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Macrotech Developers Ltd

BSE Code : 543287 | NSE Symbol : LODHA | ISIN:INE670K01029| SECTOR : Construction |

NSE BSE
 
SMC up arrow

1,173.30

8.05 (0.69%) Volume 361887

01-Mar-2024 EOD

Prev. Close

1,165.25

Open Price

1,164.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

1,173.30(960)

 

Today’s High/Low 1,184.00 - 1,150.05

52 wk High/Low 1,225.95 - 388.50

Key Stats

MARKET CAP (RS CR) 113163.58
P/E 73.7
BOOK VALUE (RS) 128.5156516
DIV (%) 20
MARKET LOT 1
EPS (TTM) 15.92
PRICE/BOOK 9.12923823202247
DIV YIELD.(%) 0.09
FACE VALUE (RS) 10
DELIVERABLES (%) 28.92
4

News & Announcements

29-Feb-2024

Macrotech Developers Ltd - Macrotech Developers Limited - Shareholders meeting

23-Feb-2024

Macrotech Developers Ltd - Macrotech Developers Limited - Other General Purpose

20-Feb-2024

Phoenix Mills Ltd Surges 2.94%

08-Feb-2024

Sobha Ltd Slips 4.5%

20-Jan-2024

Macrotech Developers to convene board meeting

04-Jan-2024

Macrotech Developers completes acquisition of GGVIPL

22-Dec-2023

Macrotech Developers allots 32,923 equity shares under ESOS

15-Dec-2023

Macrotech Developers completes divestment of UK investments

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 203545161 21.11
Total Institutions 30887252 3.20
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 1249791 0.13
Total Promoters 722614988 74.92
Total Public & others 6172012 0.64
Total 964469204 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Macrotech Developers Ltd

