Notes to Accounts of Lodha Developers Ltd.

Mar 31, 2025

6 Provisions and Contingencies

The Company recognizes provisions when a present obligation
(legal or constructive) as a result of a past event exists and it
is probable that an outflow of resources embodying economic
benefits will be required to settle such obligation and the
amount of such obligation can be reliably estimated.

If the effect of time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting
is used, the increase in the provision due to the passage of time
is recognized as a finance cost.

A disclosure of contingent liability is also made when there
is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where
there is possible obligation or a present obligation in respect
of which the likelihood of outflow of resources is remote, no
provision or disclosure is made.

7 Impairment of Non-Financial Assets (excluding Inventories,
Investment Properties and Deferred Tax Assets)

Non-financial assets are subject to impairment tests whenever
events or changes in circumstances indicate that their carrying
amount may not be recoverable. Where the carrying value
of an asset exceeds its recoverable amount (i.e. the higher of
value in use and fair value less costs to sell), the asset is written
down accordingly.

Where it is not possible to estimate the recoverable amount of
an individual asset, the impairment test is carried out on the
smallest group of assets to which it belongs for which there
are separately identifiable cash flows; its cash generating
units (''CGUs'').

A financial instrument is any contract that gives rise to a
financial asset of one entity and a financial liability or equity
instrument of another entity.

Financial Assets

Initial recognition and measurement

The Company classifies its financial assets in the following
measurement categories.

• those to be measured subsequently at fair value (either
through Other Comprehensive Income, or through
profit or loss)

• those measured at amortised cost

All financial assets are recognised initially at fair value plus, in
the case of financial assets not recorded at fair value through
profit or loss, transaction costs that are attributable to the
acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are
classified in four categories:

i) Debt instruments at amortised cost

ii) Debt instruments at fair value through other
comprehensive income (FVTOCI)

iii) Debt instruments, derivatives and equity instruments at
fair value through profit or loss (FVTPL)

iv) Equity instruments measured at fair value through other
comprehensive income (FVTOCI)

Debt instruments at amortised cost

A ''debt instrument'' is measured at the amortised cost if both
the following conditions are met:

a) The asset is held within a business model whose objective
is to hold assets for collecting contractual cash flows and

b) Contractual terms of the asset give rise on specified
dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at amortised cost using the effective
interest rate (EIR) method. Amortised cost is calculated by
taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR
amortisation is included in finance income in the statement of
profit or loss. The losses arising from impairment if any, are
recognised in the statement of profit or loss.

A ''debt instrument'' is classified as at the FVTOCI if both of the
following criteria are met:

a) The objective of the business model is achieved both
by collecting contractual cash flows and selling the
financial assets and

b) The asset''s contractual cash flows represent solely
payments of principal and interest.

Debt instruments included within the FVTOCI category are
measured initially as well as at each reporting date at fair
value. Fair value movements are recognized in the other
comprehensive income (OCI). However, the Company does
not have any debt instruments which meets the criteria for
measuring the debt instrument at FVTOCI.

Debt instrument at FVTPL

Any debt instrument, which does not meet the criteria
for categorization as at amortized cost or as FVTOCI, is
classified as at FVTPL.

In addition, the Company may elect to designate a debt
instrument, which otherwise meets amortized cost or FVTOCI
criteria, at FVTPL. However, such election is allowed only if
doing so reduces or eliminates a measurement or recognition
inconsistency (referred to as ''Accounting Mismatch''). The
Company has not designated any debt instrument at FVTPL.

Debt instruments included within the FVTPL category are
measured at fair value with all changes recognized in the
Statement of Profit and Loss.

Equity investments

All equity investments, except investments in subsidiaries,
associates and joint ventures are measured at FVTPL. The
Company may make an irrevocable election on initial
recognition to present in Other Comprehensive Income any
subsequent changes in the fair value. The Company makes
such election on an instrument-by-instrument basis.

All equity investments in subsidiaries, associates and joint
ventures are measured at cost.

Derecognition of Financial Assets

A financial asset (or, where applicable, a part of a financial
asset or part of a Company of similar financial assets) is
primarily derecognised (i.e. removed from the Company''s
Standalone Balance Sheet) when:

i) The rights to receive cash flows from the asset
have expired, or

ii) The Company has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to

a third party under a ''pass-through'' arrangement and
either (a) the Company has transferred substantially all
the risks and rewards of the asset, or (b) the Company
has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred
control of the asset.

When the Company has transferred its rights to receive
cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if and to what extent it has retained
the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and
rewards of the asset, nor transferred control of the asset, the
Company continues to recognise the transferred asset to the
extent of the Company''s continuing involvement. In that case,
the Company also recognises an associated liability. The
transferred asset and the associated liability are measured
on a basis that reflects the rights and obligations that the
Company has retained.

Continuing involvement that takes the form of a guarantee over
the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of
consideration that the Company could be required to repay.

Impairment of Financial Assets

The Company assess on a forward looking basis the expected
credit losses (ECL) associated with its financial assets carried at
amortised cost and FVTOCI debts instruments. The impairment
methodology applied depends on whether there has been
significant increase in credit risk. For trade receivables, the
Company is not exposed to any credit risk as the legal title of
residential and commercial units is handed over to the buyer
only after all the installments are recovered.

For financial assets carried at amortised cost, the carrying
amount is reduced and the amount of the loss is recognised in
the Standalone statement of profit and loss. Interest income on
such financial assets continues to be accrued on the reduced
carrying amount and is accrued using the rate of interest used
to discount the future cash flows for the purpose of measuring
the impairment loss. The interest income is recorded as part of
finance income. Financial asset together with the associated
allowance are written off when there is no realistic prospect
of future recovery and all collateral has been realised or has
been transferred to the Company. If, in a subsequent year,
the amount of the estimated impairment loss increases or
decreases because of an event occurring after the impairment
was recognised, the previously recognised impairment loss is
increased or decreased.

Financial Liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition,
as financial liabilities at FVTPL, loans and borrowings, or
payables, as appropriate.

All financial liabilities are recognised initially at fair value
and in the case of financial liability not recorded at fair
value through Profit and Loss net of directly attributable
transaction costs.

The Company''s financial liabilities include trade and other
payables, loans and borrowings including bank overdrafts
and financial guarantee contracts.

Subsequent measurement

The measurement of financial liabilities depends on their
classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities measured at FVTPL include financial
liabilities held for trading and financial liabilities designated
upon initial recognition as at fair value through profit or
loss. Separated embedded derivatives are also classified
as held for trading unless they are designated as effective
hedging instruments.

Gains or losses on liabilities held for trading are recognised in
the profit or loss.

Financial liabilities designated upon initial recognition at fair
value through profit or loss are designated as such at the initial
date of recognition and only if the criteria in Ind AS 109 are
satisfied. For liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risk are recognized
in OCI. These gains/ loss are not subsequently transferred to
Statement of Profit and loss. However, the Company may
transfer the cumulative gain or loss within equity. All other
changes in fair value of such liability are recognised in the
statement of profit or loss. The Company has not designated
any financial liability as at fair value through profit and loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the EIR
method. Gains and losses are recognised in profit or loss
when the liabilities are derecognised as well as through the
EIR amortisation process.

Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is included as
finance costs in the Standalone Statement of Profit and Loss.

Financial guarantee contracts

Financial guarantee contracts issued by the Company
are those contracts that require a payment to be made to
reimburse the holder for a loss it incurs because the specified
debtor fails to make a payment when due in accordance with
the terms of a debt instrument. Financial guarantee contracts
are recognised initially as a liability at fair value, adjusted for

transaction costs that are directly attributable to the issuance
of the guarantee. Subsequently, the liability is measured at
the higher of the amount of loss allowance determined as
per impairment requirements of Ind AS 109 and the amount
recognised less cumulative amortisation.

