October 28, 2023

BSE Limited
Scrip Code: 543287
Debt Segment – 974163, 974199, 974473, 974511, 974986, 975053, 975115

National Stock Exchange of India Limited

Trading Symbol: LODHA

Dear Sirs,

Sub: Investor Presentation

Ref: SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘the Listing
Regulations’)

We enclose herewith Investor’s presentation on the Un-audited Financial Results for the quarter and half year
ended September 30, 2023.

The same is also being uploaded on the Company’s website at www.lodhagroup.in

We request you to take the above on record.

Thanking you,

Yours faithfully,
For Macrotech Developers Limited
Digitally signed by SANJYOT
SANJYOT NILESH NILESH RANGNEKAR
RANGNEKAR Date: 2023.10.28 18:20:48
+05'30'

Sanjyot Rangnekar
Company Secretary & Compliance Officer
Membership No F4154

Encl: As above

Macrotech Developers Limited: Lodha Excelus N M Joshi Marg, Mahalaxmi, Mumbai 400 011, India
Regd. Office : 412, Floor-4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai 400 001, India
CIN: L45200MH1995PLC093041 • T + 91 22 6773 7373 • E: investor.relations@lodhagroup.com
www.lodhagroup.in
Investor Presentation
Second Quarter FY2024
28th October 2023
 INDEX
Page No

Highlights 4

Growth Drivers 10

Performance Update 22

Financials 33

Company Overview 36

Annexures 43

2
 Lodha – India’s leading real estate developer

Leading Residential Platform Strong Financial Profile Multiple Growth Drivers

India’s Largest Real Estate Developer Strong operating cash flow generation giving
ability to grow & de-lever in tandem Planned consistent growth of ~20% p.a.
 INR ~770bn of pre-sales and INR ~761bn of in housing
collections (99% of pre-sales) since FY14 FY 23 performance:
 Dual consolidation – both on demand &
 Operating cash flow: INR ~57bn
supply side – a huge tailwind for Tier -1
Diversified portfolio providing resilient growth  Cash available for investment & capital brands
providers: INR ~47bn
 30+ operating projects contributing to sales  Significant headroom to grow in MMR &
 Net debt reduction: INR ~22bn Pune through ‘supermarket’ strategy of
 Presence across luxury, premium, mid-
income & affordable: ~60% sales from  Rewarding shareholders: 1:1 bonus shares; 15- presence every 2-4 km radius
affordable & mid-income 20% dividend payout – 1st dividend paid for
FY23
Building recurring / annuity income -
Focus on 3 cities contributing 2/3rd primary Strong profitability track record; further targeting INR ~5bn of net income by
homes sales (INR 1.75tn) amongst Top 7 expand due to scale up, price growth & debt FY26 and INR ~15bn by FY31
Indian cities reduction
 Pan-India Digital Infrastructure
 10+% market share in MMR  Sustained adj. EBITDA margin of ~30% (warehousing and industrial) platform
 Pro-forma RoE for FY24e at ~20% with Bain Capital and Ivanhoe
 Accelerating growth in Pune
Cambridge
 In seed phase in Bangalore Conservative leverage: Net debt ceiling of 0.5x  Growing Property Management business
D/E and 1x D/OCF aligned to residential growth
Operational Excellence & Strong Brand  Net debt of INR ~67bn (Sep-23); Will be below
 Select high quality office and retail
 Premium brand positioning and high recall ceiling in FY24e
portfolio
 High quality leadership team  A+ (Positive Outlook) - 5 upgrades already since
2021, set to get in AA family in 2024
 Best value from construction spends:
Annuity like cashflow from townships Partner of choice for landowners,
 Amongst only engineering led and engineering lenders & investors
focused RE companies  FY 23 sales INR ~23bn and collections of INR
~22bn (Residential)  Added 30 projects with GDV of INR
 No margin leakage to GC ~483bn since IPO
 Infra project completion (FY 24-26) expected to
 Industry leading ESG practices & ratings further accelerate growth
 4,300+ acres strategic land reserves providing
long-term visibility

