Lodha Developers Quarterly Update 2QFY18

Index Sr. No Index 1 Overview 2 Operating Performance 3 Financial Performance 4 Annexures Confidential

Operating Performance Key Messages During the quarter we launched 2 new residential marketing projects with 30 towers : 5 towers of Lodha Mira Road at Mira Road 25 towers under project Codename Riverside at Palava 8 towers & 4 Villas have received OC during the quarter: 6 towers & 4 Villas of Belmondo 2 towers of Casa Rio

Operating Performance Key Metrics Particulars Q2 FY18 Q2 FY17 YoY change Q2 vs Q2 H1 FY18 H1 FY17 H1 vs H1 Sales Value (Rs Cr) 1,629 1,333 22% 3,669 2,458 49% Sales Volume (mnsqft) 1.7 1.0 72% 3.5 2.0 79% Collections (Rs Cr) 1,861 1,767 5% 4,469 3,418 31% Construction Spend (Rs Cr) 1,024 948 8% 2,089 1,876 11% No of units delivered to customers 626 1,631 -62% 1,516 3,503 -57% Area delivered to customers (mnsqft) 1.3 -25% 2.5 -29%

Operating Performance : Key Metrics by segments Sold Area in ‘000 sqft Sales in Rs Cr Collections in Rs Cr Construction spend in Rs Cr Q2 FY18 Q2 FY17 Hi-end / Mid-income 315 453 604 937 1,308 1,040 642 612 Affordable 1,408 464 1,015 305 535 676 364 311 Commercial (Office & Retail) 9 92 10 91 18 51 27 Total 1,732 1,009 1,629 1,333 1,861 1,767 1024 948 Segment Sold Area in ‘000 sqft Sales in Rs Cr Collections in Rs Cr Construction spend in Rs Cr H1 FY18 H1 FY17 Hi-end / Mid-income 952 729 1,864 1,591 3,276 2,040 1,317 1,178 Affordable 2,505 1,118 1,760 767 1,146 1,251 720 631 Commercial (Office & Retail) 32 104 45 99 47 127 52 67 Total 3,489 1,951 3,669 2,458 4,469 3,418 2,089 1,876

Financial Performance- P&L Account Particulars (All figures in INR Crore) Q2 FY'18 Q2 FY'17 YoY change Q2 vs Q2 H1 FY'18 H1 FY'17 YoY change H1 vs H1 FY ’17 Revenue from Operations 1,765 1,982 -11% 4,157 3,406 22% 8,008 Other Income 10 9 11% 17 13 31% 67 Total Income 1,774 1,991 4,174 3,420 8,075 Cost of Projects 1,059 1,389 -24% 2,552 2,246 14% 5,336 Employee Benefits Expense 115 138 -17% 251 219 15% 457 Finance Costs 37 270% 76 47 62% 170 Depreciation and Amortisation Exps 96 80 20% 194 206 -6% 460 Other Expenses 183 122 50% 478 235 103% 623 Total Expenses 1,490 1,739 -14% 3,552 2,953 7,045 Operating Profit 284 252 13% 622 467 33% 1,029 Exceptional Item 16 Profit Before Tax 300 19% 638 37% Tax -97 -90 8% -232 -172 35% -409 Profit After Tax 203 162 25% 406 294 38% 621 MI & Other Adjustments 4 -54 -107% -3 -74 -96% -44 Net Profit (Loss) for the Period 207 108 92% 403 220 83% 577

Financial Performance- Balance Sheet Particulars (All figures in INR Crore) As on Sept 2017 As on March 2017 Share Capital 113 Reserves and Surplus 4,765 4,354 Minority Interest 89 134 Borrowings 17,094 16,163 Liabilities & Provisions 13,331 13,849 Total Liabilities 35,392 34,613   Fixed Assets 2,667 2,422 Investments 2,756 2,750 Cash and Bank Balance 241 279 Loans & Advances 2,277 1,765 Other Assets 27,451 27,397 Total Assets

Financial Performance- Cash Flow Statement Particulars (All figures in INR Crore) H1 FY'18 H1 FY'17 Operating Activities (A)   Profit Before Tax 637 411 Adjustments for non cash items 1,245 1,154 Working Capital Adjustments -496 -302 Cash Generated from / (used in) Operating Activities 1,387 1,262 Income Tax Paid -156 -142 Net Cash Flows from Operating Activities (A) 1,231 1,119 Net Cash Flows used in Investing Activities (B) -587 -1,050 Net Cash Flows used in Financing Activities {C} -692 -140 Net Increase in Cash and Cash Equivalents (A+B+C) : -49 -71 Cash and Cash Equivalents at the beginning of the period 184 199 Cash and Cash Equivalents at period end 135 128

Annexures Annexures

P&L - Long Term Trend Particulars (All figures in INR bn) FY17 FY16 Revenue from Operations 80.1 83.1 62.7 47.1 35.1 Other Income 0.7 0.5 0.1 0.2 Total Income 80.8 83.6 62.8 47.3 35.3 Cost of Projects 53.4 51.8 39.3 32.7 24.3 Employee Benefits Expense 4.6 4.1 3.3 1.5 1.1 Finance Costs 1.7 5.1 0.8 2.5 Depreciation and Amortisation Exps 4.5 0.9 0.3 Other Expenses 6.2 6.3 5.9 3.9 2.4 Total Expenses 70.5 71.8 50.1 40.1 30.6 Operating Profit 10.3 11.8 12.7 7.2 4.7 Exceptional Item 0.0 (0.0) Profit Before Tax 4.9 Tax 2.9 1.2 Profit After Tax 7.8 4.3 3.7 MI & Other Adjustments (0.4) (0.6) (0) Net Profit (Loss) for the Period 5.8 6.8 4.2 Confidential Confidential