Macrotech Developers Limited (Formerly known Lodha Developers Limited) was incorporated on September 25th, 1995. Lodha Group is among the largest real estate developers in India and has been involved in the real estate business since 1980s. Being as an Indian multinational real estate company headquartered in Mumbai, India, the Company developed residential & commercial properties in Mumbai, Thane, Hyderabad, Pune and London. The Company commenced operations in Mumbai, developing affordable housing projects in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR and Pune. Some of the notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park. Moreover, the Company is presently credited for developing Palava, an integrated smart city near Mumbai. The Company commenced operations in Mumbai, developing affordable housing projects in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR and Pune. Some of the notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park. Moreover, the Company is presently credited for developing Palava, an integrated smart city near Mumbai. The Company also develop commercial real estate, as part of mixed-use developments in and around our core residential projects to bring vibrancy to our residential developments. The Company created several brands including 'Lodha', 'CASA by Lodha' and 'Crown - Lodha Quality Homes' for its affordable and mid-income housing projects, the 'Lodha' and 'Lodha Luxury' brands for premium and luxury housing projects, and the 'iThink', 'Lodha Excelus', 'Lodha Supremus' and 'Lodha Signet' brands for office. The Company have over 90 completed projects comprising a staggering 80 million square feet of developable area, of which nearly 60 million square feet is in affordable and mid income housing. Currently, the Company is engaged in developing more than 50 ongoing and planned projects across 75 million square feet of area and recognized for quality, focus on details, and elegant craftsmanship. To bring new ideas, the Company collaborated with globally renowned names from Armani/Casa, Jade Jagger, Buro Happold, Pei Cobb Freed & Partners to reimagining personalised service in luxury with Saint Amand. Few of the world's finest developments include the iconic The World Towers which have transformed the skyline of Mumbai, Lodha Altamount - one of the most exclusive addresses, and Palava - India's No.1 Smart City. The Company's large ongoing portfolio of affordable and mid-income housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road). The large townships are located at Palava (Navi Mumbai, Dombivali Region) and Upper Thane (Thane outskirts). The premium and luxury housing projects include Lodha Park (Worli), Lodha World Towers (Lower Parel), Lodha Venezia (Parel) and New Cuffe Parade (Wadala). In addition, the Group have a few projects under the 'Lodha Luxury' brand, which comprises small-scale, high-value developments such as Lodha Altamount (Altamount Road), Lodha Seamont (Walkeshwar) and Lodha Maison (Worli). As a part of industrial & logistics park portfolio, the Lodha Group are developing a logistics and industrial park spread over 800 acres of land near Palava, which is strategically located near the Jawaharlal Nehru Port, the proposed international airport in Navi Mumbai and the industrial hub of Taloja. The Company seeks to utilize more of land parcel in Palava & Upper Thane and take it up to 3,500 acres over a period. The Company have monetized nearly 165 acres of land in the Palava Logistics & Industrial Park (PLIP) either through JVs with reputed investors such as Morgan Stanley or through outright sales to some of the marquee global players like FM Logistics- a French 3PL firm. Thus, so far, the Company already monetized more than 255 acres of the industrial park segment through JV or outright sale. In September 2007, the Deutsche Bank made an investment of Rs 1,640 crore (US$218 million) by subscribing to the compulsorily convertible debentures (CCDs) of Lodha's subsidiary, Cowtown Land Development Limited. In May of the year 2010, Macrotech Developers emerged the highest bidder to acquire a 22.5-acre plot in Wadala, Mumbai, for Rs 4,053 crore (US$538 million) from Mumbai Metropolitan Region Development Authority (MMRDA). In December 2012, the Company acquired Washington House, a residential building owned by the US consulate on Altamont Road, for Rs 341.82 crore (US$45 million), which was developed into Lodha Altamount. Further, the Company purchased a 17 acres land in Mumbai's prime location from DLF for about Rs 2,700 crore (US$359 million), nearly four times higher than the price at which DLF had bought the land in 2005. In September 2013, the Group partnered with Donald Trump for development of Trump Tower Mumbai, an 800-ft-tall, 77-storey residential tower in Lower Parel, Mumbai. and with a number of celebrities to be brand ambassadors, including Aishwarya Rai, Amitabh Bachchan,Akshay Kumar and Twinkle Khanna. In the year of May 2016, it received an investment of Rs 425 crore from Piramal Fund Management for one of Company's project. In 2018, the company bagged CNBC Awaaz Real Estate Award for the project, Lodha Altamount by CNBC.In November 2013, Macrotech Developers Group brought Macdonald House, London a seven-storey building in central London from the Government of Canada for Rs 3,120 crore (US$414 million), thru which the company acquired 87 acres of land in Thane from Clariant Chemicals India for Rs 1,102.5 crore (US$146 million). The Board of Directors of the Company at its meeting held on 27 March 2019, have approved a Scheme of Arrangement u/s 230-232 of the Companies Act, 2013, between the Company and NCP Commercials Pvt. Ltd. (Resulting Company) and their respective shareholders and creditors 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 01st October 2019. Accordingly, all asset and associated liabilities was transferred from the Company to NCP Commercial Private Limited at its carrying value. Upon demerger of the project, the Company sold off its equity shares in NCP Commercial Private Limited to an unrelated buyer. In terms of the Shareholders Agreement dated 25th March 2020 (Effective Date), in view of changes in 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 (including its subsidiaries) ceased to be a subsidiary of the Company and has become a Joint Venture with effect from March 25, 2020. Tata Power Company Limited, an Indian electric utility company based in Mumbai entered into a partnership agreement with Macrotech Developers for setting up EV charging stations in housing societies and offices in September 2021. During the financial year 2020-21, the Company completed an Initial Public Offering (IPO), comprising a fresh issue of 5,14,40,328 equity shares having a face value of Rs. 10, which got listed on BSE Limited and National Stock Exchange of India Limited with effect from April 19, 2021. During year 2020-21, the Schemes of Arrangement were approved by the National Company Law Tribunal (NCLT) for Demerger of One Lodha Place' into One Place Commercials Private Limited effective September 25, 2020 and amalgamation of Copious Developers and Farms Private Limited and Ramshyam Infracon Private Limited effective June 18, 2021. Withdrawal application for demerger of esidential towers from the Belmondo and Splendora projects into two wholly owned subsidiaries viz Luxuria Complex Private Limited and Renovar Green Consultants Private Limited respectively was approved by NCLT, Mumbai Bench vide Order dated December 18, 2020. During the financial year 2021-22, Company launched 13 new projects or subsequent phases of existing projects with total salable area of ~5.6 million square feet, which included Codename Premier at Palava, Lodha Woods at Kandivali, Casa Supremo at Mira Road, Lodha Bellagio at Powai in MMR and Lodha Bella Vita in Pune etc. In FY22, it introduced 11 new projects located largely in micro-markets of MMR and Pune currently underserved by them, having 8.8 million square feet of salable area under capital light JDA route of which 4 projects having salable area of 2.0 million square feet were launched in the micro-markets of Western Suburbs, Eastern Suburbs and Pune. As on March 31, 2022, the Company had 29 consolidating subsidiaries, of which 18 subsidiaries were considered as joint ventures and 2 associates, including 1 associate was considered as a subsidiary. Digirealty Technologies Private Limited, Bellissimo Digital Infrastructure Development Management Private Limited, Thane Commercial Tower A Management Private Limited, Bellissimo Digital Infrastructure Investment Management Private Limited, Palava Induslogic 4 Private Limited and 1GS Quarters Holdings Limited became subsidiaries of the Company during FY22. Copious Developers and Farms Private Limited, Ramshyam Infracon Private Limited and Palava Dwellers Private Limited ceased to be subsidiaries of the Company during FY22. Apart from these, 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 ceased to be subsidiaries of the Company on account of mergers in April 2022. During the financial year 2022-23, the Company launched 12 new projects and subsequent phases of existing projects. Some of the key launches during the year included Lodha Malabar, Lodha Bellevue, Lodha Divino, Ascenza, Crown Kolshet, Villa Royale Palava in MMR, and Lodha Giardino & Lodha Panache in Pune etc. During FY' 23, Five wholly owned subsidiaries of the Company viz 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 merged with the Company with effect from May 20, 2023. Bellissimo In city FC Mumbai 1 Private Limited and Bellissimo In city FC NCR 1 Private Limited were incorporated during FY 2023. 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 ceased to be subsidiaries of the Company on account of mergers during FY23.

Macrotech Developers Ltd Chairman Speech

Your Company delivered cash flow after interest and taxes of ~Rs. 46.6 bn, and used this towards adding new projects with GDV of ~Rs. 200.0 bn (~165% of current year pre-sales) and to reduce our net debt by ~Rs. 22.3 bn (~24%). Our RoE, calculated on the basis of pro-forma earnings, grew to ~16%. The Company continued to make progress towards its objective of becoming a global leader in sustainable real estate development and with growing renewable energy share which currently stands at 90%, we are on track to advance our net zero scope 1 and 2 targets from 2027 to 2024.

DEAR

STAKEHOLDERS,

The last financial year was a period of accelerating growth for your Company, despite the headwinds of rising interest rates and global macro-economic uncertainty. Your Company achieved its highest ever pre-sales of Rs. 120.6 bn, crossing the Rs. 100.0 bn mark for the first time and growing 34% over FY22. Your Company delivered cash flow after interest and taxes of ~Rs. 46.6 bn, and used this towards adding new projects with Gross Development Value (GDV) of ~Rs. 200.0 bn (~165% of current year pre-sales) and to reduce our net debt by ~Rs. 22.3 bn (~24%). Our RoE, calculated on the basis of pro-forma earnings, grew to ~16%. The Company continued to make progress towards its objective of becoming the global leader in sustainable real estate development and with growing renewable energy share which currently stands at 90%, we are on track to advance our net zero scope 1 and 2 targets from 2027 to 2024.