Derecognition of Financial Liabilities

A financial liability is derecognised when the obligation under
the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability. The
difference in the respective carrying amounts is recognised in
the Standalone Statement of Profit and Loss.

Reclassification of Financial Assets and Financial Liabilities

The Company determines classification of financial assets
and liabilities on initial recognition. After initial recognition,
no reclassification is made for financial assets which are
equity instruments and financial liabilities. For financial assets
which are debt instruments, a reclassification is made only if
there is a change in the business model for managing those
assets. Changes to the business model are expected to be
infrequent. The Company''s management determines change
in the business model as a result of external or internal
changes which are significant to the Company''s operations.
Such changes are evident to external parties. A change in the
business model occurs when the Company either begins or
ceases to perform an activity that is significant to its operations.
If the Company reclassifies financial assets, it applies the
reclassification prospectively from the reclassification date
which is the first day of the immediately next reporting period
following the change in business model. The Company does
not restate any previously recognised gains, losses (including
impairment gains or losses) or interest.

Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the
net amount is reported in the Standalone Ind AS Balance
Sheet if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to settle
on a net basis, to realise the assets and settle the liabilities
simultaneously.

9 Fair Value Measurement

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

i) In the principal market for the asset or liability, or-

ii) In the absence of a principal market, in the most
advantageous market for the asset or liability

The principal or the most advantageous market must be
accessible by the Company.

The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in
their economic best interest.

A fair value measurement of a non-financial asset takes into
account a market participant''s ability to generate economic
benefits by using the asset in its highest and best use or by
selling it to another market participant that would use the asset
in its highest and best use.

The Company uses valuation techniques that are appropriate in
the circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured
or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based
on the lowest level input that is significant to the fair value
measurement as a whole:

i) Level 1 — Quoted (unadjusted) market prices in active
markets for identical assets or liabilities

ii) Level 2 — Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
directly or indirectly observable

iii) Level 3 — Valuation techniques for which the lowest
level input that is significant to the fair value measurement
is unobservable

For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the
hierarchy by re-assessing categorisation (based on the lowest
level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.

10 Cash and Cash Equivalents

Cash and cash equivalent in the Standalone Balance Sheet
comprise cash at banks and on hand and short-term deposits
with an original maturity of three months or less, which are
subject to an insignificant risk of changes in value.

11 Revenue Recognition

The Company has applied five step model as set out in Ind
AS 115 to recognise revenue in this financial statement. The
specific revenue recognition criteria are described below:

(I) Income from Property Development

Revenue is recognised on satisfaction of performance
obligation upon transfer of control of promised goods
(residential or commercial units) or services to customers in an
amount that reflects the consideration the Company expects to
receive in exchange for those goods or services.

The Company satisfies the performance obligation and
recognises revenue over time, if one of the following
criteria is met:

• The customer simultaneously receives and consumes the
benefits provided by the Company''s performance as the
Company performs; or

• The Company''s performance creates or enhances an
asset that the customer controls as the asset is created
or enhanced; or

• The Company''s performance does not create an asset
with an alternative use to the Company and an entity
has an enforceable right to payment for performance
completed to date.

For performance obligations where any one of the above
conditions are not met, revenue is recognised at the point in
time at which the performance obligation is satisfied.

Revenue is recognised either at point of time or over a
period of time based on the conditions in the contracts
with customers. The Company determines the performance
obligations associated with the contract with customers at
contract inception and also determine whether they satisfy the
performance obligation over time or at a point in time.

The Company recognises revenue for performance obligation
satisfied over time only if it can reasonably measure its progress
towards complete satisfaction of the performance obligation.

The Company uses cost based input method for measuring
progress for performance obligation satisfied over time.
Under this method, the Company recognises revenue in
proportion to the actual project cost incurred as against the
total estimated project cost.

In respect of contract with customers which do not meet the
criteria to recognise revenue over a period of time, revenue
is recognized at point in time with respect to such contracts
for sale of residential and commercial units as and when the
control is passed on to the customers which is linked to the
application and receipt of occupancy certificate.

Revenue is recognized net of discounts, rebates, credits, price
concessions, incentives, etc. if any.

(II) Contract Balances
Contract Assets

The Company is entitled to invoice customers for construction
of residential and commercial properties based on achieving
a series of construction-linked milestones. A contract asset is
the right to consideration in exchange for goods or services
transferred to the customer. If the Company performs by
transferring goods or services to a customer before the
payment is due, a contract asset is recognized for the earned
consideration that is conditional. Any receivable which
represents the Company''s right to the consideration that is
unconditional is treated as a trade receivable.

Contract Liabilities

A contract liability is the obligation to transfer goods or
services to a customer for which the company has received
consideration from the customer. If a customer pays
consideration before the company transfers goods or services
to the customer, a contract liability is recognised when the
payment is made. Contract liabilities are recognised as
revenue when the company performs under the contract.

(III) Sale of Materials, Land and Development Rights

Revenue is recognized at point in time with respect to contracts
for sale of Materials, Land and Development Rights as and
when the control is passed on to the customers.

(IV) Interest Income

For all debt instruments measured at amortised cost. Interest
income is recorded using the effective interest rate (EIR).

(V) Rental Income

Rental income arising from leases is accounted over the lease
terms on straight line basis unless there is another systematic
basis which is more representative of the time pattern of
the lease. Revenue from lease rentals is disclosed net of
indirect taxes, if any.

(VI) Others Operating Revenue

Revenue from facility management service is recognised at
value of service on accrual basis as and when the performance
obligation is satisfied.

(VI) Dividends

Revenue is recognised when the Company''s right to receive
the payment is established.

12 Foreign Currency Translation
Initial Recognition

Foreign currency transactions during the year are recorded in
the reporting currency at the exchange rates prevailing on the
date of the transaction.

Conversion

Foreign currencies denominated monetary items are translated
into rupees at the closing rates of exchange prevailing at the
date of the balance sheet. Non-monetary items, which are
carried in terms of historical cost denominated in a foreign
currency, are reported using the exchange rate at the date of
the transaction.

Exchange Differences

Exchange differences arising, on the settlement of monetary
items or reporting of monetary items at the end of the year at
closing rates, at rates different from those at which they were
initially recorded during the year, or reported in previous
financial statements, are recognized as income or as expenses
in the year in which they arise.

13 Current Income Tax

Current income tax for the current and prior periods are
measured at the amount expected to be recovered from or
paid to the taxation authorities based on the taxable profit 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

Deferred Tax

Deferred tax is recognized using the balance sheet approach.
Deferred tax assets and liabilities are recognized for all
deductible and taxable temporary differences arising between
the tax bases of assets and liabilities and their carrying amount
in financial statements, except when the deferred tax arises from
the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and affects neither
accounting nor taxable profits or loss at the time of transaction.

Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period when the asset is
realized or the liability is settled, based on tax rates that have
been enacted or substantively enacted at the reporting date.

Deferred tax asset in respect of carry forward of unused tax
credits and unused tax losses are recognized to the extent that
it is probable that taxable profit will be available against which
the deductible temporary differences and the carry forward of
unused tax credits and unused tax losses can be utilized.

The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to
allow all or part of the deferred tax asset to be utilized.

The Company recognizes deferred tax liabilities for all
taxable temporary differences except those associated
with the investments in subsidiaries where the timing of the
reversal of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the
foreseeable future.

Minimum Alternate Tax (MAT) credit is recognised as an asset
only when and to the extent there is convincing evidence
that the Company will pay normal tax during the specified
period. Such asset is reviewed at each Balance Sheet date
and the carrying amount of the MAT credit asset is written
down to the extent there is no longer a convincing evidence
to the effect that the Company will pay normal tax during the
specified period.

