (Chief Financial Officer) (Company Secretary)
DIN: 00101004 DIN: 00266089 Membership No. F4154
Place: Mumbai
Date: 22-April-2023
Notice
ANNUAL GENERAL MEETING NOTICE

Regd. Off.: 412, Floor-4, 17G Vardhaman Chamber, Cawasji Patel Road,
Horniman Circle, Fort, Mumbai-400001
Tel.: +91 22 61334400 Fax: +91 22 23024550 CIN L45200MH1995PLC093041
Email Id: [email protected] Website: www.lodhagroup.in
NOTICE is hereby given that the 28th Annual General Meeting 06964339) as a Whole-time Director in respect of whom
(“AGM”) of Macrotech Developers Limited (“Company”) will the Company has received a notice in writing under Section
be held on Friday, September 15, 2023 at 3.30 p.m. (IST) through 160 of the Act, from a member proposing her candidature
video conferencing / Other Audio Visual Means to transact the for the office of Director for a period of 2 (two) years with
following business. The deemed venue of the meeting shall effect from June 26, 2023, liable to retire by rotation,
be at Lodha Excelus, 9th floor, N. M. Joshi Marg, Mahalaxmi, upon the terms and conditions set out in the Explanatory
Mumbai - 400 011. Statement annexed to the Notice convening this AGM,
(including the remuneration to be paid in the event of loss
or inadequacy of profits) in any financial year during the
ORDINARY BUSINESS
tenure of her appointment as Whole-time director with
1. To receive, consider and adopt liberty to the Board of Directors (hereinafter referred to as
“the Board” (including any Committee thereof) to alter and
a. the Audited Standalone Financial Statements of the vary the terms and conditions of the said appointment and
Company for the financial year ended March 31, 2023, / or remuneration in such a manner as may be agreed to
together with the Reports of the Board of Directors and between the Board and Ms Raunika Malhotra;
the Auditors thereon; and
RESOLVED FURTHER THAT notwithstanding anything
b. the Audited Consolidated Financial Statements of the contained to the contrary in the Act and rules made
Company for the financial year ended March 31, thereunder, where in any financial year during the period of
2023, together with the Report of the Auditors thereon. 2 years the Company has no profits or inadequate profits,
Ms Raunika Malhotra will be paid minimum remuneration
2. To declare final dividend of H 1 per equity share for the year within the ceiling limit prescribed under Schedule V of the
ended March 31, 2023. Act, or any modification or re-enactment thereof;
3. To appoint a director in place of Mr. Rajinder Pal Singh (DIN RESOLVED FURTHER THAT in the event of any statutory
- 02943155) who retires by rotation and being eligible, amendment or modification by the Central Government to
offers himself for re-appointment. Schedule V of the Act and rules made thereunder, the Board
be and is hereby authorized to vary and alter the terms of
SPECIAL BUSINESS appointment including salary, perquisites and other benefits
payable to Ms Raunika Malhotra within such prescribed
4. Re-appointment of Ms Raunika Malhotra limit or ceiling as agreed by and between the Board and
(DIN: 06964339) as a Whole-time Director for a Ms Raunika Malhotra without any further reference to the
term of 2 years with effect from June 26, 2023. members in General Meeting;
To consider and if thought fit, to pass the following resolution RESOLVED FURTHER THAT the Board of Directors be
as a Special Resolution: and is hereby authorized to alter and vary the terms and
conditions of the appointment and / or remuneration based
“RESOLVED THAT pursuant to the provisions of Sections on the recommendation of the Nomination & Remuneration
152, 160, 196, 197 and 203 and other applicable Committee subject to the same not exceeding the limits
provisions of the Companies Act, 2013 (“Act”) read with specified under Section 197 read with Schedule V of the
Schedule V of the Act, the Companies (Appointment and Act, for the time being in force and the limit given in the
Remuneration of Managerial Personnel) Rules, 2014, explanatory statements;
(including any amendments or modifications thereto from
time to time) and upon recommendation of the Nomination RESOLVED FURTHER THAT the Board of Directors of the
and Remuneration Committee (“NRC”) and approval of Company, be and is hereby authorised to do all such acts,
the Board of Directors of the Company, approval of the deeds and things as may be required and to delegate all or any
members be and is hereby granted for re-appointment of its powers herein conferred to any Director(s) or Committee
and terms of remuneration of Ms Raunika Malhotra (DIN: of Directors to give effect to the aforesaid resolution.”
447
Annual General Meeting Notice
5. Ratification of remuneration to Cost Auditors. re-imbursement of out of pocket expenses), payable to D.

C. Dave & Co., Cost Accountants (Firm Registration No.
To consider and if thought fit, to pass the following resolution 000611), appointed by the Board to conduct the audit
as an Ordinary Resolution: of the cost records of the Company for the financial year
2023-24, be and is hereby ratified and confirmed;
“RESOLVED THAT pursuant to the provisions of Section
148 of the Companies Act, 2013 (“Act”) read with RESOLVED FURTHER THAT the Board of Directors of the
Companies (Audit and Auditors) Rules, 2014 (including any Company be and is hereby authorised to do all acts, deeds
amendments or modifications thereto from time to time), and things and take all such steps as may be necessary,
remuneration of H 10,00,000 (plus applicable taxes and proper or expedient to give effect to this resolution.”
Registered Office: By Order of the Board