Macro-Economic Context

FY23 started with global alarm bells due to the Russian invasion of Ukraine. This added fuel to the already raging fire of high inflation and made inflation control the No. 1 objective of major global central banks. There was co-ordinated increase in interest rates across all major economies, and India's Central Bank also raised its benchmark rates by ~250 bps. As the year progressed, the world gradually came to terms with disruption in energy supply chains caused by the Russia-Ukraine conflict. With moderation in elevated energy prices and initial impact of monetary tightening, the last quarter started evidencing progress in the fight against inflation. In the backdrop of global travails, India's economy continued strengthening with GDP growth of 7.2%, one of the highest

34% 9,600+
Growth in FY23 in pre-sales Number of homes completed

growth rates in the world. Service exports continued to show resilience, and combined with inward remittances from NRIs touching USD 100.0 bn, India's current account deficit moderated, providing stability to the Indian Rupee. Foreign direct investment (FDI) interest in India continued to strengthen, on the back of strong local growth, geopolitical circumstances and the government's initiative to attract global supply chains through its Production Linked Incentive (PLI) scheme.

A Decade (or two) of Housing Buoyancy

The total primary (new build) sales in India's Top 7 cities was about 300,000 units in calendar year 2021. This grew to 360,000 units (20%) in calendar year 2022. If one were to assume 15% CAGR in housing production during the course of the current decade, annual housing production in the top Indian cities would touch ~1 million units p.a. (equating to ~1.5 million units p.a. across the country). Thus, total production in the course of the current decade would be ~9 million units. It is estimated that the total number of households in India which are home ownership capable will grow from 77 million in 2021 to 175 million by 2030, implying over 100 million units of incremental demand. This significant demand-supply gap (100+ million vs. 9 million) is driven by India's transition from low income (GDP per capita of ~USD 2,000 p.a. (2021) to ~USD 5,000 (2030)) and the consequent change – which we believe takes place once in the lifetime of every nation – of a large % of households become ‘home ownership capable'.

Another factor to highlight is that construction cost is ~25-40% of the sales price for multi-storied (apartment) development in India. Further, due to the plentiful availability of agricultural workforce moving to construction sites, wage inflation for this segment of the workforce remains moderate. Due to these factors, during FY23, despite record inflation, the impact from construction cost inflation was only about 2% of cost of goods sold (COGS). This structural low risk from cost inflation differentiates India's housing market from others.

With low base of housing demand, multiple drivers of job creation, income growth of ~10% p.a. for white-collar workforce (which form the bulk of potential home buyers), steady mortgage market with intent from lenders to grow their mortgage portfolios (generally held to maturity), low risk from construction cost inflation, and increasing preference of housing consumers to buy from a handful of reputed brands leading to ever-increasing consolidation on the supply side, the stage seems set for compounding of housing volumes accompanied by steady price growth for several years to come. The strong performance of the industry's top players, in a year with over 200 bps of mortgage rate increase, provides initial evidence of this long-term cycle.

Our Performance

I am pleased to share that your Company's pre-sales grew by 34% to Rs. 120.6 bn. Your Company sold over 8,000 homes with an aggregate area of 9.4 mn square feet. We completed

Our goal of building a stronger nation is being serviced through our efforts towards unleashing the potential of young minds through the Lodha Genius Programme in partnership with Ashoka University, as well as empowering women through Unnati.

about 9,600 homes totalling to 9.3 mn square feet. Your Company continued to focus on its capital-light growth strategy, expanding into newer micro-markets of Mumbai Metropolitan Region (MMR) and Pune. We have received a positive response from consumers in these new micro-markets underlying the appeal of brand Lodha to home buyers seeking a premium living experience.

We also entered the Bengaluru market this year, growing our presence to the three cities which provide about 2/3rd of the value of housing sales amongst India's top seven cities. The MMR economy is driven by corporate front office, BFSI, trading and media & entertainment. Pune provides exposure to manufacturing and back-end IT, whereas Bengaluru provides exposure to value-added / front office IT, giving your Company diversified exposure to the various important sectors on which India's economy depends. Our strategy for entering a new city comprises ‘seed phase' for first 3-4 years, followed by ‘growth phase' thereafter. During the seed phase, our focus is on delivering a moderate number of high-quality developments, strengthening our local team, understanding the consumer in that city, building local relationships and showcasing our units profitability. We believe that this patient approach will reduce the risk inherent with entering new geographies and creates runway for sustainable growth for your Company, as we are now witnessing in Pune.

It is heartening to report that your Company achieved this significant growth while substantially reducing its leverage, with our net debt reducing by ~24% to Rs. 70.7 bn from Rs. 93.0 bn at the start of the year. This combination of growth and deleveraging is unique in our sector. The Company sees the potential to sustainably deliver ~20% pre-sales growth and simultaneously, produce surplus for capital providers (post capital investment) of ~15-20% of pre-sales. We have set a net debt ceiling of lower of 1x of operating cash flow and 0.5x of equity and we expect to be below this ceiling during the course of FY24. With the likelihood of significant surplus for capital providers, we have the opportunity to be well below the aforesaid net debt ceiling.