Balance Sheet- Long Term Trend Particulars (All figures in INR bn) FY17 FY16 FY15 FY14 FY13 Share Capital 1.1 1.2 Reserves and Surplus 43.5 38.5 30.5 23.0 18.8 Minority Interest 1.3 1.7 2.1 2.2 Borrowings 161.6 137.4 118.8 87.2 72.4 Liabilities & Provisions 138.5 130.6 125.1 115.4 101.2 Total Liabilities 346.1 309.3 276.8 228.9 195.7   Fixed Assets 24.2 20.7 13.8 4.6 4.0 Investments 27.5 20.2 18.0 2.5 Cash and Bank Balance 2.8 3.1 4.3 5.3 6.8 Loans & Advances 17.7 12.6 25.6 24.7 21.7 Other Assets 273.9 252.7 215.1 180.5 160.8 Total Assets Confidential Confidential

Long Term Performance Net Sales Collections Area Sold (INR bn) (INR bn) Area Sold Construction Spend Mnsqft (INR bn) Deliveries Units delivered Mnsqft

Saleable Area (mnsqft) Completed Projects Sr. No. Project Name Segment Micro Market Saleable Area (mnsqft) 1 Casa Rio Affordable Palava 6.4 2 Lodha Heaven   Dombivli 4.0 3 Casa Bella Gold 3.8 4 Casa Rio Gold 2.8 5 Lodha Belmondo Mid-Income Pune 2.5 6 Casa Bella 1.9 7 Lodha Complex 1.1 8 Lodha Paradise Eastern Suburbs 1.5 9 Casa Univis 1.4 10 Casa Paradiso Hyderabad 1.2 11 Lodha Splendora 1.0 12 Lodha Luxuria 0.9 13 I Think- Thane (Simtools) 14 World Crest Hi End Central Mumbai 0.8 15 Lakeshore Greens 2.2 16 Lodha Aqua Western Suburbs 17 Lodha Heritage 0.6 18 Lodha Supremus 2 Commercial 19 I Think- Kanjur Marg 0.5 20 Lodha Bellissimo - A&B 21 Aurum Grande 22 Lodha Regency 23 Lodha Fiorenza 24 Lodha Excelus 25 Others 6.6 Grand Total 44.1 Confidential

Saleable Area (mnsqft) Ongoing Projects Sr. No. Project and Location Segment Micro-Market Saleable Area (mnsqft) 1 Casa Univis, Thane Affordable Eastern Suburbs 0.2 2 Codename: The Finale, Palava Palava 0.4 3 Codename: The Epic, Palava 1.2 4 Downtown (Casa Regalia)-1, Palava 2.7 5 Central Park, Palava 2.2 6 Codename Riverside, Palava 1.9 7 Lakeshore Greens, Palava 5.0 8 Lodha Amara 3.8 9 Lodha Venezia, Parel Hi End Harbour Mumbai 0.7 10 Lodha Belmondo, Pune Mid-Income Pune 11 Lodha Eternis, Andheri Western Suburbs 12 Lodha Fiorenza, Goregaon 0.5 13 Lodha Splendora, Bhayanderpada 2 1.4 14 Upper Thane II, Anjur 1.6 15 World One, Upper Worli Central Mumbai 1.3 16 World View, Upper Worli 1.0 17 The Park, Worli 3.4 18 Trump Tower Mumbai, Worli 0.9 19 Codename Sea View , Walkeshwar 0.1 20 New Cuffe Parade, Wadala 4.4 21 New Cuffe Parade, Wadala Commercial Commercial 0.8 22 Codename Bullseye, Mira Road 23 Tower 4, Shreeniwas 24 Lodha Altamount South Mumbai Total 37.4 Confidential

Project Name and Location Estimated Saleable Area (mnsft) Upcoming Projects Sr. No. Project Name and Location Segment Micro Market Estimated Saleable Area (mnsft) 1 The Park (Phase 2), Worli Hi End Central Mumbai 0.8 2 I-Think, Palava Commercial 5.0 3 Clariant (Plot B), Thane 1.5 4 Clariant (Phase 1), Thane   Eastern Suburbs 3.5 5 Clariant (Plot A), Thane 6 Upper Thane II, Anjur Affordable 7 Upper Thane III, Anjur 8 Upper Thane IV, Anjur 3.0 9 Codename Goldmine, Thane Mid-Income 0.7 10 New Cuffe Parade — Phase II, Wadala Harbour Mumbai 1.3 11 New Cuffe Parade, Wadala Commercial 12 Lodha Utopia 0.2 13 Lodha Allura 0.1 14 Casa Eden, Palava Palava 8.4 15 Casa Viva, Palava 11.0 16 Casa Vista, Palava 17 Lodha Belmondo — Phase II, Pune Pune 18 Lodha Elitaire, Malabar Hill South Mumbai 0.4 19 Lodha Briza, Tardeo 0.3 Total 60.0 Confidential

Thank You!