412, Floor-4, 17 G, Vardhaman Chamber, For Macrotech Developers Limited
Fort, Mumbai-400001
CIN L45200MH1995PLC093041 Sanjyot Rangnekar
Place: Mumbai Company Secretary & Compliance Officer
Date: June 06, 2023 Membership No.: F4154
448
Notice
Notes:
1. Explanatory Statement: Notice of the 28th AGM shall be sent to those members
who request for the same. Members may also note
The Statement pursuant to Section 102 (1) of the Companies that the Notice of the 28th AGM and the Integrated
Act, 2013 (“Act”) setting out material facts concerning the Annual Report 2022-23 will also be available on the
business under item nos. 4 to 5 of the Notice is annexed Company’s website at www.lodhagroup.in, websites
hereto. Further, additional information with respect to item No. of the Stock Exchanges, i.e. BSE Limited and National
3 and 4 is also annexed hereto as required under Regulation Stock Exchange of India Limited, at www.bseindia.com
36(5) of the SEBI Listing Regulations and Secretarial and www.nseindia.com respectively and on the website
Standard-2 on General Meetings issued by the Institute of of Link Intime (agnecy for providing the Remote e-voting
Company Secretaries of India, in respect of Directors seeking facility) at https://instavote.linkintime.co.in/
appointment/ re-appointment at the AGM.
(iii) The Members can join the 28th AGM through VC/
OAVM mode 30 minutes before commencement of the
2. Sending of Notice and Conduct of Annual Meeting and at any time during the AGM by following
General Meeting: the procedure mentioned in the Notice which shall not be
closed for at least 15 minutes after such scheduled time.
(i) In view of continuing social distancing norms due to the
COVID-19 pandemic, the Ministry of Corporate Affairs (iv) Members may note that the VC facility, provided by
(“MCA”) has vide its General Circular Nos. 14/2020, Link Intime allows participation of at least 1,000
17/2020, 20/2020, 02/2022 and 10/2022 dated members on a first-come-first-basis. The large
April 8, 2020, April 13, 2020, May 5, 2020, May 5, shareholders (i.e., shareholders holding 2% or more
2022 and December 28, 2022 respectively allowed shareholding), promoters, institutional investors,
companies whose AGMs were due to be held in the year directors, key managerial personnel, the Chairpersons
2023 or become due in the year 2023, to conduct their of the Audit Committee, Nomination and Remuneration
AGMs on or before September 30, 2023, in accordance Committee, auditors, etc., can attend the 28th AGM
with the requirements provided in paragraphs 3 and without any restriction on account of first-come-first-
4 of the General Circular No. 20/2020 (collectively served principle.
referred to as “MCA Circulars”) and Circular No. SEBI/
HO/DDHS/P/ CIR/2022/62 dated May 13, 2022 (v) Members of the Company under the category of
read with SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated Institutional Shareholders are encouraged to attend and
January 5, 2023 issued by the Securities and Exchange participate in the AGM through VC/OVAM and vote.
Board of India (“SEBI”) (referred to as “SEBI Circulars”)
(vi) Corporate Members/ Institutional Investors (i.e. other
(together MCA Circulars and SEBI Circulars referred to
than individuals, HUFs, NRIs etc.) who are intending
as “Circulars”) have permitted convening the Annual
to appoint their authorized representatives pursuant
General Meeting (“AGM” / “Meeting”) through Video
to Sections 112 and 113 of the Act, as the case may
Conferencing (“VC”) or Other Audio-Visual Means
be, to attend the AGM through VC or OAVM or to
(“OAVM”), without the physical presence of the
vote through remote e-voting are requested to send a
members at a common venue. In compliance with these
certified copy of the Board Resolution to the Scrutinizer
Circulars, provisions of the Companies Act, 2013 (‘the
by e-mail at [email protected] with a copy
Act’) and the SEBI (Listing Obligations and Disclosure
marked to [email protected] not later than 48
Requirements) Regulations, 2015 (as amended) (“Listing
hours before the scheduled time of the commencement
Regulations”), the AGM of the Company is being held
of the Meeting. Corporate Members/ Institutional
through VC / OAVM, which does not require physical
shareholders (i.e., other than individuals, HUFs, NRIs
presence of members at a common venue.
etc.) can also upload their Board Resolution/Power of
(ii) In line with the aforesaid MCA Circulars and SEBI Attorney/Authority Letter etc. by clicking on the “Upload
Circulars, Notice of the AGM along with the Integrated Board Resolution /Authority Letter” displayed under the
Annual Report 2022-23 are being sent only through “e-voting” tab in their login.
electronic mode to those Members whose email (vii) The attendance of the Members attending the 28th AGM
addresses are registered in respect of electronic holdings through VC/OAVM will be counted for the purpose of
with the Depository through the concerned Depository reckoning the quorum under Section 103 of the Act.
Participants and in respect of physical holdings with the
Company’s Registrar and Share Transfer Agent, Link (viii) Since the 28th AGM will be held through VC/OAVM, the
Intime India Private Limited (“Link Intime”). However, route map of the venue of the Meeting is not annexed
hard copy of Integrated Annual Report along with the hereto.
449
3.
Payment of Dividend and Tax Deduction the Income-tax Act, 1961, if such valid certificate is
thereon: provided. For further details on various categories and
prescribed rates, please refer to the Company’s website
(i) The Company has fixed Friday, September 8, 2023 as www.lodhagroup.in
the ‘Record Date’ for determining eligibility for payment
of dividend, if declared at the AGM.
4. Inspection of documents:
(ii) The dividend, if declared at the meeting, will be
(i) The Register of Directors and Key Managerial Personnel
paid, subject to deduction of tax at source on or after and their Shareholding maintained under Section 170
Monday, September 18, 2023 to those members or of the Act, the Register of Contracts or Arrangements in
their mandates: (i) whose names appear as beneficial which directors are interested maintained under Section
owners on Record Date in the list of beneficial owners to 189 of the Act and the relevant documents referred to in
be furnished by the depositories (i.e. NSDL and CDSL) the Notice will be available electronically for inspection
in respect of the shares held in electronic form; and (ii) by the members before and during the AGM.
whose names appear as members in the Company’s
Register of Members on Record Date after giving (ii) All documents referred to in the Notice will also be
effect to valid transmission or transposition requests in available electronically for inspection without any fee
physical form lodged with the Company or Link Intime by the members from the date of circulation of this
India Private Limited, Registrar and Transfer Agent (RTA) Notice up to the date of AGM. Members seeking to
on or before Friday, September 8, 2023. inspect such documents can send an email to investor.
[email protected].
(iii) Pursuant to the Finance Act, 2020, dividend income
is taxable in the hands of members w.e.f. April 01,
5. Update of email ID and Bank Details:
2020 and the Company is required to deduct tax
at source from the dividend paid to members at the (i) In terms of Rule 18 of the Companies (Management
prescribed rates, for various categories. The members and Administration) Rules, 2014, the Company may
are requested to refer to the Finance Act, 2020 and give notice through electronic mode addressing to the
amendments thereof. The members are requested to person entitled to receive such e-mail as per the records of
update their Permanent Account Number (PAN) with the Company or as provided by the depository, provided
the Company/ RTA (in case of shares held in physical that the Company shall provide an advance opportunity
mode) and their respective Depository Participants (in at least once in a financial year, to the member to register
case of shares held in demat mode). his e-mail address and changes therein and such request
may be made by only those members who have not got
(iv) Resident individual members who are not liable to pay
their email ID recorded or to update a fresh email ID
income tax can submit a yearly declaration in Form
and not from the members whose e-mail IDs are already
No. 15G/ 15H along with a self-attested copy of their
registered. In view of the above, the Company hereby
PAN card, to avail the benefit of non-deduction of
requests the members who have not updated their email
tax at source by uploading the same on https://web.
IDs to update the same. Further, the members holding
linkintime.co.in/formsreg/submission-of-form-15g-
shares in electronic mode are requested to keep their
15h.html by Friday, September 8, 2023 up to 5.00
email addresses updated with the Depository Participants.
P.M. (IST). Members are requested to note that in case
Members holding shares in the physical mode are also
their PAN is not registered, the tax will be deducted
requested to update their email addresses by writing and
at a higher rate of 20%. Further, no tax is required
quoting their folio numbers to the Link Intime India Private
to be deducted, if aggregate dividend distributed or
Limited, Registrar and Transfer Agent of the Company
likely to be distributed during the Financial Year (FY)
(“R&T Agent”) by email to [email protected]
to a resident individual member does not exceed H
or by letter addressed to Mr. Ashok Shetty, Link Intime
5,000/- (Rupees Five Thousand only). Non-resident
India Private Limited, Unit. Macrotech Developers Limited,
members can avail beneficial rates under tax treaty C 101, 247 Park, L.B.S. Marg Vikhroli (West), Mumbai
between India and their country of residence, subject 400083 Maharashtra or to the Company by email
to providing necessary documents i.e. No Permanent to [email protected] or by letter
Establishment and Beneficial Ownership Declaration, addressed to the Company Secretary, Lodha Excelus, L
Tax Residency Certificate and any other document 2, N M Joshi Marg, Mahalaxmi, Mumbai 400 011.
that may be required to avail the tax treaty benefits.
The aforesaid declarations and documents need to be (ii) The Listing Regulations have mandated that for making
uploaded by the members on https://web.linkintime. dividend payments, companies shall use electronic
co.in/formsreg/submission-of-form-15g-15h.html by clearing services (local, regional or national), direct credit,
Friday, September 8, 2023 up to 5.00 P.M. (IST). Further, Real Time Gross Settlement (RTGS), National Electronic
tax will be deducted at the rate prescribed in the lower Funds Transfer (NEFT) etc. The Company and the RTA are
tax withholding certificate issued under Section 197 of required to seek relevant bank details of the members
450
Notice
from depositories/ members for making payment of the Company have not been accepting any request for the
dividend in electronic mode. It is also mandatory to print transfer of shares in physical form w.e.f. April 1, 2019.
the bank details on the physical instrument if the payment
is made in physical mode. In the event, the Company is (iii) Further, SEBI vide its notification dated January
unable to pay the dividend to any Member directly into 25, 2022, amended the Listing Regulations and
their bank accounts through Electronic Clearing Service or mandated that (i) transmission; (ii) transposition; (iii)
any other means, due to non-registration of the Electronic Issue of duplicate securities certificate; (iv) Claim from
Unclaimed Suspense Account; (v) Renewal/ Exchange of
Bank Mandate, the Company shall dispatch the dividend
securities certificate; (vi) Endorsement; (vii) Sub-division/
warrant/ Bankers’ cheque/ demand draft to such Member,
Splitting of securities certificate; and (viii) Consolidation
at the earliest possible.
of securities certificates/ folios of securities would be
(iii) Members holding shares in dematerialized form are carried out in dematerialised form only. Accordingly,
requested to intimate all changes pertaining to their bank requests for effecting the abovementioned dealings of
details, National Electronic Clearing Service (NECS) and physical securities will be carried in accordance with
Electronic Clearing Service (ECS) mandates, nominations, SEBI Circular SEBI/HO/MIRSD/ MIRSD_RTAMB/P/
power of attorney, change of address, change of name, CIR/2022/8 dated January 25, 2022.