Presentation of Current and Deferred Tax:

Current and deferred tax are recognized as income or an
expense in the Statement of Profit and Loss, except when they
relate to items that are recognized in OCI, in which case, the
current and deferred tax income/ expense are recognized in
OCI. The Company offsets current tax assets and current tax
liabilities, where it has a legally enforceable right to set off
the recognized amounts and where it intends either to settle
on a net basis, or to realize the asset and settle the liability
simultaneously. In case of deferred tax assets and deferred
tax liabilities, the same are offset if the Company has a legally
enforceable right to set off corresponding current tax assets
against current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the
same tax authority on the Company.

14 Borrowing Costs

Borrowing costs that are directly attributable to real estate
project development activities are inventorised / capitalized
as part of project cost.

Borrowing costs are inventorised / capitalised as part of
project cost when the activities that are necessary to prepare
the inventory / asset for its intended use or sale are in
progress. Borrowing costs are suspended from inventorisation
/ capitalisation when development work on the project is
interrupted for extended periods and there is no imminent
certainty of recommencement of work.

All other borrowing costs are expensed in the period in
which they occur. Borrowing costs consist of interest and
other costs that the Company incurs in connection with the
borrowing of funds.

15 Leases

The Company evaluates each contract or arrangement,
whether it qualifies as lease as defined under Ind AS 116.

Company as a Lessee

The Company assesses, whether the contract is, or contains, a
lease at the inception of the contract or upon the modification
of a contract. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.

The Company at the commencement of the lease contract
recognizes a Right-of-Use (RoU) asset at cost and

corresponding lease liability, except for leases with a term
of twelve months or less (short-term leases) and leases for
which the underlying asset is of low value (low-value leases).
For these short-term and low-value leases, the Company
recognizes the lease payments as an operating expense on a
straight-line basis over the term of the lease.

The cost of the right-of-use assets comprises the amount of the
initial measurement of the lease liability, adjusted for any lease
payments made at or prior to the commencement date of the
lease, any initial direct costs incurred by the Company, any
lease incentives received and expected costs for obligations
to dismantle and remove right-of-use assets when they are
no longer used.

Subsequently, the right-of-use assets is measured at cost less
any accumulated depreciation and accumulated impairment
losses, if any. The right-of-use assets are depreciated on a
straight-line basis from the commencement date of the lease
over the shorter of the end of the lease term or useful life of the
right-of-use asset.

Right-of-use assets are assessed for impairment whenever
there is an indication that the balance sheet carrying amount
may not be recoverable using cash flow projections for
the useful life.

For lease liabilities at commencement date, the Company
measures the lease liability at the present value of the future
lease payments as from the commencement date of the lease
to end of the lease term. The lease payments are discounted
using the interest rate implicit in the lease or, if not readily
determinable, the Company''s incremental borrowing rate for
the asset subject to the lease in the respective markets.

Subsequently, the Company measures the lease liability
by adjusting carrying amount to reflect interest on the lease
liability and lease payments made.

The Company remeasures the lease liability (and makes a
corresponding adjustment to the related right-of-use asset)
whenever there is a change to the lease terms or expected
payments under the lease, or a modification that is not
accounted for as a separate lease

The portion of the lease payments attributable to the repayment
of lease liabilities is recognized in cash flows used in financing
activities. Also, the portion attributable to the payment of
interest is included in cash flows from financing activities.
Further, Short-term lease payments, payments for leases for
which the underlying asset is of low-value and variable lease
payments not included in the measurement of the lease liability
is also included in cash flows from operating activities.

Company as a Lessor

In arrangements where the Company is the lessor, it determines
at lease inception whether the lease is a finance lease or an

operating lease. Leases that transfer substantially all of the risk
and rewards incidental to ownership of the underlying asset
to the counterparty (the lessee) are accounted for as finance
leases. Leases that do not transfer substantially all of the risks
and rewards of ownership are accounted for as operating
leases. Lease payments received under operating leases are
recognized as income in the statement of profit and loss on a
straight-line basis over the lease term or another systematic
basis. The Company applies another systematic basis if that
basis is more representative of the pattern in which benefit
from the use of the underlying asset is diminished.

16 Retirement and Other Employee Benefits

Retirement and other Employee benefits are accounted in
accordance with Ind AS 19 - Employee Benefits.

a) Defined Contribution Plan

The Company contributes to a recognised provident fund for
all its employees. Contributions are recognised as an expense
when employees have rendered services entitling them
to such benefits.

b) Gratuity (Defined Benefit Scheme)

The Company provides for its gratuity liability based on
actuarial valuation as at the balance sheet date which is
carried out by an independent actuary using the Projected
Unit Credit Method. Actuarial gains and losses are recognised
in full in the Other Comprehensive Income for the period in
which they occur.

c) Compensated absences (Defined Benefit Scheme)

Liability in respect of earned leave expected to become due
or expected to be availed within one year from the balance
sheet date is recognized on the basis of undiscounted value of
benefit expected to be availed by the employees. Liability in
respect of earned leave expected to become due or expected
to be availed beyond one year after the balance sheet date is
estimated on the basis of actuarial valuation performed by an
independent actuary using the projected unit credit method.

17 Business Combinations under Common Control

Business Combinations involving entities or business under
common control are accounted for using the pooling of
interest method.

Under pooling of interest method , the assets and liabilities
of the combining entities or businesses are reflected at their
carrying amounts after making adjustments necessary to
harmonise the accounting policies. The financial information
in the standalone financial statements in respect of prior
periods is restated as if the business combination had
occurred from the beginning of the preceding period in the
standalone financial statements, irrespective of the actual date
of the combination. The identity of the reserves is preserved
in the same form in which they appeared in the standalone

financial statements of the transferor and the difference, if any,
between the amount recorded as share capital issued plus any
additional consideration in the form of cash or other assets
and amount of share capital of the transferor is transferred to
capital reserves.

18 Earnings Per Share

Basic earnings per share are calculated by dividing the
net profit or loss for the year (after deducting preference
dividends and attributable taxes) attributable to equity share
holders by the weighted average number of equity shares
outstanding during the year. The weighted average number
of equity shares outstanding during the year is adjusted for
events of bonus issue and consolidation of equity shares. For
the purpose of calculating diluted earnings per share, the net
profit or loss for the year and the weighted average number of
equity shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.

For the purpose of calculating diluted earnings per share,
the net profit or loss for the year (after deducting preference
dividends and attributable taxes) attributable equity share
holders and the weighted average number of equity shares
outstanding during the year are adjusted for the effects of all
dilutive potential equity shares

19 Goodwill

Goodwill is initially measured at cost being the excess of the
aggregate of the consideration transferred and the amount
recognised for non-controlling interest over the fair value
of net identifiable tangible and intangible assets acquired
and liabilities assumed. If the consideration is lower than
the fair value of the net assets of the subsidiary acquired,
the difference is recognised in OCI and accumulated in
equity as capital reserve. After initial recognition, goodwill is
measured at the cost less any accumulated impairment losses.
Where goodwill forms part of a cash-generating unit and part
of the operation within that unit is disposed off, the goodwill
associated with the operation disposed off is included in the
carrying amount of the operation when determining the gain
or loss on disposal of the operation. Goodwill disposed off
in this circumstance is measured based on the relative values
of the operation disposed off and the portion of the cash¬
generating unit retained.