Annuity Business

We are making steady progress on building annuity streams with a focus on opportunities with relatively high RoEs. We are currently focussed on three key business segments:

i. Green Digital Infrastructure (Warehousing & Industrial): With a focus on sustainable development, we are working with our investment partners including Bain Capital and Ivanhoe Cambridge (an arm of CDPQ) to develop about 25 million sq. ft. of warehousing (including suburban parks and in-city fulfilment centres) and industrial space across India with planned investment (equity and debt) of US$1 billion+ over the next 4-5 years. Your Company plans to contribute its share of equity largely in the form of its land and developed assets. Your Company is also the development and asset manager for this platform. The combination of rental yield, management fee income, and short construction cycles will enable your Company to build substantial annuity income at its target RoEs.

ii. Property Management: We have delivered about 60,000 units to date and expect this number to grow to 250,000 by the end of the decade. With this large captive property pool, we are scaling our Property Management business and adding additional income streams through a Digital Services app which uses our understanding and data about the consumer to connect them with local merchants and service providers. The pilot of the Digital Services app has been done and we expect to scale the roll out across our projects during the course of FY24.

We aim to become a Net Zero Company by operations (scope 1, 2 emissions) within FY24 and are committed to achieve carbon neutrality in scope 3 by 2050, with a short-term target of achieving 51% reduction in scope 3 by the end of this decade.

iii. High-quality Office and Retail Assets: While we have historically focused on releasing capital by building, leasing and selling the office and retail assets developed by us, we are now retaining select such assets which have likelihood of significant capital appreciation due to their quality and/or location.

Together, these three segments will help us generate sizeable annuity income over the medium term with good RoEs.

Aiming to become the Global Leader in Sustainable Real Estate Development

FY23 was an extraordinary year for your Company in its journey towards creating a sustainable and equitable world for all. Over the past year, we continued to make significant strides towards a low-carbon transition and we are on track to become a Net Zero Company by operations (scope 1, 2 emissions) within FY24. We have also submitted our de-carbonisation targets for validation with Science Based Targets initiative (SBTi) and we are committed to become carbon neutral in scope 3 by 2050, with a short term target of achieving 51% reduction in scope 3 by the end of this decade.

Our initiatives under the Lodha Net Zero Urban Accelerator are progressing well and we anticipate that these will help us achieve our decarbonisation goals well ahead of time. This year, we expect to start publishing studies which can help guide the decarbonisation of the built environment. During the year, we also partnered with Xynteo on the ‘Build Ahead Coalition' that aims to unite multiple stakeholders from the construction value chain to achieve net zero built environment in India.

We understand that climate risks will continue to impact our business and communities. In our efforts to address these, we conducted a detailed physical climate risk analysis and created a climate risk toolkit for our designers to integrate mitigation measures while designing new projects.

We aim to break the stereotypes associated with the real estate industry with our continued efforts to make Lodha a preferred workplace for women. We are committed to achieve our gender diversity target of 44% by 2027.

Our goal of building a stronger nation is being serviced through our efforts towards unleashing the potential of young minds through the Lodha Genius Programme in partnership with Ashoka University, as well as empowering women through Unnati.

Our commitment towards growing sustainably also reflects in our exceptional performance in leading global sustainability benchmarks including S&P CSA, GRESB, Sustainalytics, and others. We are determined to create a sustainable and equitable world for all our stakeholders.

The path forward in the backdrop of the industry dynamics, brands which are going to scale up profitably are the ones which possess ability to attract quality talent necessary for such a growth, have trust of stakeholders including customers, vendors as well as land owners, and above all, have the construction and execution capability to deliver this growth. Having a disciplined balance sheet would be another pre-condition for delivering a sustainable growth over a longer duration. Your Company has all the above ingredients to successfully deliver a sustainable 20% CAGR on our pre-sales with 20% ROE, and improving profitability over the course of this decade.

I am extremely pleased to share that we have become a dividend paying Company. Your Company's ability to reward its shareholders alongside growth is another of its unique strength. In view of the robust operating and financial performance , your Company has decided to reward shareholders by way of a 1:1 bonus issue as well as Rs. 2/ share dividend on the pre bonus share.

I would like to take this opportunity to thank all our 4,000+ associates who have been tirelessly working to provide superior customer satisfaction through focus on delivering the world's finest developments with hospitality standards of service quality. This in turn is enhancing our brand appeal among prospective home buyers and would enable us to achieve our milestones in times to come. Most importantly, I would like to thank you, our shareholders, for your overwhelming trust, support, guidance and confidence in Lodha.

Thank you!

Abhishek Lodha

Managing Director & CEO

   