3
 World Tower – Ball Room

01 Highlights 4 4
Key Performance Indicators

 INR 35.3bn ( 12% YoY), best ever quarterly performance despite Q2 being
Pre-sales* seasonally the weakest quarter and no new location launch

Embedded
 ~30% for Q2 and ~30% for 1HFY24
EBITDA Margin#

 2 projects with INR ~23bn GDV (>80% of INR 175bn full-year guidance
New Projects achieved in 1H)
Added o One project each added at new location in focus markets of Eastern &
Western suburbs of MMR, in-line with our supermarket strategy

 Ranked No.1 amongst residential developers in Asia by GRESB^

 S&P Global 2023 Corporate Sustainability Assessment (CSA): 2nd Highest score
ESG & Brand
out of ~200 global Real Estate Development companies
Performance
 Highest ‘Top of Mind’ housing brand in Mumbai & Pune, as per Kantar, global
leader in consumer survey&

* Includes DM Sales 0.5bn

# Embedded EBITDA Margin: Estimated EBITDA margin on Pre-sales (ex. DM sales) of the period with estimated lifecycle costs, excluding finance
costs; this can be equated with ‘Adjusted EBITDA Margin’ in the P/L; ^GRESB: Global Real Estate Sustainability Benchmark
5
& 46% and 31% participant in Mumbai & Pune respectively responded “Lodha” as the first name when it comes to housing
Q2FY24 - Other Operating Highlights

Price Growth Launches

~3% 1.9 msf

Average YTD price Launches across MMR
growth1 and Pune

Cash Flow Net Debt

INR 67.3bn
Operating cash flow
• Debt down by INR 5.4bn
INR 12.6bn • Avg. borrowing cost
reduced by ~5bps to 9.6%
vs Jun-232

1YTD Price Growth– Weighted average of projects having sales in Q2FY24 vs. Sales price in Q4FY23
2 Exit cost of debt as of Sep-23 and Jun-23
6
 Cash Flow INR bn

Office & Retail

‘For Sale’ Land Sales Q2FY24 1HFY24
(for rent)
Pre-Sales 34.5 0.3 0.5 35.3 68.9

Collections 26.5 0.4 0.6 27.5 51.5

Net Collections* 23.7 0.4 0.6 24.7 46.0

Op. Expenses 11.8 0.1 0.2 12.1 25.0

- Const. Exp 8.2 0.1 0.2 8.5 18.5

- SG&A 3.3 - - 3.3 6.8

- Taxes - - - 0.4 -0.3

Operating cash flow 11.9 0.3 0.4 12.6 21.0

- Interest payments 2.1 4.1

Cash flow for growth & capital providers 10.5 16.8

Growth Investments# 5.1 13.4

Decrease / (Increase) in Net Debt 5.4 3.5

On track to achieve full year guidance for net debt

*Net of any stamp duty, GST and Hospitality & Property Management expenses;
#Growth investment: Land & approval cost and investment in platform 7
Guidance for FY24
INR bn

Strong launch pipeline

FY23 Actuals FY24 Guidance 1HFY24 led by robust business
development provides
visibility to FY24 pre-
sales goals and
Pre-Sales 120.7 145 68.9
sustained growth for
future
Operating Cashflow 56.6 ~ 60 21.0

New Project Additions 198.0 175+ 143.0

Below ceiling of 1x Net

Net Debt 70.7 Debt:OCF & 0.5x Net 67.3 On path to achieve full
Debt:Equity year guidance with
significant debt
reduction planned in 2H

8
Strong launch pipeline for rest of FY24

Own/ JDA Est. GDV (INR

Micro-market Area (Mn .Sq.ft) No of Projects
Project bn)