e-mail address, contact numbers, etc., to their Depository
(iv) SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSDPoD-
Participant (DP). Changes intimated to the DP will then be
1/P/CIR/2023/37 dated March 16, 2023, in
automatically reflected in the Company’s record which
supersession of earlier Circular(s) issued on the subject,
will help the Company and the Company’s R&T Agent
has prescribed common and simplified norms for
to provide efficient and better services. Members holding
processing investor’s service request by RTAs and norms
shares in physical form are requested to intimate such
for furnishing PAN, KYC (contact details, bank details
changes either to the Company or to the R&T Agent.
and specimen signature), and nomination details.
6. In case of joint holders, the Member whose name appears
As per the said Circular, it is mandatory for the
as the first holder in the order of names as per the Register of
shareholders holding securities in physical form to, inter
Members of the Company will be entitled to vote at the AGM.
alia, furnish PAN, KYC, and nomination details. Physical
7. As per the provisions of Section 72 of the Act, Members may folios wherein the PAN, KYC, and nomination details
avail the facility of nomination in respect of shares held by them were not available on or after April 1, 2023, were to
by submitting Form SH-13 to the Depository Participants (DPs) be frozen by the RTA and would be eligible for lodging
in case of shares held in electronic form and to Link Intime in grievance or any service request only after registering the
case of shares held in physical form. If a member desires to required details. The said timeline of April 1, 2023 for
freezing of folios has been extended to October 1, 2023.
cancel the earlier nomination and record a fresh nomination,
he may submit the same in Form No. SH-14. Members who
are either not desiring to register for Nomination or would 9. Remote e-voting facilities, Scrutinizer and
want to opt-out, are requested to fill out and submit Form e-voting results:
No. ISR-3. The said forms can be downloaded from the RTA’s
website at web.linkintime.co.in/KYC-downloads.html or from (i) Pursuant to the provisions of Section 108 of the Act
Company’s website at www.lodhagroup.in. read with Rule 20 of the Companies (Management
and Administration) Rules, 2014 (as amended) and
Regulation 44 of Listing Regulations and the MCA
8. Important SEBI Circulars in the interest of Circulars, the Company is providing facility of remote
investors/shareholders: e-voting to its members in respect of the business to be
transacted at the AGM and facility for those members
(i) The SEBI has mandated submission of Permanent Account
participating in the AGM to caste vote through
Number (PAN) by every participant in the securities market.
e-voting system during the AGM. For this purpose,
Members holding shares in demat form are, therefore,
the Company has engaged Link Intime India Private
requested to submit PAN details to the Depository
Limited for facilitating voting through electronic means,
Participants with whom they are maintaining their demat
as the authorized agency. The facility of casting votes
accounts. Members holding shares in physical form can
by a member using remote e-voting system as well as
submit their PAN details to R&T Agent.
e-voting at the AGM will be provided by Link Intime
(ii) SEBI vide its notification dated June 8, 2018, amended India Private Limited.
the Listing Regulations and mandated that the transfer
(ii) The voting rights of the members shall be in proportion
of securities would be carried out in dematerialised
to the number of equity shares held by them as on the
form only effective April 1, 2019. Accordingly, requests
cut-off date i.e., Friday, September 8, 2023.
for effecting transfer of physical securities cannot be
processed unless the securities are held in dematerialised (iii) A person, whose name is recorded in the Register
form with any Depository Participant. Therefore, RTA and of Members or in the Register of Beneficial Owners
451
maintained by the depositories as on the cut-off date Private Limited immediately after the declaration of
i.e., Friday, September 8, 2023 only shall be entitled result by the Chairman or a person authorized by him.
to avail the facility of remote e-voting or e-voting at the The results will also be immediately forwarded to the
AGM and to attend the AGM. A person who is not a stock exchanges.
member as on the cut-off date should treat this notice
for information purpose only. 10. Book closure and Record Date:
Any person, who acquires shares of the Company and The record date for payment of dividend is Friday, September
becomes a Member of the Company after the Company 8, 2023 and the Register of Members and the Share Transfer
e-mailed the Notice of the AGM and holds shares as books of the Company will remain closed from Friday,
on the cut-off date i.e., Friday, September 8, 2023 may September 8, 2023 to Friday, September 15, 2023 both
obtain the User ID and password by sending a request days inclusive.
at [email protected] and may follow the steps
mentioned in Note no. 12. 11. Reappointment of Mr. Rajinder Pal Singh
(iv) The remote e-voting period will commence on Tuesday, (DIN – 02943155):
September 12, 2023 at 9:00 am (IST) and will end on (i) In terms of Section 152 of the Act, Mr. Rajinder Pal Singh,
Thursday, September 14, 2023 at 5:00 pm. (IST). During retires by rotation at the Meeting and being eligible,
this remote e-voting period the members of the Company, offers himself for re-appointment. The Nomination and
holding shares either in physical form or in dematerialized Remuneration Committee of the Board and the Board
form, as on the cut-off date i.e., Friday, September 8, of Directors of the Company has recommended his
2023 may cast their vote by remote e-voting. The remote re-appointment.
e-voting module shall be forthwith blocked by Link Intime
(ii) The additional information in respect of re-appointment
for voting thereafter. Once the vote on a resolution is
of Mr. Rajinder Pal Singh as Director, liable to retire by
cast by the member, the member shall not be allowed to
rotation, pursuant to the provisions of Listing Regulations
change it subsequently or vote again.
and the Secretarial Standard on General Meetings, are
(v) The Company has appointed Mr. Shravan Gupta, provided as Annexure to the Explanatory Statement.
(CoP No. 9990), Practicing Company Secretary or
(iii) Mr. Rajinder Pal Singh is interested in the Ordinary
failing him Mr. Ritul Parmar (CoP No. 14845), as the
Business as set out at Item No. 3 of the Notice with respect
scrutinizer (the ‘Scrutinizer’) for scruntizing the remote
to his re- appointment. The relatives of Mr. Rajinder Pal
e-voting process as well as e-voting at the AGM in a
Singh may also be deemed to be interested in the said
fair and transparent manner.
Resolution to the extent of their shareholding interest,
(vi) During the AGM, the Chairman shall, after responding if any, in the Company. Save and except the above,
to the questions raised by the Members in advance none of the Directors / Key Managerial Personnel of the
or as a speaker at the AGM, formally propose to the Company / their Relatives are, in any way, concerned or
Members participating through VC/OAVM facility interested, financially or otherwise, for Item No. 3.
to vote on the resolutions as set out in the Notice of
the AGM and announce the start of the casting of 12. The detailed process and manner for remote
vote through the e-Voting system. After the Members e-voting are explained herein:
participating through VC/OAVM facility, eligible
Remote e-Voting Instructions for shareholders:
and interested to cast votes, have cast the votes, the
e-Voting will be closed after 15 minutes with the formal As per the SEBI circular dated December 9, 2020, individual
announcement of closure of the AGM. shareholders holding securities in demat mode can register
directly with the depository or will have the option of accessing
(vii) The Scrutiniser shall after the conclusion of e-Voting various ESP portals directly from their demat accounts.
at the AGM, first download the votes cast at the AGM
and thereafter unblock the votes cast through remote Login method for Individual shareholders holding securities
e-Voting and shall make a consolidated scrutinizer’s in demat mode is given below:
report of the total votes cast in favour or against, invalid 1. Individual Shareholders holding securities in demat
votes, if any, and whether the resolution has been mode with NSDL
carried or not, and such Report to the Chairman or
any person authorised by him within 48 hours from the (i). Existing IDeAS user can visit the e-Services website
conclusion of the meeting, who shall then countersign of NSDL viz... https://eservices.nsdl.com either
and declare the result of the voting forthwith. on a personal computer or on a mobile. On the
e-Services home page click on the "Beneficial
(viii) The results declared along with the report of the Owner" icon under "Login"" which is available
Scrutinizer will be placed on the website of the Company under 'IDeAS' section, this will prompt you to
www.lodhagroup.in and on the website of Link Intime enter your existing User ID and Password. After
452
Notice
successful authentication, you will be able to see remote e-Voting period or joining virtual meeting
e-Voting services under Value added services. Click & voting during the meeting. Additionally, there
on "Access to e-Voting" under e-Voting services are also links provided to access the system of all
and you will be able to see e-Voting page. Click e-Voting Service Providers, so that the user can visit
on company name or e-Voting service provider the e-Voting service providers’ website directly.
name i.e. Link Intime and you will be re-directed to
“InstaVote” website for casting your vote during the 3. If the user is not registered for Easi/Easiest, the
remote e-Voting period. option to register is available at CDSL website www.
cdslindia.com and click on login & New System
(ii). If you are not registered for IDeAS e-Services, Myeasi Tab and then click on registration option.
option to register is available at https://eservices.
nsdl.com Select "Register Online for IDeAS Portal" 4. Alternatively, the user can directly access the
or click at https://eservices.nsdl.com/SecureWeb/ e-Voting page by providing Demat Account Number
IdeasDirectReg.jsp and PAN No. from a e-Voting link available on
www.cdslindia.com home page. The system will
(iii). Visit the e-Voting website of NSDL. Open web
authenticate the user by sending OTP on registered
browser by typing the following URL: https://www.
Mobile & Email as recorded in the Demat Account.
evoting.nsdl.com/ either on a personal computer
After successful authentication, the user will be able
or on a mobile. Once the home page of e-Voting
to see the e-Voting option where the evoting is in
system is launched, click on the icon "Login" which
progress and also able to directly access the system
is available under 'Shareholder/Member' section.
of all e-Voting Service Providers.
A new screen will open. You will have to enter
your User ID (i.e. your sixteen-digit demat account 3. Individual Shareholders (holding securities in demat
number hold with NSDL), Password/OTP and a mode) login through their depository participants
Verification Code as shown on the screen. After
successful authentication, you will be redirected to You can also login using the login credentials of your
NSDL Depository site wherein you can see e-Voting demat account through your Depository Participant
page. Click on company name or e-Voting service registered with NSDL/CDSL for e-Voting facility. After
provider name i.e. Link Intime and you will be Successful login, you will be able to see e-Voting
redirected to “InstaVote” website for casting your option. Once you click on e-Voting option, you will be
vote during the remote e-Voting period. redirected to NSDL/CDSL Depository site after successful
authentication, wherein you can see e-Voting feature.
(iv). Shareholders/Members can also download NSDL Click on the company name or e-Voting service provider
Mobile App “NSDL Speede” facility by scanning name i.e. LinkIntime and you will be redirected to e-Voting
the QR code mentioned below for seamless voting service provider website for casting your vote during the
experience. remote e-Voting period.
4. Login method for Individual shareholders holding