Macrotech Developers Ltd Company History

Macrotech Developers Limited (Formerly known Lodha Developers Limited) was incorporated on September 25th, 1995. Lodha Group is among the largest real estate developers in India and has been involved in the real estate business since 1980s. Being as an Indian multinational real estate company headquartered in Mumbai, India, the Company developed residential & commercial properties in Mumbai, Thane, Hyderabad, Pune and London. The Company commenced operations in Mumbai, developing affordable housing projects in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR and Pune. Some of the notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park. Moreover, the Company is presently credited for developing Palava, an integrated smart city near Mumbai. The Company commenced operations in Mumbai, developing affordable housing projects in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR and Pune. Some of the notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park. Moreover, the Company is presently credited for developing Palava, an integrated smart city near Mumbai. The Company also develop commercial real estate, as part of mixed-use developments in and around our core residential projects to bring vibrancy to our residential developments. The Company created several brands including 'Lodha', 'CASA by Lodha' and 'Crown - Lodha Quality Homes' for its affordable and mid-income housing projects, the 'Lodha' and 'Lodha Luxury' brands for premium and luxury housing projects, and the 'iThink', 'Lodha Excelus', 'Lodha Supremus' and 'Lodha Signet' brands for office. The Company have over 90 completed projects comprising a staggering 80 million square feet of developable area, of which nearly 60 million square feet is in affordable and mid income housing. Currently, the Company is engaged in developing more than 50 ongoing and planned projects across 75 million square feet of area and recognized for quality, focus on details, and elegant craftsmanship. To bring new ideas, the Company collaborated with globally renowned names from Armani/Casa, Jade Jagger, Buro Happold, Pei Cobb Freed & Partners to reimagining personalised service in luxury with Saint Amand. Few of the world's finest developments include the iconic The World Towers which have transformed the skyline of Mumbai, Lodha Altamount - one of the most exclusive addresses, and Palava - India's No.1 Smart City. The Company's large ongoing portfolio of affordable and mid-income housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road). The large townships are located at Palava (Navi Mumbai, Dombivali Region) and Upper Thane (Thane outskirts). The premium and luxury housing projects include Lodha Park (Worli), Lodha World Towers (Lower Parel), Lodha Venezia (Parel) and New Cuffe Parade (Wadala). In addition, the Group have a few projects under the 'Lodha Luxury' brand, which comprises small-scale, high-value developments such as Lodha Altamount (Altamount Road), Lodha Seamont (Walkeshwar) and Lodha Maison (Worli). As a part of industrial & logistics park portfolio, the Lodha Group are developing a logistics and industrial park spread over 800 acres of land near Palava, which is strategically located near the Jawaharlal Nehru Port, the proposed international airport in Navi Mumbai and the industrial hub of Taloja. The Company seeks to utilize more of land parcel in Palava & Upper Thane and take it up to 3,500 acres over a period. The Company have monetized nearly 165 acres of land in the Palava Logistics & Industrial Park (PLIP) either through JVs with reputed investors such as Morgan Stanley or through outright sales to some of the marquee global players like FM Logistics- a French 3PL firm. Thus, so far, the Company already monetized more than 255 acres of the industrial park segment through JV or outright sale. In September 2007, the Deutsche Bank made an investment of Rs 1,640 crore (US$218 million) by subscribing to the compulsorily convertible debentures (CCDs) of Lodha's subsidiary, Cowtown Land Development Limited. In May of the year 2010, Macrotech Developers emerged the highest bidder to acquire a 22.5-acre plot in Wadala, Mumbai, for Rs 4,053 crore (US$538 million) from Mumbai Metropolitan Region Development Authority (MMRDA). In December 2012, the Company acquired Washington House, a residential building owned by the US consulate on Altamont Road, for Rs 341.82 crore (US$45 million), which was developed into Lodha Altamount. Further, the Company purchased a 17 acres land in Mumbai's prime location from DLF for about Rs 2,700 crore (US$359 million), nearly four times higher than the price at which DLF had bought the land in 2005. In September 2013, the Group partnered with Donald Trump for development of Trump Tower Mumbai, an 800-ft-tall, 77-storey residential tower in Lower Parel, Mumbai. and with a number of celebrities to be brand ambassadors, including Aishwarya Rai, Amitabh Bachchan,Akshay Kumar and Twinkle Khanna. In the year of May 2016, it received an investment of Rs 425 crore from Piramal Fund Management for one of Company's project. In 2018, the company bagged CNBC Awaaz Real Estate Award for the project, Lodha Altamount by CNBC.In November 2013, Macrotech Developers Group brought Macdonald House, London a seven-storey building in central London from the Government of Canada for Rs 3,120 crore (US$414 million), thru which the company acquired 87 acres of land in Thane from Clariant Chemicals India for Rs 1,102.5 crore (US$146 million). The Board of Directors of the Company at its meeting held on 27 March 2019, have approved a Scheme of Arrangement u/s 230-232 of the Companies Act, 2013, between the Company and NCP Commercials Pvt. Ltd. (Resulting Company) and their respective shareholders and creditors 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 01st October 2019. Accordingly, all asset and associated liabilities was transferred from the Company to NCP Commercial Private Limited at its carrying value. Upon demerger of the project, the Company sold off its equity shares in NCP Commercial Private Limited to an unrelated buyer. In terms of the Shareholders Agreement dated 25th March 2020 (Effective Date), in view of changes in 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 (including its subsidiaries) ceased to be a subsidiary of the Company and has become a Joint Venture with effect from March 25, 2020. Tata Power Company Limited, an Indian electric utility company based in Mumbai entered into a partnership agreement with Macrotech Developers for setting up EV charging stations in housing societies and offices in September 2021. During the financial year 2020-21, the Company completed an Initial Public Offering (IPO), comprising a fresh issue of 5,14,40,328 equity shares having a face value of Rs. 10, which got listed on BSE Limited and National Stock Exchange of India Limited with effect from April 19, 2021. During year 2020-21, the Schemes of Arrangement were approved by the National Company Law Tribunal (NCLT) for Demerger of One Lodha Place' into One Place Commercials Private Limited effective September 25, 2020 and amalgamation of Copious Developers and Farms Private Limited and Ramshyam Infracon Private Limited effective June 18, 2021. Withdrawal application for demerger of esidential towers from the Belmondo and Splendora projects into two wholly owned subsidiaries viz Luxuria Complex Private Limited and Renovar Green Consultants Private Limited respectively was approved by NCLT, Mumbai Bench vide Order dated December 18, 2020. During the financial year 2021-22, Company launched 13 new projects or subsequent phases of existing projects with total salable area of ~5.6 million square feet, which included Codename Premier at Palava, Lodha Woods at Kandivali, Casa Supremo at Mira Road, Lodha Bellagio at Powai in MMR and Lodha Bella Vita in Pune etc. In FY22, it introduced 11 new projects located largely in micro-markets of MMR and Pune currently underserved by them, having 8.8 million square feet of salable area under capital light JDA route of which 4 projects having salable area of 2.0 million square feet were launched in the micro-markets of Western Suburbs, Eastern Suburbs and Pune. As on March 31, 2022, the Company had 29 consolidating subsidiaries, of which 18 subsidiaries were considered as joint ventures and 2 associates, including 1 associate was considered as a subsidiary. Digirealty Technologies Private Limited, Bellissimo Digital Infrastructure Development Management Private Limited, Thane Commercial Tower A Management Private Limited, Bellissimo Digital Infrastructure Investment Management Private Limited, Palava Induslogic 4 Private Limited and 1GS Quarters Holdings Limited became subsidiaries of the Company during FY22. Copious Developers and Farms Private Limited, Ramshyam Infracon Private Limited and Palava Dwellers Private Limited ceased to be subsidiaries of the Company during FY22. Apart from these, 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 ceased to be subsidiaries of the Company on account of mergers in April 2022. During the financial year 2022-23, the Company launched 12 new projects and subsequent phases of existing projects. Some of the key launches during the year included Lodha Malabar, Lodha Bellevue, Lodha Divino, Ascenza, Crown Kolshet, Villa Royale Palava in MMR, and Lodha Giardino & Lodha Panache in Pune etc. During FY' 23, Five wholly owned subsidiaries of the Company viz 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 merged with the Company with effect from May 20, 2023. Bellissimo In city FC Mumbai 1 Private Limited and Bellissimo In city FC NCR 1 Private Limited were incorporated during FY 2023. 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 ceased to be subsidiaries of the Company on account of mergers during FY23.