South Central JDA 0.5 24.1 1

South Central Own 0.3 13.5 1

Extended Eastern Suburbs Own 1.5 9.8 2

Eastern Suburbs JDA 1.6 26.8 3

Western Suburbs JDA 0.8 15.0 3

Pune Own 0.6 6.2 2

Pune JDA 0.9 6.8 3

Thane Own 0.8 8.6 2

Bangalore JDA 1.2 9.3 2

8.1 120.3 19

With seven new location launches, well placed to meet full-year pre-sales guidance
1st Bangalore launch in Q3

9
 Palava

02 Growth Drivers 1010

Long-term growth opportunity: Real Estate to grow ~2x
faster than the Indian economy

GDP Growth
USD ~3tn USD ~7-8tn ~2.5x
FY22 FY31 FY22-31

Doubling of
Real Estate Contribution 6-7% 13-15%
to GDP
FY22 FY31
contribution
FY22-31

~5x
Real Estate Industry Size
USD 200bn USD ~1tn
FY22 FY31
(20% CAGR)
FY22-31

Housing to be key driver of and key beneficiary from GDP growth

Source: Niti Aayog, IBEF.org 11

 100 mn new households to become ‘home ownership
capable’ this decade

Annual 2021 2030 Per capital income seen rising

HH HH GDP: USD 3tn GDP: USD 7-8tn
Income Category ~2.5x over FY20-32
HH: 296mn HH: 386mn
(INR mn)

>2.8 High Per Capital Income (USD)

9mn 23mn (6%)
(3%) 6,000

68mn 5,000 4,819

0.5-2.8 Upper Mid 152mn (39%)
(23%)
4,000

3,000
0.2-0.5 Lower Mid 85mn (29%) 119mn (31%)

2,000
2,000
92mn 1,000
<0.2 Low 134mn (45%)
(24%)

FY20
FY22
FY24
FY26
FY28
FY30
FY32
134n
(4%)

Once in a country’s lifetime opportunity!

Source: WEF/Future of Consumption report, EY; HH: Household

12
 Strong affordability drives conversion of housing need to demand
Rapid urbanization to create need for quality urban housing Family nuclearization

India – Urbanization (%) Urban Household size

5.6
60
50 5.2
40
4.8
30
20 4.4
10
0 4.0

1981

1991

2001

2011

2026E
2021E
1950

1960

1970

1980

1990

2000

2010

2020

2030

2040

2050
Large no of educated workforce added every year Improved affordability to support demand
Total placements from AICTE approved institutes (in ‘000s)
Affordability ratio1
No of students graduating every year 4.6x
from AICTE affiliated colleges: ~1.5mn 4.4x
4.1x
796 798 815 3.8x 3.7x
674 702 723 716 711 3.5x
613 3.3x 3.3x
560 3.2x 3.2x
2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23
As long a housing price growth is slightly below white collar salary growth, housing demand will sustainably grow

Source: United Nations, India Census, AICTE, HDFC Note: 1Affordability index is the ratio of property price to annual income 13
Other industry tailwinds
 Consolidating supply unlikely to keep pace with accelerating demand, creating lot of opportunities for
Tier-1 developers

o On the demand side, housing sales in top 7 cities to reach ~1mn units by CY30 from ~360k in CY22

o Consolidation wave due to policy reforms, liquidity crisis and Covid disruption led to:

 60% reduction in developer count

 Market share gains for listed developers – from 6% in FY17 to 17% in FY22

 Mortgage an enabler of demand not an inducer of demand

o Conservative Central Bank, allows only plain vanilla mortgage product – LTV <75% & no teaser rates

o A floating rate product; rate cycle well understood by homebuyers – Interest rate change modifies tenure,
not EMI

 Construction cost inflation not a risk to margin

o Construction costs typically forms only 25% to 45% of sales price – of which one-third related to skilled &
semi-skilled labor which faces low risk of inflation

o Commodity inflation generally of short cycle – 3 years of construction provide flexibility to manage costs
across project lifecycle
14
‘20:20’ Action Plan
INR bn