securities in physical form/ Non-Individual Shareholders
holding securities in demat mode is given below:
Individual Shareholders of the company, holding shares

2. Individual Shareholders holding securities in demat in physical form / Non-Individual Shareholders holding
mode with CDSL securities in demat mode as on the cut-off date for
e-voting may register for e-Voting facility of Link Intime as
1. Users who have opted for CDSL Easi / Easiest under:
facility, can login through their existing user id and
password. The option will be made available to reach 1. Open the internet browser and launch the URL:
e-Voting page without any further authentication. https://instavote.linkintime.co.in
The users to login Easi / Easiest are requested to
visit CDSL website www.cdslindia.com and click on 2. Click on “Sign Up” under ‘SHARE HOLDER’ tab
login icon & New System Myeasi Tab and then use and register with your following details: -
your existing my easi username & password. A. User ID:
2. After successful login the Easi / Easiest user will Shareholders holding shares in physical form shall
be able to see the e-Voting option for eligible provide Event No + Folio Number registered with
companies where the evoting is in progress as the Company. Shareholders holding shares in
per the information provided by the company. On NSDL demat account shall provide 8 Character
clicking the evoting option, the user will be able to DP ID followed by 8 Digit Client ID; Shareholders
see e-Voting page of the e-Voting service provider holding shares in CDSL demat account shall
i.e. Link Intime for casting your vote during the provide 16 Digit Beneficiary ID.
453
B. PAN: Enter your 10-digit Permanent Account Helpdesk for Individual Shareholders holding securities in
Number (PAN) (Shareholders who have not physical mode/ Institutional shareholders:
updated their PAN with the Depository Participant
(DP)/ Company shall use the sequence number Shareholders facing any technical issue in login may contact Link
provided to you, if applicable. Intime INSTAVOTE helpdesk by sending a request at enotices@
linkintime.co.in or contact on: - Tel: 022 – 4918 6000.
C. DOB/DOI: Enter the Date of Birth (DOB) / Date
of Incorporation (DOI) (As recorded with your DP / Helpdesk for Individual Shareholders holding securities in
Company - in DD/MM/YYYY format) demat mode:
D. Bank Account Number: Enter your Bank Account Individual Shareholders holding securities in demat mode may
Number (last four digits), as recorded with your contact the respective helpdesk for any technical issues related
DP/Company. to login through Depository i.e. NSDL and CDSL.
*Shareholders holding shares in physical form but have not