Goodwill is tested annually for impairment, or more frequently
if event or changes in circumstances indicates that it might be
impaired. For the purpose of impairment testing, goodwill
recognised in a business combination is allocated to each
of the Company''s cash generating units (CGUs) that are
expected to benefit from the combination. A CGU is the
smallest identifiable group of assets that generates cash inflows
that are largely independent of the cash inflows from other
assets or group of assets. The impairment loss is recognised
for the amount by which the CGUs carrying amount exceeds

it recoverable amount. The 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 by discounting the future cash flows
to their present value based on an appropriate discount factor.

20 Employee Stock Option Plan

The cost of equity-settled transactions is determined by the fair
value at the date when the grant is made using an appropriate
valuation model. That cost is recognised, together with a
corresponding increase in share-based payment reserves
in equity, over the period in which the performance and/or
service conditions are fulfilled in employee benefits expense.
The cumulative expense recognised for equity-settled
transactions at each reporting date until the vesting date
reflects the extent to which the vesting period has expired and
the Group''s best estimate of the number of equity instruments
that will ultimately vest. The statement of profit and loss expense
or credit for a period represents the movement in cumulative
expense recognised as at the beginning and end of that
period and is recognised in employee benefits expense. Upon
exercise of share options, the proceeds received are allocated
to share capital up to the par value of the shares issued with
any excess being recorded as securities premium.

21 Joint Development Agreement

The Company acquires development rights through Joint
Development Arrangements (JDA), wherein the counter party

provides development rights and the Company undertakes
to develop properties on such land. In lieu of land owner
providing land, the company either agrees to provide saleable
area or make variable payments to the land owner which are
in the nature of revenue share or surplus share on project.
Sharing of saleable area or variable payments in exchange of
development rights/ land cost, are estimated and accounted
at fair value on launch of the project or upon sale of units,
depending on terms of agreement, under cost of development
right (Inventory) with its corresponding liability. Subsequent
to initial recognition, such liability is remeasured on each
reporting period, to reflect the changes in the estimate, if any.

22 Dividend distribution to equity holders

Dividends paid / payable along with applicable taxes are
recognised when it is approved by the shareholders. In case
of interim dividend, it is recognised when it is approved by the
Board of Directors and distribution is no longer at the discretion
of the Company. A corresponding amount is accordingly
recognised directly in equity.

(i) Goodwill:

Goodwill arises on business combination of external entities with underlying projects and as such is identified to such project i.e. Cash
generating unit (CGU). Goodwill ceases to exist upon realization of full value of project.

The recoverable amount of a CGU is determined basis discounted cashflow approach as well as market approach. Market approach
examines the price of similar product being sold in the market. In discounted cashflow approach, the projected cashflows are
determined over the life cycle of the projects, after considering current economic conditions and trends, estimated future operating
results, growth rates etc.

The key assumptions used for the calculation includes: (i) Revenue assumptions comprising of market sale price, growth rate, etc.

(ii) Cost assumptions comprising of brokerage cost, transaction cost on sale, construction cost, cost escalations etc. (iii) Discounting
factor (Weighted Average Cost of Capital) assumed in the range of 15% to 17.5%; and (iv) Estimated cash flows from sale of constructed
properties etc. for the future years.

(ii) Brand:

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.

36 Significant Accounting Judgements, Estimates And Assumptions

Judgements, Estimates And Assumptions

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

(i) Useful Life Of Property, Plant And Equipments, Intangible Assets And Investment Properties

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

(ii) Impairment of non-financial assets

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

(iii) Income Taxes

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

(iv) Defined Benefit Plans (Gratuity And Leave Obligation Benefits)

The costs of providing pensions and other post-employment benefits are charged to the 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.

36 Significant Accounting Judgements, Estimates And Assumptions (Contd..)

(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) Income from property development

Revenue is recognised on satisfaction of the performance obligation. The Company recognises revenue in proportion to the actual
project cost incurred as against the total estimated project cost.

(ix) 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.

(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 dependent on
Parent Company for meeting out their cash requirement.

38 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.

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.

(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 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.

42 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 and net debt 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.

D. Terms and conditions of outstanding balances with related parties

Transactions with related parties are made under normal terms of business and all amounts outstanding are unsecured and will be
settled by cheque/ RTGS.

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 ranging from 90-180 days.

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
ranging from 90-180 days.

c) Loans to related party

The loans to related parties are unsecured, effective interest rate upto 10% to subsidiaries and joint ventures except certain interest
free loans. Loans are utilised for general business purpose and repayable within 1 to 3 years.

d) Loans from related party

The loans from related parties are unsecured, effective interest rate ranging from 7% to 10% p.a. from subsidiary companies.
Loans are utilised for general business purpose and repayable within 1 year.

e) Corporate Guarantee

There have been guarantees provided or received to the banks and financial institution in respect of loan taken by the subsidiaries
and joint ventures.

f) Commitments / Support

The Company provides business and financial support to certain subsidiaries which are in losses and is dependent on the
Company for meeting out their cash requirements.

44 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.

(e) The transaction price of the remaining performance obligations as at 31-March-2025 H187,981 million, (31-March-2024 is H176,275
million). The same is expected to be recognised within 1 to 4 years.

54 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, 2021 and 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.

54 Share Based Payments (Contd..)

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.

(d) The expense arising from ESOP Schemes during the year is H735 million (31-March-2024: H708 million)

55 a) The Board of the Company at its meeting held on 30-July-2024, has subject to necessary approvals, considered and approved

Scheme of merger by absorption of three listed subsidiaries namely National Standard (India) Limited, Sanathnagar Enterprises
Limited and Roselabs Finance Limited with the Company and their respective shareholders ("Scheme") under Section 232 read
with Section 230 of the Companies Act, 2013. The Standalone financial statements have been prepared without giving impact of
same as the Scheme is pending for approval.

b) The Company has filed a scheme of merger by absorption of One Place Commercials Private Limited and Palava City Management
Private Limited (''Wholly Owned Subsidiaries'') with the Company and their respective shareholders ("Scheme") under section 232
read with section 230 of the Companies Act, 2013, with the Hon''ble National Company Law Tribunal, Mumbai Bench (''NCLT'')
on 10-February-2024 with the Appointed Date 01-April-2024. The Scheme is reserved for Order and hence the Standalone
financial statements have been prepared without giving impact of the Scheme.

56 Exceptional Items

During the previous year, the Company had fully exited from foreign market by disposing off its entire stak

---

Mar 31, 2024

(i) Fair value measurement:

The fair value of the properties is H7,791 million (31-March-2023 : H7,641 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.

(ii) Goodwill:

Goodwill arises on business combination of external entities with underlying projects and as such is identified to such project i.e. Cash generating unit (CGU). Goodwill ceases to exist upon realization of full value of project.

The recoverable amount of a CGU is determined basis discounted cashflow approach as well as market approach. Market approach examines the price of similar product being sold in the market. In discounted cashflow approach, the projected cashflows are determined over the life cycle of the projects, after considering current economic conditions and trends, estimated future operating results, growth rates etc.

The key assumptions used for the calculation includes: (i) Revenue assumptions comprising of market sale price, growth rate, etc. (ii) Cost assumptions comprising of brokerage cost, transaction cost on sale, construction cost, cost escalations etc. (iii) Discounting factor (Weighted Average Cost of Capital) assumed in the range of 15% to 17.5%; and (iv) Estimated cash flows from sale of constructed properties etc. for the future years.

(ii) Brand:

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.

(i) Pursuant to the approval of the shareholders of the Company, during the Financial Year ended 31-March-2024, the Company allotted 48,18,05,547 as fully paid up bonus equity shares in the ratio of 1 fully paid up equity share of H10 each for every 1 existing fully paid equity share of H10 each by utilizing H4,818 million from Securities Premium and Capital Redemption Reserve.

(C) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of H10 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.