Focus to deliver ~20% Pre-sales CAGR & 20% RoE with net debt ceiling of 0.5x D/E and 1x D/OCF

~210

~20%

~20 % CAGR
~300bps
121
~17%

FY23 FY26 FY23 FY24

Pre-Sales RoE

15
 Significant headroom for growth in core markets of MMR & Pune
INR bn

MMR Pune Bangalore

Market share by
~20% ~15% ~15%
decade end

~1,500 ~500 ~600

~10 % ~10 % ~10 %

CAGR CAGR CAGR
~1,000 ~350 ~400
Market Size

FY22 FY26 FY22 FY26 FY22 FY26

10+% market
Likely market share share
~15% ~8% ~2%
by FY26

FY26 Pre-sales
~225 ~40 ~12
potential

Keeping our growth with conservative capital structure approach in mind, guiding for ~20% pre-sales CAGR i.e. INR
~210bn by FY 26 against higher potential basis market share

16
Township growth set for a significant leap
INR bn

 Two large township projects at Palava & Upper Highest ever Pre-sales in FY23
Thane with land already paid for – 4300+ 2x 23
acres of surplus land
19

 Annuity like cashflow with ~50% cash margin

11
 Multiple asset classes –
FY21 FY22 FY23
o High quality residential with exceptional
amenities

o Multiple schools & Hospitals Collections to ramp-up with the rising pre-sales trajectory

o Office spaces, Mall & High street retail

22
2.2x
o Life sciences hub
14
o Industrial & warehousing parks 10

 Multiple product innovations such as Plotted

Development, Crown (entry-level housing),
FY21 FY22 FY23
Signet (boutique offices) catering to diversified
customer base

17
Ongoing infra projects (Airport, Metro, Bullet Train etc.) to
supercharge Palavas’ growth…on the lines of Gurgaon
Virar
Project Likely completion & impact
Extended Western
Suburbs Extended Eastern
Suburbs
Mumbai Trans CY23 – Brings South Mumbai
Harbor Link closer
Kalyan
Upper Thane CY24 – Cuts travel time b/w
Airoli Katai Naka
Western
Mumbai/ Airoli & Palava by 20
Thane Freeway
Suburbs Dombivli mins
Thane Station Navi Mumbai CY24 – Boost to economic
Goregaon International Airport activity around Palava (35mins)
Mulund
Airoli

Katai CY27 – Three station within

MUMBAI Kalyan Taloja Metro
Palava, connected to suburban
– Line 12
Eastern Suburbs metro network

Navi Mumbai
BKC Mumbai – st
Central Mumbai CY28 – 1 station after BKC at
Taloja Ahmedabad
Palava, travel time -15mins
Bullet Train

Sewri
Mulund Goregaon CY28 – Brings Western
Link Road Suburbs closer to Palava

South Mumbai
Chirle Junction
PUNE Virar – Alibaug CY30 – Puts Palava at center
Multimodal Corridor of major commercial trade route
Alibaug

18
 Building annuity income portfolio

 Pan-India warehousing &

industrial park platform
Digital  Targeting 25 msf area; 5.7 msf
Infrastructure under development (Sep-23)

 Growing facilities
management business with
digital services layer
 Have a captive base of
60,000 households with high
spending power; to grow to
250,000+ by 2030 Annuity income
 Pilot initiated for digital
services app servicing wider  Select high quality office and
gambit of resident needs. retail portfolio

Facilities
Commercial
Management

Targeting INR ~5bn of net annual income by FY26 and INR ~15bn by FY31

19
Digital Infra.: potential to generate significant recurring income
Recurring income from lease as well as outright sale Digital infra boosting Palava Ecosystem