recorded ‘C’ and ‘D’, shall provide their Folio number in ‘D’ above
Login type Helpdesk details
*Shareholders holding shares in NSDL form, shall provide ‘D’ above
Individual Shareholders Members facing any technical issue
• Set the password of your choice (The password holding securities in in login can contact NSDL helpdesk
should contain minimum 8 characters, at least demat mode with NSDL by sending a request at evoting@
one special Character (@!#$&*), at least one nsdl.co.in or call at : 022 - 4886
numeral, at least one alphabet and at least 7000 and 022 - 2499 7000
one capital letter). Individual Shareholders Members facing any technical issue
• Click “confirm” (Your password is now holding securities in in login can contact CDSL helpdesk
generated). demat mode with CDSL by sending a request at helpdesk.
[email protected] or contact at
• Click on ‘Login’ under ‘SHARE HOLDER’ tab. toll free no. 1800 22 55 33
• Enter your User ID, Password and Image Individual Shareholders holding securities in Physical mode
Verification (CAPTCHA) Code and click on has forgotten the password:
‘Submit’.
If an Individual Shareholders holding securities in Physical mode
Cast your vote electronically:
has forgotten the USER ID [Login ID] or Password or both then the
1. After successful login, you will be able to see the notification shareholder can use the “Forgot Password” option available on the
for e-voting. Select ‘View’ icon. e-Voting website of Link Intime: https://instavote.linkintime.co.in
2. E-voting page will appear. • Click on ‘Login’ under ‘SHARE HOLDER’ tab and further
3. Refer the Resolution description and cast your vote by Click ‘forgot password?’
selecting your desired option ‘Favour / Against’ (If you
• Enter User ID, select Mode and Enter Image Verification
wish to view the entire Resolution details, click on the ‘View
code (CAPTCHA). Click on “SUBMIT”.
Resolution’ file link).
4. After selecting the desired option i.e. Favour / Against, click In case shareholders is having valid email address, Password will
on ‘Submit’. A confirmation box will be displayed. If you be sent to his / her registered e-mail address. Shareholders can
wish to confirm your vote, click on ‘Yes’, else to change your set the password of his/her choice by providing the information
vote, click on ‘No’ and accordingly modify your vote. about the particulars of the Security Question and Answer,
PAN, DOB/DOI, Bank Account Number (last four digits) etc.
Guidelines for Institutional shareholders: as mentioned above. The password should contain minimum 8
characters, at least one special character (@!#$&*), at least one
Institutional shareholders (i.e. other than Individuals, HUF, NRI numeral, at least one alphabet and at least one capital letter.
etc.) and Custodians are required to log on the e-voting system
of Link Intime India Private Limited at https://instavote.linkintime. User ID for Shareholders holding shares in Physical Form (i.e.
co.in and register themselves as ‘Custodian / Mutual Fund / Share Certificate): Your User ID is Event No + Folio Number
Corporate Body’. They are also required to upload a scanned registered with the Company
certified true copy of the board resolution /authority letter/power
of attorney etc. together with attested specimen signature of the Individual Shareholders holding securities in demat mode
duly authorised representative(s) in PDF format in the ‘Custodian with NSDL/ CDSL has forgotten the password:
/ Mutual Fund / Corporate Body’ login for the Scrutinizer to
Shareholders who are unable to retrieve User ID/ Password
verify the same.
are advised to use Forget User ID and Forget Password option
available at abovementioned depository/ depository participants
website.
454
Notice
• It is strongly recommended not to share your password have registered themselves as speaker atleast 48 hours in
with any other person and take utmost care to keep your advance before the start of the meeting i.e., by Wednesday,
password confidential. September 13, 2023 by 3.30 p.m. (IST) will be able to
speak at the meeting.
• For shareholders/ members holding shares in physical form,
the details can be used only for voting on the resolutions 2. Shareholders will get confirmation on first cum first basis
contained in this Notice. depending upon the provision made by the client.
During the voting period, shareholders/ members can login any
3. Shareholders will receive “speaking serial number” once
number of time till they have voted on the resolution(s) for a
they mark attendance for the meeting.
particular “Event”.
4. Other shareholder may ask questions to the panellist, via
13.
Process and manner for attending the active chat-board during the meeting.
Annual General Meeting through InstaMeet: 5. Please remember speaking serial number and start your
conversation with panellist by switching on video mode and
1. Open the internet browser and launch the URL: https://
audio of your device.
instameet.linkintime.co.in & Click on “Login”.
Shareholders are requested to speak only when moderator of
→ Select the “Company” and ‘Event Date’ and register with
your following details: - the meeting/ management will announce the name and serial
number for speaking.
A. Demat Account No. or Folio No: Enter your 16 digit
Demat Account No. or Folio No Instructions for Shareholders/ Members to Vote
during the Annual General Meeting through
•
Shareholders/ members holding shares in CDSL InstaMeet:
demat account shall provide 16 Digit Beneficiary ID
Once the electronic voting is activated by the scrutinizer during
•
Shareholders/ members holding shares in NSDL the meeting, shareholders/ members who have not exercised
demat account shall provide 8 Character DP ID their vote through the remote e-voting can cast the vote as under:
followed by 8 Digit Client ID
1. On the Shareholders VC page, click on the link for e-Voting
• Shareholders/ members holding shares in physical “Cast your vote”
form shall provide Folio Number registered with the
Company 2. Enter your 16 digit Demat Account No. / Folio No. and OTP
(received on the registered mobile number/ registered email
B. PAN: Enter your 10-digit Permanent Account Number Id) received during registration for InstaMEET and click on
(PAN) (Members who have not updated their PAN with ‘Submit’.
the Depository Participant (DP)/ Company shall use the
sequence number provided to you, if applicable. 3. After successful login, you will see “Resolution Description”
and against the same the option “Favour/ Against” for
C. Mobile No.: Enter your mobile number. voting.
D. Email ID: Enter your email id, as recorded with your DP/ 4. Cast your vote by selecting appropriate option i.e. “Favour/
Company. Against” as desired. Enter the number of shares (which
represents no. of votes) as on the cut-off date under ‘Favour/
→ Click “Go to Meeting” (You are now registered for InstaMeet Against’.
and your attendance is marked for the meeting).
5. After selecting the appropriate option i.e. Favour/Against as
Please read the instructions carefully and participate in the desired and you have decided to vote, click on “Save”. A
meeting. You may also call upon the InstaMeet Support confirmation box will be displayed. If you wish to confirm
Desk for any support on the dedicated number provided to your vote, click on “Confirm”, else to change your vote, click
you in the instruction/ InstaMeet website on “Back” and accordingly modify your vote.
Instructions for Shareholders/ Members to 6. Once you confirm your vote on the resolution, you will not
Speak during the Annual General Meeting be allowed to modify or change your vote subsequently.
through InstaMeet:
Note:
1. Shareholders who would like to speak or ask questions
during the meeting need to register themselves as speaker by • Shareholders/ Members, who will be present in the Annual
sending their request from their registered e-mail address to General Meeting through InstaMeet facility and have not
the Company Secretary at investor.relations@lodhagroup. casted their vote on the Resolutions through remote e-Voting
com mentioning their name, DP ID and Client ID / folio and are otherwise not barred from doing so, shall be
number and mobile number. Only those Shareholders who eligible to vote through e-Voting facility during the meeting.
455
Shareholders/ Members who have voted through Remote

e-Voting prior to the Annual General Meeting will be eligible
to attend/ participate in the Annual General Meeting
through InstaMeet. However, they will not be eligible to vote
again during the meeting.
• Shareholders/ Members are encouraged to join the Meeting

through Tablets/ Laptops connected through broadband for
better experience.
• Shareholders/ Members are required to use Internet with a

good speed (preferably 2 MBPS download stream) to avoid
any disturbance during the meeting.
• Please note that Shareholders/ Members connecting from

Mobile Devices or Tablets or through Laptops connecting
via Mobile Hotspot may experience Audio/Visual loss due to
fluctuation in their network. It is therefore recommended to
use stable Wi-FI or LAN connection to mitigate any kind of
aforesaid glitches.  Install the desktop app to get the full-featured Webex
Meetings experience.
In case shareholders/ members have any queries regarding
login/ e-voting, they may send an email to instameet@linkintime.  You can still join from your web browser by clicking Join
co.in or contact on: - Tel: 022-49186175. from your browser, If you can’t install apps.
uidelines to attend the AGM proceedings of

G Checkpoints:
Link Intime: InstaMeet
For a smooth experience of viewing the AGM proceedings of

Macrotech Developers Limited through InstaMeet, shareholders/
members who are registered as speakers for the event are
requested to download and install the Webex application in
advance by following the instructions as under:
Step 1: Please download and install the Webex application by

clicking on the link https://www.webex.com/downloads.
html/
How do I join the WebEx meetings?
Step 2:
Select download option as per device windows
• Open the internet browser and launch the Meeting URL
configuration i.e. (64 bit or 32 bit).
shared to you.
Or
• Open Webex App and further enter Meeting URL.
• Enter your name and email address, click “Next” and further
click “Join Webinar”.
• Click Join Meeting.
To check windows configuration i.e. (64 bit or 32 bit) Go to

Desktop/PC Device “Setting”, click on “About” to check the
system type is 64 bit / 32 bit.
456
Notice
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013 READ WITH SEBI
(LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
Item No. 4: Re-appointment of Ms Raunika 4. Perquisites and benefits

Malhotra (DIN: 06964339) as a Whole-time Director
for a period of 2 years. She shall be entitled to provident fund, superannuation fund,
gratuity, leave encashment, personal accident insurance,
Ms Raunika Malhotra (DIN 06964339) was appointed as benefits under the Company’s pension scheme etc as per
Whole-time Director for a period of one year with effect from the Company policies as amended or modified from time
June 26, 2020, pursuant to resolutions passed by the members to time. The perquisite value of the facilities / benefits shall
on September 25, 2020. She was re-appointed as Whole time be determined as per the Income Tax Act, 1961 and the
director, liable to retire by rotation for a further period of two Rules framed thereunder. In the absence of any such Rules,
years with effect from June 26, 2021 pursuant to the resolution perquisites and allowances shall be evaluated at actual cost.
passed by the members at the 26th AGM held on September 03,
2021 and holds office upto June 26, 2023. Employee Stock Options exercised and vested housing
grants shall be in addition to the remuneration mentioned in
Based on recommendation of NRC, the Board of Directors at its para (2) above.
meeting held on June 6, 2023 has approved re-appointment of
Ms Raunika Malhotra as Whole-time Director, liable to retire by 5. Variable pay (Performance Linked Incentive)
rotation for a further term of two years i.e. from June 26, 2023 to
She shall be entitled to variable pay based on individual
June 25, 2025, subject to approval of the members.
performance including milestones achieved on ESG front
Ms Raunika Malhotra is neither disqualified from being and Company performance as per Company policies and
appointed as a Director in terms of Section 164 (2) of the Act as approved by the NRC and / or Board.
nor debarred from holding the office of director by virtue of any
6. Increments
SEBI order or any other such authority and has given all the
necessary declarations and confirmation including her consent Annual increase, if any, in salary shall be as per as per
for re-appointment as Whole-time Director of the Company. Ms Company policies and shall be decided by the Board of
Raunika Malhotra satisfies all the conditions set out in Part-I of Directors on the recommendation of the NRC.
Schedule V to the Act as also conditions set out under Section
196(3) of the Act for being eligible for her re- appointment. 7. Minimum Remuneration
It is proposed to seek members’ approval for the re-appointment If in any financial year during the currency of her tenure, the
and remuneration payable to Ms Raunika Malhotra as Whole- Company has no profits or if its profits are inadequate, she
time Director of the Company in terms of the applicable shall be entitled to minimum remuneration by way of basic
provisions of the Act and the rules made thereunder on the terms salary, perquisites, allowances within limits prescribed under
and conditions as detailed below: Section II, Part II of Schedule V of the Act as amended from
time to time.
A brief profile of Ms Raunika Malhotra in terms of Regulation
36(3) of the Listing Regulations is detailed in the Annexure to 8. Notice period and severance pay
this notice.
The office of the Whole-time director may be terminated by
Brief particulars of the terms of re-appointment of, and the Company or by her by giving 3 months prior notice in
remuneration payable to Ms Raunika Malhotra are as under: writing. No severance pay will be paid to her.
Proposed Terms of appointment 9. Miscellaneous
1. Tenure a. The perquisites and allowances shall be evaluated