The nature and purpose of other reserves:

(i) Capital Redemption Reserve - Amount transferred from retained earnings on redemption of Preference 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-2019, 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-2020 and onwards.

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.

39 Significant Accounting Judgements, Estimates And Assumptions

Judgements, Estimates And Assumptions

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

(i) Useful Life of Property, Plant And Equipments, Intangible Assets And Investment Properties

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

(ii) Impairment of Non-Financial Assets

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

(iii) Income Taxes

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

(iv) Defined Benefit Plans (Gratuity And Leave Obligation Benefits)

The costs of providing pensions and other post-employment benefits are charged to the 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.

40 Commitments and contingencies
a. Leases
Company as Lessee
(i)	The following is carrying value of right of use assets (Building) :		H in million
	Particulars	31-March-24	31-March-23
	Opening Balance	3,410	-
	Additions during the year	106	3,825
	Deletion during the year	(1,084)	-
	Depreciation of Right of use assets	(673)	(415)
	Closing Balance	1,759	3,410
(ii)	The following is the carrying value of lease liability :		H in million
	Particulars	31-March-24	31-March-23
	Opening Balance	3,612	-
	Additions during the year	106	3,595
	Finance cost accrued	323	192
	Reduction of lease Liablity	(1,246)	-
	Payment of lease liabilities	(48)	(176)
	Closing Balance	2,747	3,612
	Current portion of Lease Liability	701	83
	Non-current portion of Lease Liability	2,046	3,529
	Total	2,747	3,612

The maturity analysis of lease liabilities are disclosed in Note 43 The following are the amounts recognized in statement of profit and loss		H in million
Particulars	31-March-24	31-March-23
Depreciation	673	415
Interest expense on lease liabilities	323	193
Profit on Sale of Property, Plant and Equipment (net)	219	-
Total amount recognised in profit and loss	1,215	608

(iii) Amount recognized in profit and loss as expenses in respect of Cancellable / Short term lease is H81 million (31-March-2023 : H93 million)

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:

			H in million
	Particulars	31-March-24	31-March-23
Cancellable operating lease		405	62
Non-Cancellable operating lease		502	819
		907	881
Future minimum rentals receivable under non-cancellable operating leases are		as follows:	H in million
	Particulars	31-March-24	31-March-23
Within one year		803	620
After one year but not more than five years		1,423	683
More than five years		539	351
		2,765	1,654
b. Commitments
(i)	Estimated amount of contracts remaining to be executed on capital account and not provided for:
			H in million
	Particulars	31-March-24	31-March-23
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances).		664	252
		664	252

(ii) Other Commitment - Investments (on partly paid share) amounting to H Nil (31-March-2023: H40 million)

(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
Particulars	31-March-24	31-March-23
(i) Disputed Demands of Customers excluding amounts not ascertainable.	324	603
(ii) Corporate Guarantees Given*	12,885	10,475
(iii) Disputed Taxation Matters	546	514
(iv) Disputed Land and other Legal cases	180	467
Total	13,935	12,059

* 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.

(3) 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.

d. The Company is committed to provide business and financial support to certain subsidiaries, which are in losses and are dependent on Parent Company for meeting out their cash requirement.

The average duration of the defined benefit plan obligation w.r.t. gratuity at the end of the reporting year is 1 1 .7 years (31-March-2023: 12 years).

43 Financial Instrument measurement and Risk Management

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.

(ii) 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.

(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.

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.

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.

b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company''s customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the possession of residential and commercial units is handed over to the buyer only after all the installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result that the Company''s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions of trade receivables as at the year end.

Credit risk from balances with banks and financial institutions is managed by Company''s treasury in accordance with the Company''s policy. The company limits its exposure to credit risk by only placing balances with local banks and international banks of good repute. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents.

The table below summarises the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments.

44 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.

D. Terms and conditions of outstanding balances with related parties

Transactions with related parties are made under ordinary course of the business and settled as per agreed terms.

a) Receivables from Related parties

The trade receivables from related parties arise mainly from sale transactions and services rendered, which are unsecured and are received as per agreed terms.

b) Payable to related parties

The payables to related parties arise mainly from purchase transactions and services received ,which are unsecured and are paid as per agreed terms

c) Loans to related party

The loans to related parties are unsecured bearing effective interest rate upto 15%. Loans are utilised for general business purpose and repayable within 1 to 3 years

d) Corporate Guarantee

There have been guarantees provided or received to the banks and financial institution in respect of loan taken by the subsidiaries and joint ventures.

e) Commitments / Support

The Company has provided business and financial support to subsidiaries to meet its operating requirements, where projects are completed and are under the process of liquidation / merger.

46 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.

49 Pursuant to the Taxation Laws (Amendment) Act, 2019, with effect from 01-April-2019 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 2023-24. 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.

50 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.

(c) Disaggregation of Revenue based on timing of recognition

(i) During the year ended 31-March-2024, revenue recognition under point in time method (i.e. completed projects) stood at H27,917 million (31-March-2023:H84,953 million) and over the period method was at H62,018 million (31-March-2023: H Nil) including H32,291 million from completed projects.

(ii) The company recognises revenue as per lnd AS 115 ''Revenue from Contracts with Customers" at a point in time in respect of contracts with customers entered into on or before 31-March-2023 and over the period of time in respect of contracts with customers on revised terms and conditions entered into on or after 01-April-2023.

(e) The transaction price of the remaining performance obligations as at 31-March-2024 H1,76,229 million, (31-March-2023 is H1,35,084 million). The same is expected to be recognised within 1 to 4 years.

57 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 16-February-2018 and by Shareholders on 20-March-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 1 3-February-2021 . The Board has decided on 22-June-2021, not to grant any further options under the ESOP Scheme 2021.

Further, Pursuant to the resolution passed by Board on 22-June-2021 and approved by shareholders on 03-September-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.

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.

(d) The expense arising from ESOP Schemes during the year is J708 million (31-March-2023 : J766 million)

58 a) NCLT, Mumbai Bench had approved the scheme of Merger of wholly owned subsidiaries, by Absorption of Bellissimo

Constructions And Developers Private Limited, Homescapes Constructions Private Limited, Primebuild Developers And Farms Private Limited, Center For Urban Innovation Private Limited and Palava Institute Of Advanced Skill Training Private Limited. The scheme became effective from 20-May-2023.

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 Company has filed the scheme of merger by absorption of One Place Commercials Private Limited and Palava City Management Private Limited (''Wholly Owned Subsidiaries'') with the Company and their respective shareholders ("Scheme") under section 232 read with section 230 of the Companies Act, 2013 with effect from the appointed date i.e., 01-April-2024 on 10-February-2024 with the Hon''ble National Company Law Tribunal, Mumbai Bench (''NCLT''). The Standalone financial statements have been prepared without giving impact of same as the Scheme is pending for approval before the NCLT.

59 Exceptional Items

The Company has fully exited from foreign market by disposing off its entire stake in relation to UK operations, realizing H5,475 million and charging the balance value, including accumulated losses of intermediary overseas subsidaries, in the standalone financial statement as an Exceptional Item.

The Company had 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 economic uncertainty in European countries alongside adverse geopolitical developments, high inflation coupled with recessionary economic outlook etc. had led to reduction in expected realisable value of outstanding loans along with accrued interest. Accordingly, a provision of H11,774 million was recognised as an "Exceptional Item" in the previous year.

60 QIP Issue

During the year, the Company has alloted 2,98,89,353 equity shares having a face value of H10 each at premium of H1,088 per share through Qualified Institutions Placement aggregating to H32,819 million. QIP Expenses of H188 million net of taxes has been adjusted against Securities Premium.

61 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:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(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).