DI Platform – Significant traction from marquee users

for leasing at our DI Park  Added one more industry (Cold Storage)
to the Palava Ecosystem, showcasing
(in mn Sq ft.) Area (msf) Notable Clients Palava’s potential
Area Under Development 5.7 o Signed definitive agreement with NewCold,
one of the largest automated warehouse &
Skechers, cold chain logistics companies globally at
Area Under Construction 1.4
Schlumberger Palava for INR 1.5bn

 Skechers & Schlumberger facilities to start generating  Aptar Pharma & Flyjack (outright sold)
rent from 3QFY24 along with Schlumberger & Skechers to
be operational in FY24, boosting
economic activity & job creation at Palava
 Pursuing land acquisition in NCR, Maharashtra &
Bengaluru for the platform
 Strong land demand from end users of
diverse industries
Land sales generating INR 5-7bn cashflow annually
o E-Commerce, Fashion & Sportswear
retailers, Consumer Goods, 3-PL, Logistics,
(INR bn) Jan-21 to Sep-23 Q2FY24 Data Center, EV Ecosystem, FMCG,
Engineering Goods, Life Sciences, etc.
Cashflow from land sales 16.2 0.6

20
 Commercial & retail assets with annual rent potential of INR ~2.6 bn

One Lodha Place iThink Palava Palava Mall

Area in msf

Location Worli (World Towers) Palava (Office) Xperia Mall

Leasable area^ 0.73 0.58 0.42

Area Leased^ 0.21 0.15 0.39

0.43: Under development (Est. Operating

Status Ready
completion in 2023)

Annualized Rental Income

INR ~2,000+ mn p.a INR ~270mn* INR ~300mn *
Potential

* Basis Sep-23 monthly rentals; ^excluding area sold to 3rd parties 21

 Upper Thane

03 Performance Update 22
Operational Performance
INR bn

For Sale Others* 68.9

35.3 60.0
31.5
66.6
24%
20% 53.5
34.5
28.9
Pre-Sales
2.1 msf 2.6 msf 4.4 msf 5.4 msf

Q2FY23 Q2FY24 1HFY23 1HFY24

27.5

51.5
23.8 16%
Collections 49.9 3%

Q2FY23 Q2FY24 1HFY23 1HFY24

*Others include rental asset sales, sale of land for digital Infra & govt. infra and tenancy 23
Pro-forma P&L (basis operating performance)

FY23 FY24E 1HFY24

Particulars
INR Bn % INR Bn % INR Bn %

Pre-sales 120.6 145.0 68.9

Embedded EBITDA 38.6 32% 43.5 30% 20.7 30%

D&A 0.9 1.0 0.5

Finance Cost 10.0 7.5 4.1

PBT 27.7 23% 35.0 24% 16.0 23%

Taxes (assumed rate: 25.2%) 7.0 8.8 4.0

PAT 20.7 17% 26.2 18% 12.0 17%

RoE ~16.7% ~19.6%

24
Financial Performance INR bn
44.4
17.7 17.5
-24% 33.7
-1%
Revenue

Q2FY23 Q2FY24 1HFY23 1HFY24

5.5 14.3
5.3 5% -29% 10.2

Adj. EBITDA
30% 32% 32% 30%

Q2FY23 Q2FY24 1HFY23 1HFY24

3.7
7.2

-42% 2.1 Adj. PAT -47% 3.8

19% 12% 16% 11%

Q2FY23* Q2FY24 1HFY23* 1HFY24

 Lower Adj. EBITDA & PAT Margin in 1HFY24 as (i) Revenue recognized is ~50% of pre-sales, (ii) overhead costs being linked to pre-sales
(accounted largely in the quarter of incurrence) is higher by ~800bps
 Contracts entered w.e.f. 1st April 2023 qualify for revenue recognition under POCM (Progressive). Financial performance to reflect underlying
business by FY26-27 as prior period projects get completed

Adj. EBITDA = After Grossing up of Finance cost included in cost of project Adj. PAT = before impact of Forex and Exceptional Items
*Exceptional Items : Provision against UK investment for Q2FY23 and 1HFY23 25
xx% Adj. EBITDA margin & PAT margin
 Micro-market performance for Q2FY24
INR bn

Average Sales Construction Area Completed

Micro-markets Pre-Sales# Collections*
Price (INR psf) spends (Mn. sq. ft.)