wherever applicable, as per the provisions of the
For a period of 2 years from June 26, 2023 to Income tax Act 1961 or any rules thereunder or any
June 25, 2025. statutory modifications or re-enactment thereof, in the
absence of any such rules, perquisites and allowances
2. Fixed salary
shall be evaluated at actual cost.
Upto H 3.75 crore per annum.
b. The Company’s contribution to provident fund,
3. Sitting fees superannuation or annuity fund, to the extent these
singly or together are not taxable under the Income tax
No sitting fees shall be paid to her for attending Board or
committee meetings.
457
law, gratuity payable and encashment of leave as per d. Job profile and suitability
the rules of the Company and to the extent not taxable
under the Income tax law, shall not be included for Ms. Raunika Malhotra is President – Marketing and
the purpose of computation of the overall ceiling of Corporate Communications of the Lodha group.
remuneration. She has been with the Lodha group for 14 years,
including two years as Deputy Regional Chief Executive
The above may be treated as a written memorandum setting Officer. Her primary responsibility is to oversee all
out the terms of re-appointment of Ms Raunika Malhotra marketing operations of the company and develop
under Section 190 of the Act. the marketing strategy including advertising strategy,
brand management, market research, marketing
Disclosure as required under Schedule V to the communications and public relations. She strategizes
Act is given hereunder: and develops the short and long term brand strategy
for the company and campaigns for projects across
I. General Information
MMR, Pune and Bengaluru in line with the strategy of
the company.
1. Nature of industry Real Estate
2. Date or expected date of Not applicable as the e. Remuneration proposed
Commercial Production Company has already
commenced its business As per Terms of Appointment given above
activities
f. Comparative remuneration profile with respect
3. In case of new companies, Not applicable
to Industry, size of the Company, profile of the
expected date of
position and person
commencement of activities
as per project approved Taking into consideration the size of the Company and
by financial institutions the individual profile of Ms Raunika Malhotra and the
appearing in the prospectus industry benchmarks, the remuneration proposed to be
paid is commensurate with the remuneration packages
II. Financial Performance (standalone)
paid to similar senior level positions in other companies
For the year ended in the industry.
J in crore March March March g. Pecuniary relationship directly or indirectly with
2023 2022 2021 the Company, or relationship with the managerial
Revenue from 8,734.60 8,365.91 5925.66 personnel, if any
operations
Profit before tax 194.29 1,598.37 156.00 Ms Raunika Malhotra has no pecuniary relationship
Profit after tax 305.81 1,133.46 122.14 directly or indirectly with the Company or its key managerial
Share capital 481.79 481.51 395.88 personnel other than her remuneration in the capacity of
President Marketing and Corporate Communications
Net worth 12,227.50 11,761.93 3,734.61
and Whole-time director of the Company.
III. Foreign investments or collaborations, if any
V. Other Information
There is no direct foreign investment in the Company except
to the extent shares held by Foreign Institutional Investors 1. Reason for inadequate The information pertaining
acquired during the initial public offering, open market and profit to said clauses shall be
QIP. There is no foreign collaboration in the Company. 2. Step taken or proposed to disclosed at appropriate
be taken for improvement places in the financial
IV. Information about the appointee year in which the loss or
3. Expected increase in
a. Background details productivity and profits in inadequacy of profits is
measurable terms incurred.
Background details have been provided in the Annexure
of this Explanatory Statement to this Notice. Additional information in respect of Ms Raunika Malhotra,
pursuant to the Secretarial Standards is provided at Annexure
b. Past remuneration to this Notice.
The remuneration (including all benefits and perquisites) Ms Raunika Malhotra and her relatives may be deemed to be
for the financial year 2022-23 was H 3.25 crore. interested in the resolution, to the extent of their shareholding
interest, if any, in the Company. Save and except the above,
c. Recognition or awards none of the other Directors or Key Managerial Personnel of
the Company or their relatives are, in any way, concerned or
NIL
interested, financially or otherwise, in the resolution.
458
Notice
The Board of Directors recommends the resolution at Item No. 4 (Audit and Auditors) Rules, 2014, as amended, remuneration
of this Notice for your approval. payable to the Cost Auditor has to be ratified by the members
of the Company. Accordingly, consent of the members is sought
Item No. 5: Ratification of Cost Auditor’s for passing an Ordinary Resolution as set out at item no. 5 of
remuneration the notice.
The Board has approved appointment of D. C. Dave & Co., Cost None of the Directors or Key Managerial Personnel of the
Accountants (Firm Registration No. 000611) to conduct the audit Company or their relatives are, in any way, concerned or
of the cost records of the Company for the financial year 2023- interested, financially or otherwise, in the resolution.
24, at a remuneration of H 10,00,000 plus applicable taxes and
re-imbursement of out of pocket expenses. In accordance with The Board of Directors recommends the resolution at Item No. 5
the provisions of Section 148 of the Act read with the Companies of this Notice for your approval.
459
ANNEXURE TO THE NOTICE

Details of the Directors seeking appointment/re-appointment at the 28th Annual General Meeting
[Pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Secretarial Standards on General Meeting]
Particulars Mr R. P. Singh Ms Raunika Malhotra
Date of Birth October 20, 1951 September 3, 1979

Qualification Post graduate degree in mathematics from Advanced Bachelor’s degree in engineering
Centre for Pure Mathematics, Punjab University, (electronics and telecommunication
Chandigarh. branch) from the University of Pune and
a post-graduate diploma in industrial
engineering from the National Institute of
Industrial Engineering, Mumbai.
Experience Mr. Rajinder Pal Singh was an IAS officer (1976 She is President – Marketing and
batch) Andhra Pradesh Cadre. Past Chairman of Corporate Communications of the Lodha
National Highways Authority of India, Ex-Chairman group. She has been with the Lodha
and Managing Director of Punjab & Sind Bank and group for 14 years, including two years
served as the secretary to the Department of Industrial as Deputy Regional Chief Executive
Policy and Promotion, Government of India. He has Officer. She has more than 17 years
worked both as commissioner of Hyderabad Muncipal of experience in leadership, corporate
Corporation & Vice Chairman of Hyderabad Urban strategic planning, consumer insights and
Development Authority. He has had long stints as brand management. Prior to joining the
Managing Director of A.P. Industrial Development Lodha group, she has worked with ECS
Corporation and Commissioner of Taxation in A.P. Limited and Adayana Learning Solutions
He has nearly 47 years’ experience in regulatory Private Limited in strategic consulting.
area of finance, industry urban development and
infrastructure.
Expertise in specific Regulatory areas of Finance, Industry, Urban Corporate branding, marketing and
functional areas Development and Infrastructure corporate communications
Terms & Conditions of Not Applicable Please refer to Item No. 4 of the
appointment / re-appointment explanatory statement of this AGM
Notice.
Remuneration last drawn & Remuneration drawn in FY23 - Mr Rajinder Remuneration drawn in FY23
sought to be paid Pal Singh is a non-executive Director and does not H 3.25 crore (including all benefits &
draw any remuneration from the Company. He draws perquisites )
remuneration of H 90 lakhs from one of the subsidiaries Remuneration sought to be paid:
of the Company and will continue to draw the same
Refer explanatory statement to Item No. 4
remuneration in FY24.
of this AGM notice
Date of first appointment on January 1, 2016 June 26, 2020
the Board
Directorships held in other Maruti Suzuki India Limited Nil
companies as on March 31, IRB Infrastructure Private Limited
2023
Nirlon Limited
460
Notice
Particulars Mr R. P. Singh Ms Raunika Malhotra
Name of Listed entities Indus Towers Limited Nil