62 (i) Recent Development

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended 31-March-2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

(ii) Subsequent Events

There are no subsequent events which require disclosure or adjustment subsequent to the Standalone Financial Statements.

64 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current year classification.

---

Mar 31, 2023

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.

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.

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.

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

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:

			H in million
	Particulars	31-March-23	31-March-22
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
	Particulars	31-March-23	31-March-22
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
Particulars		31-March-23	31-March-22
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 mi		lion (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
	Particulars	31-March-23	31-March-22
(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.

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:

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.

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.

(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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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 1 8-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:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(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.

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.

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Mar 31, 2022

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.

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.

41 Significant Accounting Judgements, Estimates And Assumptions Judgements, Estimates And Assumptions

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

(i) Useful Life Of Property, Plant And Equipments, Intangible Assets and Investment Properties

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

(ii) Impairment of non-financial assets

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

(iii) Income Taxes

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

(iv) Defined Benefit Plans (Gratuity And Leave Obligation Benefits)

The costs of providing pensions and other post-employment benefits are charged to the 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) Estimation uncertainty due to pandemic on coronavirus (COVID-19)

The Company has assessed the possible impact of COVID-19 pandemic on its standalone financial statements based on internal and external information available up to the date of approval of these standalone financial statments and has concluded that no adjustment is required in these standalone financial statements. The eventual outcome of impact of the pandemic on the future operations may differ from the estimates as at the date of approval of these standalone financial statements. The Company continues to monitor the future economic conditions.

42 Commitments and contingencies a. Leases

Operating lease commitments — Company as lessee

The Company has entered into cancellable and non-cancellable operating leases on commercial premises, with the terms between five years. The Lease Agreement is usually renewable by mutual consent on mutually agreeable terms.

(ii) 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 Crore
Particulars	31-March-22	31-March-21
(i) Disputed demands of customers excluding amounts not ascertainable.	91.29	281.02
(ii) Corporate Guarantees Given*	1496.13	4,308.00
(iii) Disputed Taxation Matters	148.80	223.22
(iv) Disputed Land related Legal cases	78.71	80.57
	1,814.92	4,892.81
* Represents outstanding amount of the loan / balances guaranteed.

42 Commitments and contingencies (Contd..)

(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.

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:

44 Gratuity and Leave Obligation (Contd..)

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.

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.

47 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise mainly of borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans and advances, trade and other receivables, cash and cash equivalents and Other balances with Bank.

The Company is exposed through its operations to the following financial risks:

47 Financial risk management objectives and policies (Contd..)

The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse effects on the company''s financial performance. There have been no substantive changes in the company''s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated herein.

(a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.

(i) Interest rate risk

The Company is exposed to cash flow interest rate risk from long-term borrowings at variable rate. Currently the Company has external borrowings (excluding short-term overdraft facilities) which are fixed and floating rate borrowings. The Company achieves the optimum interest rate profile by refinancing when the interest rates go down. However this does not protect Company entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash flow risk associated with variability in interest payments, it considers that it achieves an appropriate balance of exposure to these risks.

ii) Foreign currency risk

Foreign Currency Risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are denominated in currencies other than Indian Rupee.

b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company''s customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the possession of residential and commercial units is handed over to the buyer only after all the installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result that the Company''s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions of trade receivables as at the year end.

Credit risk from balances with banks and financial institutions is managed by Company''s treasury in accordance with the Company''s policy. The company limits its exposure to credit risk by only placing balances with local banks and international banks of good repute. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents.

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.

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.

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 overdue 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.

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.

53 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 2021-22. 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.

54 I n 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.

57 Pursuant to the Order of the Collector of Stamps, levying of stamp duty and penalty in respect of Agreement to Lease entered with Mumbai Metropolitan Regional Development Authority (MMRDA) for Wadala Truck Terminal plot and the Order of the Hon''ble Bombay High Court, the Company has deposited H202.50 crore 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 H271.34 crore has been stayed by the Hon''ble Bombay High Court through an order dated 08-December-17.

62 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.

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.

63 (a) (i) The National Company Law Tribunal, Mumbai Bench (NCLT) has approved the Scheme of Amalgamation of Palava

Dwellers Pvt. Ltd. a wholly owned subsidiary. The certified copy of the scheme has 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.

Consequent to above amalgamation total assets, total liabilities and total equity as at 31-March-2021 has increased by H4,037.48 crore, H3,167.85 crore and H869.63 crore respectively. Further, Total Income and profit after tax for the year ended 31-March-2021 has been increased by H1,576.93 crore and H307.86 crore respectively.

(a) (ii) The National Company Law Tribunal, Mumbai Bench (NCLT) has approved the Scheme of Amalgamation of Copious

Developers and Farms Pvt. Ltd. and Ramshyam Infracon Pvt. Ltd., both wholly owned subsidiaries, with the Company effective from Appointed date: 01-April-19.

The amalgamations referred to above, being "common control" transactions, have 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.

Consequent to above amalgamation total assets and total equity as at 31-March-2021 has been decreased by H8.66 crore each. No impact on profitability.

(b) Withdrawal application for scheme of demerger of certain residential buildings from Belmondo and Splendora Projects into two wholly owned subsidiaries viz Luxuria Complex Private Limited and Renovar Green Consultants Private Limited respectively filed on 17-January-20 has been approved by National Company Law Tribunal, Mumbai Bench vide its order dated 18-December-20.

(c) The National Company Law Tribunal, Mumbai Bench (NCLT) has approved the Schemes of demerger of (a) Xperia Mall, Palava into Bellissimo Estate Pvt. Ltd and (b) Palava ''I Think tower'' into Palava Industrial & Logistics Park Private Limited (Formerly known as Grandezza Supremous Thane Pvt. Ltd) on 27-April-20 and 15-June-20 respectively. The Company has however applied to NCLT, Mumbai Bench for withdrawal of the said schemes and subsequently approved by NCLT.

(d) The Company has filed an application for withdrawal of Scheme of demerger of Evoq Tower into Homescapes Constructions Private Limited, a wholly owned subsidiary on 08-April-2022. NCLT order is awaited.

(e) 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 Standalone financial statements have, however, been prepared without giving impact of the same as certified copy of the order is awaited.

(f) The National Company Law Tribunal(NCLT) has approved a Scheme for demerger of Project ''One Lodha Place'' ("Demerged Undertaking") and its associated assets and liabilities to and in the One Place Commercials Pvt. Ltd. (''Resulting Company''), a wholly owned subsidiary (WOS) of the Company as a ''going concern'' and the scheme was made effective on 25-September-20 Accordingly, all asset and its associated liabilities of the Demerged Undertaking has been transferred from the Company to One Place Commercials Pvt. Ltd. at its carrying value.

(g) The Company has applied to the BSE Ltd and National Stock Exchange of India Limited (where its shares are listed), for approving a Scheme of merger by absorption of its listed subsidiaries, Sanathnagar Enterprises Limited, Roselabs Finance Limited and National Standard (India) Limited into the Company, pursuant to approval granted by Board of Directors of the Company, at its meeting held on 25-Jan-2022.

64 Exceptional Items

The Company had given loans to its subsidiaries from time to time for its UK business operations. Given the economic uncertainty created by COVID-19 coupled with significant business disruptions, the Company anticipated further losses in UK projects because of the delay in the completion of the project. Therefore, the Company had reassessed its loan receivables and made an additional provision of H460.00 crore against the said loans during the previous year ended 31-March-21 and has disclosed the same as an "Exceptional Item".

65 IPO and QIP Issue

During the 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 H2,500.00 crore. 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 H72.33 crore less income tax thereon H22.45 crore , net H49.88 crore net of taxes have been adjusted against Securities Premium in accordance with Indian Accounting Standard 32 - Financial Instruments: Presentation.

