Lodha Developers Quarterly Update 3QFY18

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 and 1 new commercial marketing projects with 4 towers : 2 residential towers of Codename Goldmine at Thane Majiwada 1 residential tower of Lodha Trinity at Palava 1 commercial tower Lodha Supremus at Andheri 45 towers have received OC during the quarter: 41 towers of project Lakeshore Greens, Palava received full OC 2 towers of project Lodha Belmondo, Pune received full OC 2 towers of Lodha Fiorenza, Goregaon received part OC

Operating Performance Key Metrics Particulars Q3 FY18 Q3 FY17 YoY change Q3 vs Q3 9M FY18 9M FY17 9M vs 9M Sales Value (Rs Cr) 1,800 1,509 19% 5,483 3,996 37% Sales Volume (mnsqft) 1.6 1.7 -10% 5.1 3.7 36% Collections (Rs Cr) 1,872 1,684 11% 6,372 5,142 24% Construction Spend (Rs Cr) 962 913 5% 3,172 2,789 14% No of units Completed 4,135 599 590% 7,438 4,909 52% Area Completed (mnsqft) 5.7 1.0 470% 9.3 6. 6 42%

Operating Performance : Key Metrics by segments Sold Area in ‘000 sqft Sales in Rs Cr Collections in Rs Cr Construction spend in Rs Cr Q3 FY18 Q3 FY17 Hi-end / Mid-income 529 367 1,019 645 1,194 1,073 592 599 Affordable 975 1,309 707 830 646 600 365 302 Commercial (Office & Retail) 57 55 74 34 32 11 5 13 Total 1,561 1,731 1,800 1,509 1,872 1,684 962 913 Segment Sold Area in ‘000 sqft Sales in Rs Cr Collections in Rs Cr Construction spend in Rs Cr 9M FY18 9M FY17 Hi-end / Mid-income 1,481 1,097 2,884 2,236 4,457 3,117 1,986 1,777 Affordable 3,508 2,475 2,481 1,626 1,836 1,887 1,126 931 Commercial (Office & Retail) 89 159 118 134 79 138 60 81 Total 5,077 3,730 5,483 3,996 6,372 5,142 3,172 2,789

Financial Performance- P&L Account Particulars (All figures in INR Crore) Q3 FY'18 Q3 FY'17 YoY change Q3 vs Q3 9M FY'18 9M FY'17 YoY change 9M vs 9M FY ’17 Revenue from Operations 2,444 2,165 13% 6,600 5,572 18% 7,926 Other Income 99 6 1550% 116 20 480% 67 Total Income 2,543 2,172 17% 6,716 5,591 20% 7,993 Cost of Projects 1,893 1,479 28% 4,444 3,724 19% 5,336 Employee Benefits Expense 119 101 370 320 16% 457 Finance Costs 48 63 -24% 125 110 14% 170 Depreciation and Amortisation Exps 97 114 -15% 291 -9% 460 Other Expenses 153 147 4% 631 382 65% 541 Total Expenses 2,310 1,903 21% 5,861 4,856 6,964 Operating Profit 233 269 -13% 855 735 1,029 Share of (Loss)/Profit in Associates 8 55 -85% 7 -1 -8 -16 Exceptional Item NA 16 Profit Before Tax 241 323 -25% 878 734 1,013 Tax -85 -162 -48% -317 -334 -5% -409 Profit After Tax 155 161 -4% 561 400 40% 605 MI & Other Adjustments 53 -54 51 2 24.5 445 Net Profit (Loss) for the Period 208 160 30% 613 402 52% 1,050

Financial Performance- Balance Sheet Particulars (All figures in INR Crore) As on Dec 2017 As on March 2017 Share Capital 396 113 Reserves and Surplus 4,641 4,354 Minority Interest 53 134 Borrowings 17,727 16,163 Liabilities & Provisions 12,171 13,783 Total Liabilities 34,988 34,547   Fixed Assets 2,291 2,422 Investments 1,643 2,750 Cash and Bank Balance 345 279 Loans & Advances 4,078 1,765 Other Assets 26,631 27,331 Total Assets

Financial Performance- Cash Flow Statement Particulars (All figures in INR Crore) 9M FY'18 FY'17 Operating Activities (A)   Profit Before Tax 878 1,013 Adjustments for non cash items 1,717 2,170 Working Capital Adjustments -716 -1270 Cash Generated from / (used in) Operating Activities 1,879 1,913 Income Tax Paid -255 -444 Net Cash Flows from Operating Activities (A) 1,624 1,469 Net Cash Flows used in Investing Activities (B) -1,191 -1,174 Net Cash Flows used in Financing Activities {C} -405 -311 Net Increase in Cash and Cash Equivalents (A+B+C) : 28 -16 Cash and Cash Equivalents at the beginning of the period 184 199 Cash and Cash Equivalents acquired on acount of Acquisition 17 Cash and Cash Equivalents at period end 229

Annexures Annexures

P&L - Long Term Trend Particulars (All figures in INR bn) FY17 FY16 Revenue from Operations 79.3 83.1 62.7 47.1 35.1 Other Income 0.7 0.5 0.1 0.2 Total Income 79.9 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 5.4 6.3 5.8 3.9 2.4 Total Expenses 69.6 71.8 50.1 40.1 30.6 Operating Profit 10.3 11.8 12.7 7.2 4.7 Exceptional Item -0.2 0.0 (0.0) Profit Before Tax 10.1 4.9 Tax 4.0 2.9 1.2 Profit After Tax 6.1 7.8 4.3 3.7 MI & Other Adjustments 4.4 (0.4) (0.6) (0) Net Profit (Loss) for the Period 10.5 6.8 4.2 3.8 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 161.6 137.4 118.7 87.2 72.4 Liabilities & Provisions 137.8 130.6 125.1 115.4 101.1 Total Liabilities 345.5 309.3 276.8 228.9 195.7   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 273.3 252.7 215.1 180.5 160.7 Total Assets Confidential Confidential