from which the Director has (Date of cessation: November 19, 2020)
resigned in the past three
years.
Memberships/ Chairmanship o Audit Committee; (Chairman; Nirlon Limited) Nil
of committees of other o Nomination and Remuneration Committee;
companies as on March 31, (Member; Nirlon Limited)
2023
o Risk Management Committee; (Chairman; Nirlon
Limited)
o Stakeholders’ Relationship Committee; (Member;
Nirlon Limited)
o Audit committee (Member; Maruti Suzuki India
Limited)
o CSR Committee (Member; Maruti Suzuki India
Limited)
o NRC Committee (Member; IRB Infrastructure
Private Limited)
Shareholding in the Nil 1020
Company (Equity)
Inter-se Relationship with None None
other Directors/Manager/
other Key Managerial
Personnel
Number of Board meetings Attended 8 meetings out of 8 meetings held during Attended 6 meetings out of 8 meetings
attended during the financial the year held during the year
year 2022-23
461
Independent Assurance Statement
INDEPENDENT ASSURANCE STATEMENT
Introduction Responsibilities of the Management of MDL and of

the Assurance Provider
DNV represented by DNV Business Assurance India Private Limited
(‘DNV’) has been appointed by the management of Macrotech The Management of the Company has the sole responsibility
Developers Limited’s (‘MDL’ or ‘the Company’, Corporate for the preparation of the Report as well as the processes for
Identification Number: L45200MH1995PLCO93041) to carry collecting, analysing and reporting the information presented in
out an independent assurance engagement of its nonfinancial/ the Report and is also responsible for ensuring the maintenance
sustainability performance (qualitative and quantitative data) and integrity of its website and referenced disclosures on
disclosed in the Company’s Integrated Report for financial sustainability performance and management approach. In
year 2022-23 (‘the Report’) in its printed and online formats performing this assurance work, DNV’s responsibility is to the
including the Business Responsibility and Sustainability Reporting Management of MDL; however, this statement represents our
(‘BRSR’) disclosures and references to the Company’s website. independent opinion and is intended to inform the outcome of
The sustainability performance in this Report covers disclosures the assurance to the stakeholders of the Company.
corresponding to the reporting period 1st April 2022 – 31st
March 2023 and relates to material topics identified by MDL. DNV’s assurance engagements are based on the assumption
that the data and information provided by the client to us as
The sustainability disclosures have been prepared by the part of our review have been provided in good faith and free
Company based on the Global Reporting Initiative’s (GRI’s) from material misstatements or errors. We were not involved in
Sustainability Reporting Standards 2021 (‘GRI Standards 2021’), the preparation of any statements or data included in the Report
National Guidelines on Responsible Business Conduct, 2018 except for this Assurance Statement.
(‘NGRBC’) of the Ministry of Corporate Affairs, Government of
India and the Securities and Exchange Board of India’s (‘SEBI’s’) We did not come across limitations to scope of the agreed
requirements with respect to BRSR vide Circular No. SEBI/HO/ assurance agreement during our assurance process. The reported
CFD/CMD-2/P/CIR/2021/562 dated 10th May 2021, and key data on economic performance, expenditure towards Corporate
requirements of the International Integrated Reporting Council’s Social Responsibility (CSR) activities, and other financial data of
International <IR> Framework (January 2021, the ‘<IR> MDL within the Report are based on audited financial statements
Framework’). which have been subjected to a separate independent statutory
audit process and is not included in our scope of work. We were
The reporting boundaries for non-financial performance covers not involved in the review of financial information within the Report.
its business operations (operational and underconstruction
assets) and its subsidiaries and is as brought out in the Report in
the section ‘About the Report’.
Basis of our Opinion
We planned and performed our work to obtain the evidence