During the year, the Company has allotted 3,41,88,034 equity shares having a face value of H10 each at premium of H1,160 per share through Qualified Institutions Placement (QIP) aggregating H4,000.00 crore. QIP Expenses of H53.04 crore less income tax thereon H16.46 crore, net H36.58 crore net of taxes have been adjusted against Securities Premium in accordance with Indian Accounting Standard 32 - Financial Instruments: Presentation.

66 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:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(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).

67 (i) Recent Development

On March 23, 2022, Ministry of Corporate Affairs amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below which are effective for the annual periods beginning on or after April 1,2022.

Ind AS 16 - Property Plant and equipment - The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be recognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property, plant, and equipment. The Company has evaluated the amendment and there is no impact on its standalone financial statements.

Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets - The amendment specifies that the ''cost of fulfilling'' a contract comprises the ''costs that relate directly to the contract''. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The Company has evaluated the amendment and the impact is not expected to be material.

Ind AS 109 - Financial Instruments - The amendment requires derecognition of a financial liability and recognition of a new financial liability when there is an exchange between an existing borrower and the lender of debt instruments with substantially different terms (including a substantial modification of the terms of an existing financial liability or part of it). The terms are substantially different if the discounted present value of the remaining cash flows under the new terms are at least 10% different from the discounted present value of the remaining cash flows of the original financial liability (''10%'' test).

The amendment in the Rules clarifies the nature of fees that an entity could include when it applies the ''10%'' test in assessing whether to derecognise a financial liability. It states that an entity shall include only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other''s behalf. The Company has evaluated the amendment and the impact is not expected to be material.

(ii) Subsequent Events

There are no subsequent events which require disclosure or adjustment subsequent to the Balance Sheet date.

68 The fig ures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current years classification.

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Mar 31, 2021

(ii) Fair value measurement

The fair value of the properties other than the land is ''72,228.76 lakhs and ''71,128.00 lakhs as at March 31,2021 and March 31,2020 respectively. These values are considered as per valuations performed by an independent valuer with experience of valuing investment properties. The fair value was arrived at using discounted cash flow projections based on reliable estimates of future cash f l ows.

Land was transferred from inventory during the financial year ended March 31,2020. The fair valuation of the said land is ''14,420.00 lakhs and ''14,420.00 lakhs, as at March 31,2021 and March 31,2020 respectively. This is determined based on the recent sale transaction in the vicinity.

Judgements, Estimates And Assumptions

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

(i) Useful Life Of Property, Plant And Equipments, Intangible Assets And Investment Properties

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

(ii) Impairment of non-financial assets

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

(iii) Income Taxes

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

(iv) Defined Benefit Plans (Gratuity And Leave Obligation Benefits)

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

(v) Fair Value Measurement Of Financial Instruments

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

(vi) Revaluation of Property, Plant and Equipment

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

(vii) Valuation of inventories

The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects and selling cost.

(viii) Estimation uncertainty due to pandemic on coronavirus (COVID-19)

The outbreak of corona virus (COVID-19) pandemic globally and in India is causing disturbance and slowdown of economic activity. Due to lockdown announced by the Government, the Company operations were slowed down in compliance with applicable regulatory orders. The operations and economic activities have gradually resumed with requisite precautions. The Company continues to monitor the situation and take appropriate action, as considered necessary in due compliance with the applicable regulations.

The management has used the principles of prudence in applying judgments, estimates and assumptions based on the current conditions. In assessing the liquidity position and recoverability of assets such as Goodwill, Inventories, Financial assets and Other assets, based on current

indicators of future economic conditions, the Company expects to recover the carrying amounts of its assets. However, the actual impact of COVID-19 pandemic on the Company''s future operations remain uncertain and dependant on spread of COVID-19 and steps taken by the Government to mitigate the economic impact and may differ from the estimates as at the date of approval of these standalone financial statement. The Company is closely monitoring the impact of COVID-19 on its financial condition, liquidity, operations, suppliers and workforce.

41 Commitments and contingencies

a. Leases

Operating lease commitments — Company as lessee

The Company has entered into cancellable and non-cancellable operating leases on commercial premises, with the terms between Five years. The Lease Agreement is usually renewable by mutual consent on mutually agreeable terms.

The Company has paid following towards minimum lease payment during the year

MACROTECH DEVELOPERS LIMITED

=LODHA

Notes to the Standalone Financial Statements as at 31^st March 2021

The principal assumptions used in determ	ning gratuity and leave obligations for	the Company''s	plans are shown below:
			As at	As at
		31-March-21		31-March-20
Discount rate:			%	%
Gratuity			6.80%	6.85%
Leave Obligation Future salary increases:			6.80%	6.85%
Gratuity			5.00%	5.00%
Leave Obligation			5.00%	5.00%
Mortality Rate : Indian Assured Lives Mortality (2006-08) Table
Gratuity:	As at		As at
Assumptions	31-March-21		31-March-20
Sensitivity Level	Increase	Decrease	Increase	Decrease
	'' in Lakhs	'' in Lakhs	'' in Lakhs	'' in Lakhs
Impact on defined benefit obligation Discount rate @ 0.5%	2,058.76	2,310.39	2,192.91	2,467.06
Future Salary @ 0.5%	2,266.83	2,092.80	2,417.24	2,231.36
Leave Obligation :	As at		As at
Assumptions	31-March-21		31-March-20
Sensitivity Level	Increase	Decrease	Increase	Decrease
	'' in Lakhs	'' in Lakhs	'' in Lakhs	'' in Lakhs
Impact on defined benefit obligation Discount rate @ 0.5%	62.86	63.28	71.50	71.98
Future Salary @ 0.5%	63.28	62.85	71.98	71.50

The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

The following payments are expected contributions to the defined benefit plan in future years:

As at

31-March-21 '' in Lakhs

As at

31-March-20 '' in Lakhs

Within the next 12 months (next annual reporting period) Between 2 and 5 years Between 5 and 10 years Total expected payments

187.13

482.03

696.40

1,365.54

181.14

492.41

803.53

1,477.09

The average duration of the defined benefit plan obligation w.r.t. gratuity at the end of the reporting year is 13.22 years (31-March-20: 13.55 years).

44 Financial Instrument measured at Amortised Cost

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

45 Fair value measurement

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

Fair value measurement using

Total	Quoted prices	Significant	Significant
	in active	observable	unobservable
	markets	inputs	inputs
	(Level 1)	(Level 2)	(Level 3)
'' in Lakhs	'' in Lakhs	'' in Lakhs	'' in Lakhs

Financial Assets measured at fair value through profit and loss As at 31-March-21 Investment in Mutual Funds	7,185.80	7,185.80
Investment in Equity Shares	6.28	6.28	-
Investment in Preference Shares	50.34	-	50.34
Investment in Debentures	2,203.04	-	2,203.04
As at 31-March-20 Investment in Mutual Funds	6,401.68	6,401.68
Investment in Equity Shares	8.43	8.43	-
Investment in Preference Shares	50.34	-	50.34
Investment in Debentures	2,203.04	-	2,203.04

46 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise mainly of borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans and advances, trade and other receivables, cash and cash equivalents and Other balances with Bank.

The Company is exposed through its operations to the following financial risks:

- Market risk

- Credit ris k, and

- Liquidity risk.

The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse effects on the company''s financial performance. There have been no substantive changes in the company''s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated herein.

a. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.

(i) Interest rate risk

The Company is exposed to cash flow interest rate risk from long-term borrowings at variable rate. Currently the company has external borrowings (excluding short-term overdraft facilities) which are fixed and floating rate borrowings. The Company achieves the optimum interest rate profile by refinancing when the interest rates go down. However this does not protect Company entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash flow risk associated with variability in interest payments, it considers that it achieves an appropriate balance of exposure to these risks.