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

Completed Projects Sr. No. Project Name Segment Micro Market Saleable Area (mnsft) 1 Casa Rio Affordable Palava 6.4 2 Lodha Heaven Dombivali 4.0 3 Casa Bella Gold 3.8 4 Lakeshore Greens, Palava 5 Lodha Belmondo Mid-Income Pune 2.9 6 Casa Rio Gold 2.8 7 New Cuffe Parade, Wadala Hi-End Harbour Mumbai 2.4 8 Casa Bella 1.9 9 Casa Univis Eastern Suburbs 1.6 10 Lodha Splendora, Bhayanderpada 2 11 Lodha Paradise 1.5 12 Casa Paradiso Hyderabad 1.2 13 Lodha Complex 1.1 14 Lodha Luxuria 0.9 15 I Think- Thane (Simtools) Commercial 16 World Crest, Upper Worli Central Mumbai 0.8 17 Lodha Aqua Western Suburbs 18 Lodha Fiorenza 19 Lodha Heritage 0.6 20 Lodha Complex – Nalasopara 21 Lodha Supremus 2, Thane 22 Lodha Supremus - 2 0.5 23 Lodha Bellissimo - A&B 24 Aurum Grande 25 Lodha Regency 26 Lodha Excelus 27 Lodha Golf Apts 0.4 28 Lodha Venezia, Parel 0.3 29 Others 6.3 Total 50.52 Confidential

Ongoing Projects Sr. No. Project Name Segment Micro Market Saleable Area (mnsft) 1 Lodha Amara Affordable Eastern Suburbs 4.11 2 Lakeshore Greens, Palava Palava 3.09 3 Downtown, Palava 2.58 4 Codename: Riverside, Palava 2.50 5 Central Park, Palava 1.95 6 Lodha Allura & Marquise, Worli Premium Central Mumbai 1.72 7 Upper Thane II, Anjur 1.56 8 Lodha Belmondo, Pune Pune 1.48 9 Codename: The Epic, Palava 1.23 10 World One, Upper Worli 1.14 11 World View, Upper Worli 1.13 12 Tower 4, Shreeniwas Commercial 1.00 13 Trump Tower Mumbai, Worli 0.92 14 Lodha Parkside, Worli 0.83 15 New Cuffe Parade, Wadala Commercial 0.82 16 Lodha Splendora, Bhayanderpada 2 17 Lodha Kiara, Worli 0.80 18 Lodha Estrella, Wadala Harbour Mumbai 0.57 19 Codename Bullseye, Mira Road Western Suburbs 0.54 20 I-Think, Palava Phase 2 0.50 21 Lodha Altia, Wadala 0.48 22 Lodha Eternis, Andheri 0.43 23 Lodha Trinity 24 Clariant (Plot B) Block A iThink 0.41 25 Lodha Venezia, Parel 0.40 26 Codename Goldmine 0.36 27 Codename: The Finale, Palava 0.35 28 Clariant (Plot B) Block B Supremus 0.28 29 Lincoln Square, London London 0.21 Confidential

Ongoing Projects Continued Sr. No. Project Name Segment Micro Market Saleable Area (mnsft) 30 Palava Retail Retail Palava 0.20 31 Lodha Supremus, Andheri Commercial 32 1 GSQ, London Premium London 0.16 33 I-Think, Palava Phase 1 34 Lodha Freshia Affordable 0.15 35 Lodha Crown 36 The Park Retail, Worli Central Mumbai 0.09 37 Codename Sea View , Walkeshwar 0.06 Total 33.78 Confidential

Saleable Area (mnsft) * Upcoming Projects Sr. No. Project Name Segment Micro Market Saleable Area (mnsft) * 1 Palava Balance Affordable Palava 34.82 2 Palava Retail Retail 0.10 3 I-Think, Palava Commercial 6.50 4 Lodha Amara (Phase II), Thane Eastern Suburbs 3.22 5 Clariant (Plot A), Thane Premium 3.50 6 Amara Retail 7 Upper Thane, Anjur 8.50 8 Lodha Belmondo — Phase II, Pune Pune 1.47 9 Clariant (Plot B) Block C iThink 0.43 10 New Cuffe Parade Tower 1, Wadala Harbour Mumbai 0.53 11 New Cuffe Parade Tower 2, Wadala 12 New Cuffe Parade Tower 11, Wadala 0.46 13 New Cuffe Parade Tower 12, Wadala 14 New Cuffe Parade, Wadala Commercial 0.82 15 The Park (Phase 2), Worli Central Mumbai 0.80 16 The Park Town House, Worli 0.08 17 Sitalbaug South Mumbai 0.16 18 Dattatreya, Tardeo 0.30 19 Lodha KEM, Parel 0.15 20 Codename Bigwin, Jogeshweri Western Suburbs 0.98 21 Mirador 0.04 22 Prabhadevi 0.20 Total 64.23 *Based on current estimate of management Confidential

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