We performed our assurance (Type 2, Moderate level) activities
considered necessary to provide a basis for our assurance opinion,
based on AccountAbility’s AA1000 Assurance Standard v3,
and as part of the assurance engagement, a multi-disciplinary
and DNV’s assurance methodology VeriSustainTM1. In doing
team of sustainability and assurance specialists conducted
so, we evaluated the qualitative and quantitative disclosures
assessments and interactions with key internal stakeholders at the
presented in the Report considering the NGRBC Principles and
Company’s Corporate Office at Mumbai and sample operations
GRI’s Principles of Defining Report Content, together with the
of the Company based on DNV’s sampling plan. We adopted
Company’s protocols and formats for measuring, recording and
a risk-based approach, that is, we concentrated our verification
reporting sustainability performance. Our assurance engagement
efforts on the issues of high material relevance to MDL and its key
was planned and carried out in May 2023 - June 2023.
stakeholders. We undertook the following activities:
The intended user of this assurance statement is the Management
• Reviewed the approach to stakeholder engagement and
of MDL. We disclaim any liability or responsibility to a third party
materiality determination process and its outcomes as
for decisions, whether investment or otherwise, based on this
brought out in the Report.
Assurance Statement. We planned and performed our work
to obtain the evidence we considered necessary to provide a • Conducted interviews with selected senior managers
basis for our assurance opinion. The assurance engagement responsible for management of sustainability issues
considers an uncertainty of ±5% based on materiality threshold disclosed in the Report, implementation of the Company’s
for estimation/measurement errors and omissions. We did not Policies as required by the BRSR, and carried out reviews
engage with any external stakeholders as part of this assurance
engagement.
1
The VeriSustain protocol is available on request from www.dnv.com and is based on our professional experience, international assurance best practices including the
International Standard on Assurance Engagements 3000 (ISAE 3000) Revised (Assurance Engagements other than Audits or Reviews of Historical Financial Information) and
GRI’s Reporting Principles. GRI’s Principles for defining Report Content and Quality.
462
of selected evidence to support topics and claims disclosed The Report brings out how MDL engages with its significant
in the Report. We were free to choose interviewees and stakeholders – that is, customers, employees, channel partners,
interviewed those with overall responsibility to deliver the investors and lenders, contractual support staff, media and local
Company’s overall sustainability objectives. communities - in line with its Stakeholder Engagement Policy. The
channels of communication with these stakeholders, as well as
• Reviewed MDL’s approach towards addressing application the topics and concerns which have been raised through these
of the NGRBC Principles and the GRI Principles for Defining channels are brought out within the Report.
Report Content and Quality Guiding Principles and Content
Elements (GRI 1: Foundation 2021); Nothing has come to our attention to suggest that
the Report does not meet the requirements related to
• Carried out site assessments of sample operational sites the Principle of Inclusivity.
of the Company - (i) Corporate office at Lodha Excelus in
Mumbai (ii) iThink A - Lodha Business Park in Thane (iii) Materiality
World Towers in Mumbai (iv) Lodha Clariant in Thane (v)
Lodha Luxuria in Thane, and (vi) Lodha The Park in Mumbai The process of determining the issues that are most relevant to
- to review the processes and systems for preparing site an organization and its stakeholders.
level sustainability data and implementation of sustainability
The Report describes the materiality assessment carried out by
strategy. DNV was free to choose sites for conducting
MDL which covers reviews of sector-specific, current and emerging
assessments;
risks, internal consultations, global sustainability frameworks/
• Assessed the robustness of the data management systems, ratings, and stakeholder surveys. The identified material
data accuracy, information flow and controls for the topics have been prioritized based on responses, concerns
reported disclosures and specific performance data related and expectations from internal and external stakeholders, and
to identified material topics, as well as the processes for data significance to the Company based on business goals and risks.
consolidation in context to the principle of Completeness as
Nothing has come to our attention to suggest that
per DNV’s VeriSustain;
the Report does not meet the requirements related to
• Examined and reviewed selected supporting evidence the Principle of Materiality.
including documents, data and other information made
Responsiveness
available by the Company related to sustainability disclosures
presented within the Report; The extent to which an organization responds to stakeholder
issues.
• Performed an independent assessment of the Company’s
reporting against the key reporting requirements of BRSR The Report articulates the responses to material topics through
and the GRI Standards 2021. related strategies, descriptions on management approach along
with key performance indicators as per GRI Standards 2021 and
chosen GRI topic-specific Standards and processes established
Opinion and Observations
by the Company towards responding to stakeholder expectations
On the basis of our assurance work undertaken, nothing has and key interests of stakeholders through descriptions of
come to our attention to suggest that the Report together with the policies, management and performance indicators, and
referenced information does not properly describe the Report’s governance mechanisms as per the key requirements of BRSR.
adherence to the requirements of BRSR, that is, the General
Disclosures, Management and Process Disclosures, and Nothing has come to our attention to suggest that
Principle-wise Performance Disclosures, nor its adherence to the the Report does not meet the requirements related to
Reporting Principles of the GRI Standards 2021, that is, the key the Principle of Responsiveness.
requirements of GRI 2: General Disclosures 2021 and GRI 3: Impact
Management and representation of the material topics including
chosen topic-specific disclosures from the GRI Standards 2021 The level to which an organisation monitors, measures and is
to bring out its sustainability performance. accountable for how its actions affect its broader ecosystems.
Without affecting our assurance opinion, we also provide the The Report describes the key performance metrics to disclose
following observations. key impacts and management processes implemented by the
Company towards monitoring, measuring and evaluating non-
Principles of the AA1000 Accountability Principles financial impacts related to its identified material topics, and the
Standard (2018) Company’s mechanisms to mitigate significant impacts.
Inclusivity Nothing has come to our attention to suggest that
The participation of stakeholders in developing and achieving an the Report does not meet the requirements related to
accountable and strategic response to Sustainability. the Principle of Impact.
463
Independent Assurance Statement
Specific Evaluation of the Information on Sustainability GRI topic-specific Standards considering the chosen reporting
Performance boundary and period for the identified material topics.
We consider the methodology and the process for gathering Nothing has come to our attention to suggest that
information developed by MDL for its sustainability performance the Report does not meet the requirements related to
reporting to be appropriate, and the qualitative and quantitative the Principle of Completeness with respect to scope,
data included in the Report was found to be identifiable and boundary and time.
traceable; the personnel responsible were able to demonstrate
the origin and interpretation of the data and its reliability. We Neutrality
observed that the Report presents a faithful description of the
The extent to which a report provides a balanced account of an
reported sustainability activities and goals achieved for the
organization’s performance, delivered in a neutral tone.
reporting period.
The Report presents MDL’s sustainability performance during the
Reliability
reporting period in neutral tone so as to not unduly influence
The accuracy and comparability of information presented in the stakeholder opinions made on reported qualitative and
report, as well as the quality of underlying data management quantitative information, along with descriptions of significant
systems. challenges and risks related to stakeholders and its business, and
overall macroeconomic trends and business outlook.
The Report brings out the Company’s sustainability performance
related to its identified material topics and principles of the Nothing has come to our attention to suggest that
NGRBC using selected GRI topic-specific Standards. The the Report does not meet the requirements related to
majority of the data and information verified through our the Principle of Neutrality.
assessments at sampled operational sites through interactions
with the Company’s management teams and data owners and Statement of Competence and Independence
aggregated at the Corporate Office were found to be fairly
accurate and reliable. Some of the data inaccuracies identified DNV applies its own management standards and compliance
during the verification process were found to be attributable to policies for quality control, in accordance with ISO IEC
transcription, interpretation and aggregation errors and these 17021:2015 - Conformity Assessment Requirements for bodies
errors have been identified, communicated and corrected. providing audit and certification of management systems, and
accordingly maintains a comprehensive system of quality control
Nothing has come to our attention to suggest that including documented policies and procedures regarding
the Report does not meet the requirements related to compliance with ethical requirements, professional standards
the Principle of Reliability. and applicable legal and regulatory requirements.
Additional principles as per DNV VeriSustainTM We have complied with the DNV Code of Conduct2 during
the assurance engagement and maintain independence where
Completeness
required by relevant ethical requirements including the AA1000AS
How much of all the information that has been identified as v3 Code of Practice. This engagement work was carried out by an
material to the organisation and its stakeholders is reported. independent team of sustainability assurance professionals. We
were not involved in the preparation of any statements or data
The Report brings out the Company’s economic, environmental, included in the Report except for this Assurance Statement. DNV
social and governance-related performance during 2022-23 maintains complete impartiality toward stakeholders interviewed
covering the key reporting requirements of GRI Standards 2021 and during the assurance process. We did not provide any services to
BRSR disclosures covering Management and Process Disclosures MDL or its subsidiaries in the scope of assurance for the reporting
and Principle-wise Performance Disclosures, as well as selected period that could compromise the independence or impartiality
Project Number: PRJN-545755 Page 4 of 5 performance-based of our work.
For DNV Business Assurance India Private Limited

Tushar Chaudhari Kakaraparthi Venkata Raman
Lead Verifier Assurance Reviewer
DNV Business Assurance India Private Limited,India. DNV Business Assurance India Private Limited, India
30th June 2023, Mumbai, India
2
The DNV Code of Conduct is available on request from www.dnv.com
464
Registered Office: 412, Floor - 4, 17G, Vardhaman Corporate Office: Lodha Excelus, L 2, N M Joshi Marg,
Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mahalaxmi, Mumbai 400 011
Mumbai 400 001.
Phone Number: +91 (22) 6773 7373 Email Id: [email protected]

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June 30, 2023

National Stock Exchange of India Limited

This is for your information and record please.

For Macrotech Developers Limited

Corporate Portrait Leadership & Governance Sustainable Value Creation

12 Geographic Footprint 20 Managing Director and 34 Business Model

Sustainable Growth Statutory Reports Financial Statements

Scan the QR code to Reference to another Reference to further

You can also find this report online:

holistic view of our strategic vision, performance,

in any forward-looking statements due by DNV Business Assurance Private Telephone

reader in making an informed decision as a result of new information, future

Shot at LODHA AMARA

Powered by four decades of experience, We are supporting Unnati – an initiative aimed at

Across geographies and price points, we

Sustainability has been at the core of all

As India’s No.1 real estate developer,*

(GRI 2-1, 2-6)

Creators of World’s Finest Developments

We have the experience and

We have been able to create

BRANDS THAT EPITOMISE EXCELLENCE KEY HIGHLIGHTS

Pre-sales Collections Business Development Adjusted EBITDA^ PAT*

Our Presence across Key Locations Sustaining our Winning Streak

TIMES ICONIC BRANDS THE ECONOMIC TIMES ASCENT

Sustainable National Best

THE ECONOMIC TIMES TIMES ASCENT THE GREAT MANAGER

Best Organisation for

LOGISTICS PARK OF GREEN WAREHOUSE

Our customer-centric business

Our core business is residential real estate

We also develop commercial real estate, largely as

We believe that a high standard of corporate

Taking ethical business

Clear and fair

3 Compliance with relevant

laws in letter and

Our Clear and fair substance

philosophy communication with all

structure that establishes

checks and balances

and delegates decision-

(GRI 2-6, 2-9, 2-10, 2,11, 2-12, 2-13, 2-14, 2-17)

Managing Director and

Our RoE, calculated progress towards its objective of becoming

forma earnings, grew energy share which currently stands at

about 9,600 homes totalling to 9.3 mn

Demography and Development Cycle

India’s real estate sector is driven by multiple STRONG STRUCTURAL DEMAND

tailwinds with sustained economic growth lifting Consistent income growth to

are creating a strong long-term demand upcycle. 30

Rising per capita income will enable

As per various consumer surveys, in 2021 Upper 68mm 152mn

Rapid urbanisation to create Nuclearisation of families

Rapid and ongoing urbanisation ensures 10

This educated workforce is driving the

end lifestyle products.

BEST EVER AFFORDABILITY Mortgage industry enabler of DISCIPLINED SUPPLY SCENARIO

(28%) Pune 17%

Creating Sustainable Value through