(ii) Foreign currency risk

Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes in foreign currency rates.

Exposures can arise on account of the various assets and liabilities which are denominated in currencies other than Indian Rupee.

b. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company''s customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the possession of residential and commercial units is handed over to the buyer only after all the installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result that the Company''s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions of trade receivables as at the year end.

Credit risk from balances with banks and financial institutions is managed by Company''s treasury in accordance with the Company''s policy. The company limits its exposure to credit risk by only placing balances with local banks and international banks of good repute. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

c. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company''s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents.

The table below summarises the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments.

47 Capital management

For the purpose of the Company''s capital management, capital includes issued equity share capital and other equity reserves attributable to the owners of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings less cash and cash equivalents and bank balances other than cash and cash equivalents.

D Terms and conditions of outstanding balances with related parties:

a) Receivables from Related parties

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

b) Payable to related parties

The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed terms.

c) Loans to related party

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

49 Segment information

For management purposes, the Company is into one reportable segment i.e. Real Estate development.

The Managing Director is the Chief Operating Decision Maker of the Company who monitors the operating results of the Company for the purpose of making decisions about resource allocation and performance assessment. Company''s performance as single segment is evaluated and measured consist ently with profit or loss in the standalone financial statements. Also, the Company''s financing (including finance costs and finance income) and income taxes are managed on a Company basis.

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

53 I n 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.

56 Pursuant to the Order of the Collector of Stamps, levying of stamp duty and penalty in respect of Agreement to Lease entered with Mumbai Metropolitan Regional Development Authority (MMRDA) for Wadala Truck Terminal plot and the Order of the Hon''ble Bombay High Court, the Company has deposited ''20,249.50 lakhs with the Office of the Collector of Stamps. The Order of Chief Controlling Revenue Authority (CCRA) in appeal upholding the Order of Collector of Stamps levying penalty ''27,134.30 lakhs has been stayed by the Hon''ble Bombay High Court through an order dated 08-December-17.

(d) The transaction price of the remaining performance obligations as at 31-March-21 '' 10,63,029.18 lakhs, (31-March -20 is '' 9,71,299.09 lakhs). The same is expected to be recognised within 1 to 4 years.

60 a) The National Company Law Tribunal(NCLT) has

approved a Scheme for demerger of Project ''One Lodha Place'' ("Demerged Undertaking") and its associated assets and liabilities to and in the One Place Commercials Pvt. Ltd. (''Resulting Company''), a wholly owned subsidiary (WOS) of the Company as a ''going concern'' and the scheme was made effective on 25-September-20 Accordingly, all asset and its associated liabilities of the Demerged Undertaking has been transferred from the Company to One Place Commercials Pvt. Ltd. at its carrying value.

b) Withdrawal application for scheme of demerger of certain residential buildings from Belmondo and Splendora Projects into two wholly owned subsidiaries viz Luxuria Complex Private Limited and Renovar Green Consultants Private Limited respectively filed on 17-January-20

was approved by NCLT, Mumbai Bench vide order dated 1 8-December-20.

c) The NCLT, Mumbai Bench approved the Scheme of Amalgamation of Copious Developers and Farms Pvt Ltd. and Ramshyam Infracon Pvt. Ltd., both wholly owned subsidiary, (Appointed date: 01-April-19) with the Company on 03-May-2021. The Standalone Financial statement have, however, been prepared without giving impact of the same, as certify copy of the order is awaited.

d) The NCLT, Mumbai Bench had approved the Schemes of demerger of (a) Xperia Mall, Palava into Bellissimo Estate Pvt. Ltd and (b) Palava ''I Think tower'' into Palava Industrial & Logistics Park Private Limited (Formerly known as Grandezza Supremous Thane Pvt. Ltd) on 27-April-20 and 15-June-20 respectively. The Company has however applied to NCLT, Mumbai Bench for recalling the final order of both the schemes.

e) The Standalone financial statements have been prepared without giving impact of the following Schemes as these schemes are pending for approval before the NCLT, Mumbai Bench:

i. Scheme of Amalgamation of Palava Dwellers Private Limited, a subsidiary with the Company filed on 29-March -20.

ii Scheme of demerger of Evoq Tower into Homescapes

Constructions Private Limited, a wholly owned subsidiary filed on 24-February-21.

f) The Board of Directors of the Company at its meeting held on 27-March-19, had approved a Scheme of Arrangement u/s 230-232 of the Companies Act, 2013, between the Company and NCP Commercials Private Limited (WOS),(''Resulting Company'') and their respective shareholders and creditors (""Scheme"") for demerger

of Project ''Lodha Excelus, New Cuffe Parade'' ("Demerged Undertaking") and its associated assets and liabilities and transfer and vesting thereof to and in the Resulting Company, as a ''going concern''.

The National Company Law Tribunal, Mumbai Bench (NCLT) had approved the above scheme on 04-October-19. Accordingly, all asset and its associated liabilities of the Demerged undertaking had been transferred from the Company to NCP Commercial Private Limited (WOS), at its carrying value. Upon demerger of the project, the Company had sold off its equity shares in NCP Commercial Private Limited to an unrelated buyer."

61 Exceptional Items

a) (i) In terms of the Shareholders Agreement dated

25-March-20 (''Effective Date''), in view of changes n the management rights of the Company over relevant activities in Lodha Developers UK Limited (''LDUK'') and the Company''s agreement to sell the legal and beneficial interest representing 24% of the entire issued and paid up ordinary share capital of LDUK at par to its fellow subsidiary within 120 days from the Effective Date, LDUK ceased to be a subsidiary of the Company under Ind AS 110 "Consolidated Financial Statements" and has become a Joint Venture as per Ind AS 111 ''Joint Arrangements'' with effect from 25-March-20.

(ii) The Company had given loans to its subsidiaries from time to time for its UK business operations. During the previous year 31-March-20, considering the financial performance of UK operations including anticipated losses in the projects, the Company had made a provision of '' 56,000.00 lakhs against the said loans and disclosed this under "Exceptional Item".

b) Given the economic uncertainty created by COVID-19 coupled with significant business disruptions, the Company is anticipating further losses in UK projects because of the delay in the completion of the project. Therefore, the Company has reassessed its loan receivables and made an additional provision of '' 46,000.00 lakh against

the said loans during the year ended 31-March-21 and has disclosed the same as an "Exceptional Item"."

62 Events after Balance Sheet Date

Subsequent to Balance sheet date, the Company has completed the Initial Public Offering (IPO) of its equity shares comprising a fresh issue of 5,14,40,328 equity shares having a face value of '' 10 each at premium of '' 476 per share aggregating '' 2,50,000 lakhs. Pursuant to the IPO, the equity shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited with effect from 19-April-21.

63 Recent Development

Government of India''s Code for Social Security 2020 (the ''Code'') received assent from the President in September 2020. However, the date from when the Code will become applicable and the Rules have not yet been notified. The Company will assess the impact of the Code and account for the same once the effective date and the rules are notified.

64 During the financial year 2020-21, due to COVID-19 pandemic and subsequent lockdown, Government of India has announced several initiatives to support industries and thereby the economy. In addition, Reserve bank of India had issued circulars providing benefits to the industries in form of moratorium, One Time Restructuring, DCCO approval etc. in relation to their financial obligations to Banks and Financial Institutions. The Company and the industry body received clarifications in relation to interpretation/ implementation of those circulars over a period of time during the year. Also, the Company received responses to its application from individual banks and financial institutions at different point in time.

65 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current years classification.