Macrotech Developers Ltd Directors Reports

To the Members,

The Directors are pleased to present the 28th Annual Report (and the 2nd Integrated Annual Report) of the Company for the financial year ended March 31, 2023.

OVERVIEW OF OPERATIONS

We are among the largest residential real estate developers in India with presence across luxury, premium, mid-income and affordable segments through over 30 operating projects. We also develop commercial spaces comprising corporate offices, IT campuses, boutique offices and high street retail as part of our large developments. We not only develop these projects but also manage them post completion. Recently, we added a digital layer to our already established property management business through BelleVie, an integrated digital platform, to provide wider ambit of services to residents residing in our developments. We are focused on three of the largest cities of India - MMR where we are No. 1 player with a dominant market share and a growing presence in Pune and Bengaluru which we entered in FY23. We are also developing digital infrastructure parks across India mainly through our joint venture with India Opportunities Fund SSA Scheme I and Ivanhoe Warehousing Inc, funds managed by Bain Capital and Ivanhoe Cambridge (an arm of CDPQ).

Best ever year

FY23 continued to build on the momentum seen in the previous year and emerged as the best ever year for the Company on several parameters. The Company achieved its best ever pre-sales of Rs. 120.6 Bn (34% YoY) as well as best ever collections at Rs. 106.1 Bn (23% YoY). The year also marked our entry into a new city i.e. Bengaluru where we acquired a JDA project. Company continued to reduce its net debt on a consistent basis through organic means with net debt for the year ending at Rs. 70.7 Bn (reduction of Rs. 22.3 Bn).

During the financial year, the Company launched 12 new projects and subsequent phases of existing projects. Some of the key launches during the year included Lodha Malabar, Lodha Bellevue, Lodha Divino, Ascenza, Crown Kolshet, Villa Royale Palava in MMR, and Lodha Giardino & Lodha Panache in Pune etc.

In FY23, the Company continued to add new projects in the under-represented micro markets of MMR & Pune where our brand is already well recognized and also marked our foray into Bengaluru market with acquisition of our first project. Our ability of quick turnaround from land acquisition to launch of the project has made us the preferred partner for the landowners to do JDA on their land assets. This enabled the Company to add 12 new projects for 14 million square feet area amounting to nearly Rs. 200.0 Bn GDV during the year across various micro-markets of MMR, Pune & Bengaluru largely through JDAs.

In terms of completion, the Company received occupation certificates for 9.3 million square feet. Significant ramp up in construction was seen in FY23 as effects of the pandemic waned. With construction now in full swing, we expect significant completion to continue FY24 onwards..

Focusing on green growth

Over the past year, we made major advances towards transitioning to net zero and creating a sustainable future for our stakeholders. We have switched our electricity needs to renewable sources in our entire operations and assets through a mix of direct purchase and on-site generation of renewable energy. With this we aim to achieve net zero carbon in our operations (scope 1, 2) within FY24, well ahead of our target (For more details refer the Net Zero Carbon Roadmap on page 107 of the Integrated Report). We also design all our projects as green buildings, our present certified/pre-certified portfolio is over 20 million sqft with an additional 30 million sqft under review for certification.

This year, we took significant steps across the focus areas of the Lodha Net Zero Urban Accelerator viz embodied carbon reduction, passive designs, equipment efficiency, clean energy and green mobility. We partnered with Xynteo on the 'Build Ahead Coalition' that also aims to unite multiple stakeholders from the construction value chain in India to achieve net zero built environment in India. With an unwavering focus we continue to work towards creating a development template for the real estate industry which will demonstrate that growth decoupled from emissions is possible.

We were also ranked in the top-tier of various global leading sustainability benchmarks this year including S&P Global Corporate Sustainability Assessment (CSA), GRESB, Sustainalytics, and others. For more details on our performance across sustainability benchmarks refer the sustainable growth section on page 57 of the Integrated Report.