South & Central 15.7 33,066 9.2 1.9 -

Thane 3.3 10,636 4.0 1.4 0.5

Extended Eastern Suburbs 4.4 6,599 5.8 3.0 -

Western Suburbs 2.1 16,152 2.1 0.5 -

Pune 4.7 7,967 2.8 0.7 -

Eastern Suburbs 4.4 20,045 2.0 0.6 -

Extended Western Suburbs - - 0.4 0.1 -

Offices & Retail (for rent) 0.3 0.4 0.1 -

Land Sales 0.5 0.6 0.2 -

Total 35.3 27.5 8.5 0.5

# Pre-sales includes DM Sales

*Collections from DM sales not included 26
 Micro-market performance for 1HFY24
INR bn

Average Sales Construction Area Completed

Micro-markets Pre-Sales# Collections*
Price (INR psf) spends (Mn. sq. ft.)

South & Central 27.3 33,177 17.6 4.2 -

Thane 6.3 10,528 7.7 3.2 0.5

Extended Eastern Suburbs 10.5 6,553 10.9 6.7 0.7

Western Suburbs 4.8 16,080 4.1 1.0 -

Pune 9.6 7,751 4.6 1.3 -

Eastern Suburbs 8.0 19,808 3.2 1.2 -

Extended Western Suburbs 0.1 9,066 0.9 0.3 -

Offices & Retail (for rent) 1.1 1.1 0.4 -

Land Sales 1.2 1.5 0.4 -

Total 68.9 51.5 18.5 1.2

# Pre-sales includes DM Sales

*Collections from DM sales not included 27
Launches in 1HFY24

Own/ JDA
Micro-market Launch Period Area (Mn .Sq.ft) Est. GDV (INR bn)
Project

Pune JDA Q1FY24 1.1 8.2

Western Suburbs JDA Q1FY24 0.3 4.1

Extended Eastern Suburbs Own Q1FY24 0.4 2.8

Eastern Suburbs JDA Q2FY24 0.5 10.6

Thane Own Q2FY24 0.3 4.5

Thane JDA Q2FY24 0.2 2.4

Extended Eastern Suburbs Own Q2FY24 0.6 3.7

Pune JDA Q2FY24 0.3 2.5

Total – 1HFY24 3.7 38.7

28
Business Development: 80%+ of annual target achieved in H1
INR bn

Micro-market Period Added Saleable Area (msf) Est. GDV

MMR – South Central Q1FY24 4.3 74

MMR – South Central Q1FY24 1.1 16

MMR – South Central Q1FY24 0.4 12

MMR – Western Suburbs Q1FY24 0.3 10

Bengaluru - South Q1FY24 1.0 8

MMR – Eastern Suburbs Q2FY24 0.7 13

MMR – Western Suburbs Q2FY24 0.5 10

8.3 143

29
 Lodha: Micro-market wise supply

Planned Inventory Launches

Residual
Collections Ready Ongoing In next 12 months^ Beyond 12 months Land
Micro-markets from Sold unsold unsold Bank
JDA JDA
units Own Land Own Land
Projects Projects
INR bn Mn. Sq. ft. Acres
South & Central 34.4 24.1 64.0 0.3 1.0 0.9 6.1 -