HIGHLIGHTS OF OPERATING & FINANCIAL RESULTS Operating Results

Year ended March Year ended March

Particulars

UoM

31, 2023

31, 2022

Pre Sales (Developable Area) Million square feet (Mn Sq ft) 9.4 8.0
Pre Sales Number of units 8,303 7,237
Pre Sales Value Rs. Billion (Bn) 120.6 90.2
Collections Rs. Billion (Bn) 106.1 86.0
Completed Developable Area Million square feet (Mn Sq ft) 9.3 5.3
Completed units Number of units 9,623 4,551

Financial Results

Standalone Financial Highlights

(Rs. Bn)

Particulars FY 2022-23 FY 2021-22
Revenue from operations 87.3 83.5
Total Income 89.9 84.5
EBIDTA before exceptional items 18.4 19.6
Finance Cost 6.0 3.9
Profit Before tax 1.9 16.0
Profit for the year 3.0 11.3

Revenue from operations increased by ~5% YoY to Rs. 87.3 Bn, primarily due to significant ramp up in construction activity leading to higher project completions and consequently higher receipt of occupancy certificates.

Profit for FY23 was Rs. 3.0 Bn as compared to profit of Rs. 11.3 Bn during the previous FY. The sharp decrease in profit was on account of exceptional item recognized in books pertaining to provision created on UK loans.

Consolidated Financial Highlights

The Audited Consolidated Financial Statements for the financial year ended March 31, 2023 have been prepared in accordance with Indian Accounting Standard (Ind AS) - 110 on ‘Consolidated Financial Statement' read with Ind AS-28 on ‘Investments in Associates and Joint Ventures', notified under the Act, read with the Indian Accounting Standards Rules as applicable and same are in compliance with the Companies Act, 2013.

Rs. ( Bn)

Particulars FY 2022-23 FY 2021-22
Revenue from operations 94.7 92.3
Total Income 96.1 95.3
EBIDTA before exceptional items 20.7 21.8
Finance Costs 4.8 6.8
Profit Before tax 4.5 17.2
Profit for the year 4.9 12.1

Revenue from operations increased by ~3% YoY to Rs. 94.7 bn, primarily due to significant increase in pre-sales and area completed. Finance costs (other than included in Costs of Project) decreased by ~30% to Rs. 4.8 Bn in FY23, primarily on account of sharp reduction in debt levels and lower interest rates.

Profit for the year was Rs. 4.9 Bn as compared to Rs. 12.1 Bn in FY22. The sharp decrease in profit was due to recognition of exceptional item pertaining to provision created for UK Loans.

The consolidated financial results and the results of operations are further discussed in the Management Discussion and Analysis which forms part of this Integrated Annual Report.

DIVIDEND AND RESERVES

The Board of Directors at its meeting held on April 22, 2023, has recommended payment of H2/- i.e., 20% per equity share of H10/- each of the Company on pre bonus paid-up equity share capital (being adjusted proportionately after bonus allotment to H1/- i.e, 10% per equity share) aggregating to Rs. 1.0 Bn as maiden dividend for the FY23. The dividend, is subject to the approval of shareholders at the ensuing Annual General Meeting of the Company, will be paid on or after September 18, 2023. The record date for the purpose of payment of final dividend is September 08, 2023. As per the Income Tax Act 1961, dividend paid or distributed by the Company shall be taxable in the hands of the Shareholders. The Company shall accordingly, make the payment of the final dividend after deduction of tax at source.

The Company has not transferred any amount to General Reserve during the year.

DIVIDEND DISTRIBUTION POLICY

In terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (‘Listing Regulations') the Board of Directors of the Company (the ‘Board') formulated and adopted the Dividend Distribution Policy (the ‘Policy') which sets out the parameters and circumstances to be considered by the Board in determining the distribution of dividend to its shareholders and/or retaining profits earned by the Company.The Policy is available in the investor section of the Company's website at www.lodhagroup.in/investor-relations.

SHARE CAPITAL

Authorised share capital

As on March 31, 2023, the authorised capital of the Company was Rs. 13,076.4 Mn divided into 1,29,49,45,750 equity shares of Rs. 10 each aggregating to Rs. 12,949.5 Mn and 1,26,96,250 Preference Shares of Rs. 10 each aggregating to Rs. 127.0 Mn. The authorised equity share capital increased by Rs. 372.2 Mn on account of merger of certain subsidiaries with the Company.

Offer for sale by promoters / promoter group to eligible QIBs

The promoters and certain members of the promoter group sold 3,45,70,506 equity shares of the Company through an Offer for Sale by way of a QIP to eligible qualified institutional buyers on December 12, 2022, taking the public shareholding of the Company to 25% as mandated under the SEBI regulations.

Shares allotted pursuant to exercise of Stock Options

During the year, the Company issued and allotted 219,800 equity shares of Rs. 10 each and 62,712 equity shares of Rs. 10 each to eligible employees pursuant to exercise of stock options granted under Macrotech Developers Limited Employee Stock Option Scheme 2021 (ESOP Scheme 2021-I) and Macrotech Developers Limited Employee Stock Option Scheme 2021-II (ESOP Scheme 2021-II) respectively. Consequently, the issued, subscribed and paid up equity share capital of the Company has increased from Rs. 4,815.1 Mn to Rs. 4,817.9 Mn.

MAJOR CORPORATE EVENTS

Achievement of Minimum Public Shareholding

On December 12, 2022, your Company achieved Minimum Public Shareholding of 25% as stipulated under regulation 19(2) (b) of the Securities Contracts (Regulation) Rules, 1957, by way of an Offer for sale of 3,45,70,506 equity shares of the Company by promoters and certain members of the promoter group of the

Company to eligible qualified institutional buyers at Rs. 1,026 per share. This was achieved well ahead of the statutory timeline of April 18, 2024.

Merger Schemes

Details on the merger schemes approved, filed and withdrawn during FY23 are provided in note 64 to the Standalone financial statements. Five wholly owned subsidiaries of the Company viz 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 merged with the Company with effect from May 20, 2023, pursuant to approvals granted by the National Company Law Tribunal, Mumbai bench.

Debentures

During the year under review, the Company has redeemed NCDs aggregating to Rs. 7,428.7 Mn. The Company has issued Senior, Secured, Redeemable, Listed, Rated NCDs aggregating to Rs. 3.7 Bn during FY 23. The total debentures outstanding as on March 31, 2023 is Rs. 12,382 Mn.

Early redemption of Senior Notes by subsidiary

Lodha Developers International Limited, Mauritius, wholly owned subsidiary of the Company fully prepaid the US$ 225 million, Singapore Stock Exchange listed 14% Senior Secured Notes in two instalments, in March 2022 and September 2022, six months prior to its contractual redemption date.

Credit Ratings

The Company is rated by three domestic rating agencies namely, ICRA Limited and CRISIL Ratings Limited and India Ratings & Research Private Limited.

• ICRA Limited assigned a first time credit rating of ICRA A+ (Stable) for the Company's line of credit facility of Rs. 6.0 Bn.

• CRISIL assigned a long term rating of CRISIL A/Stable and a short term rating of CRISIL A1

• India Ratings upgraded the Company to A/positive in May 2022, a two notch upgrade from their previous rating of ‘BBB+/ Positive' in December 2021.

Exceptional ESG Scores

We were ranked amongst the top ~1% of the 867 global real estate companies in the S&P Global Corporate Sustainability Assessment (CSA 2022) and we received a score of 75 out of 100 in our second year of participation. This is a significant improvement over FY22 where we were placed in the top 13%. We also received an overall ESG risk rating of 13.8 by Sustainalytics, and were placed in the "low-risk" category of ESG risk severity. In addition to these, scored well in other sustainability assessments like GRESB where we received 5-star rating with a score of 95/100 in the "Residential: Multi-family: High-rise" category and were placed 3rd in Asia.

Employee Stock Option Schemes

The Company has two Employee Stock Option schemes, namely ESOP Scheme 2021-I and ESOP Scheme 2021-II (ESOP Schemes). The primary objective of both schemes is to reward employees for their association, performance and contribution to the achievement of goals of the Company and to attract, retain and motivate key talent by rewarding good performance and motivating them to contribute to the overall corporate growth and profitability of the Company. The NRC administers and monitors the Company's ESOP schemes.

Both ESOP schemes are in compliance with ESOP regulations. The Company has received a certificate from Shravan A. Gupta & Associates, Secretarial Auditor of the Company, certifying that the schemes are implemented in accordance with the ESOP Regulations and the resolutions passed by the members. The certificate is available for inspection by members in electronic mode. Details of ESOPs granted and vested are available in note 63 of the Standalone financial statements.

Disclosures as required under the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (SBEB 2021), with respect to the Company's ESOP Schemes, as on March 31, 2023 are available on our website at www.lodhagroup.in/ investor-relations.

Issuance of Bonus Equity shares

The Company has alloted 48,18,05,547 bonus equity shares of face value Rs. 10 each to the existing equity shareholders of the Company, in the ratio of 1:1, by utilising the securities premium reserve and capital redemption reserve aggregating to Rs. 4,818.1 Mn, pursuant to shareholders approval granted by postal ballot on May 23, 2023. The Company's issued and paid up equity share capital after the allotment of bonus shares has increased to 96,36,11,094 equity shares of face value Rs. 10 each fully paid. The Company has also made necessary adjustments to vested and unvested stock options granted under the Company's ESOP schemes as per the SBEB 2021.

DIRECTORS AND KEY MANAGERIAL PERSONNEL Appointments

Mr. Rajeev Bakshi was appointed as an Additional Director under the category of Independent Director of the Company with effect from June 29, 2022 by the Board of Directors on the recommendation of the NRC in accordance with Section 161(1) of the Act and the Articles of Association. His appointment as an Independent Director for a period of 5 years with effect from June 29, 2022, was approved by the shareholders at the previous Annual General Meeting (AGM) held on August 10, 2022.

Ms Harita Gupta was appointed as an Additional Director under the category of Independent Director of the Company with effect from September 20, 2022 by the Board of Directors on the recommendation of the NRC in accordance with Section 161(1) of the Act and the Articles of Association. Her appointment as an Independent Director for a period of 5 years was approved by the shareholders by postal ballot with effect from September 20, 2022.

Mr Abhishek Lodha completed his present term as Managing Director & CEO of the Company on February 28, 2023 and was reappointed for a further term of five years by the Board w.e.f. March 1, 2023, based on the recommendation of the NRC and by the shareholders at the previous AGM held on August 10, 2022.

Mr Rajendra Lodha completed his present term as Whole time Director of the Company on February 28, 2023 and was reappointed for a further term of five years by the Board w.e.f. March 1, 2023, based on the recommendation of the NRC and by the shareholders at the previous AGM held on August 10, 2022.

Ms Raunika Malhotra was appointed as Whole time director for a period of two years by the Board of Directors with effect from June 26, 2023, based on the recommendation of the NRC and holds office till the conclusion of the ensuring AGM. Necessary resolution for her reappointment forms part of the accompanying AGM notice.

Retiring by rotation

Mr. Rajinder Pal Singh retires by rotation and being eligible, offers himself for re-appointment.

A brief resume, nature of expertise, details of directorships held in other companies, of the Directors proposed to be appointed/ re-appointed, along with their shareholding in the Company, as stipulated under the Secretarial Standards and Listing Regulations, is appended as an Annexure to the Notice of the ensuing AGM.

Key Managerial Personnel

Key Managerial Personnel as per Section 203 of the Act as on March 31, 2023 are:

Mr. Abhishek Lo