Thane 11.1 2.6 28.6 1.1 - 3.3 - -

Extended Eastern Suburbs 22.0 21.4 30.4 3.0 - 46.1 - 4,000+

Western Suburbs 8.1 1.8 9.2 - 1.2 - 0.6 -

Pune 14.2 0.7 16.0 0.6 1.5 0.1 1.5 -

Eastern Suburbs 15.1 - 31.0 0.4 1.8 1.1 2.3 -

Extended Western Suburbs 0.9 - 0.6 - - - - -

Bangalore - - - - 1.2 - 1.1 -

Offices & Retail (for rent) 0.7 29.6 2.5 - - 7.2 - -

Digital Infra. 0.1 - 300 acres* - - - - -

182.4+ 300
Total 106.6 80.3 5.3 6.7 58.7 11.6 4,000+
acres

^as on Sep-23 30
*Includes ~70 acres land under JV with Morgan Stanley (MDL interest 25%) and 110 acres in JV for Digital Platform (MDL interest 33%)
Market wise completion plan of ongoing ‘for sale’ projects (1/2)
Mn.sq ft.

FY24 FY25 FY26 >= FY27

Sold/
Market Total area
Unsold*
Own JDA Own JDA Own JDA Own JDA

Sold-PCM 0.19 - 0.15 - 0.02 0.00 0.11 0.07

South & Central
3.20 Sold-POCM 0.00 - 0.12 - 0.01 0.03 0.04 0.17
Mumbai
Unsold 0.15 - 0.68 - 0.46 0.44 0.06 0.48

Sold-PCM 0.89 - 0.65 - 0.59 - 0.01 0.03

Thane 5.30 Sold-POCM 0.03 - 0.10 - 0.27 - 0.11 0.04

Unsold 0.08 - 0.41 - 0.44 - 1.15 0.51

Sold-PCM 2.31 - 2.10 - 0.36 - 0.10 -

Extended Sold-POCM 0.22 - 0.68 - 0.41 - 0.04 -
11.02
Eastern Suburbs
Unsold 0.37 - 0.86 - 0.83 - 2.74 -

Sold-PCM 0.03 - 0.09 0.50 0.04 0.13 - -

Western Suburbs 1.63 Sold-POCM - - 0.01 0.13 - 0.16 - -

Unsold - - 0.07 0.07 0.06 0.34 - -

*Sold/ Unsold data is as of Sep-23

31
 Market wise completion plan for ongoing ‘for sale’ projects (2/2)
Mn.sq ft.

FY24 FY25 FY26 >= FY27

Sold/
Market Total area
Unsold*
Own JDA Own JDA Own JDA Own JDA

Sold-PCM - - - 0.18 - 0.33 - 0.20

Eastern Suburbs 2.73 Sold-POCM - - - 0.04 - 0.08 - 0.34

Unsold - - - 0.13 - 0.20 - 1.23

Sold-PCM - - 0.20 1.38 0.16 0.09 - -

Pune 5.10 Sold-POCM - - 0.06 0.20 0.29 0.47 - 0.25

Unsold - - 0.22 0.40 0.45 0.63 - 0.31

Sold-PCM - - 0.32 - - - - -
Extended Western Sold-POCM - - 0.01 - - - - -
0.40
Suburbs
Unsold - - 0.07 - - - - -

Sold-PCM 3.42 - 3.51 2.06 1.17 0.56 0.22 0.30

Total 29.37 Sold-POCM 0.25 - 0.98 0.37 0.98 0.73 0.18 0.80

Unsold 0.59 - 2.31 0.59 2.24 1.62 3.95 2.53

*Sold/ Unsold data is as of Sep-23 32

 Lodha Amara – Club House

03 Financials 33
Financial highlights for Q2FY24
INR bn

Particulars Q2FY24 Q2FY23 Growth % 1HFY24 1HFY23 Growth %

Revenue 17.5 17.7 (0.9)% 33.7 44.4 (24.2)%

Adj. EBITDA^ 5.5 5.3 5.2% 10.2 14.3 (28.8)%

Adj. EBITDA (%) 31.6% 29.7% 190bps 30.2% 32.1% (190)bps

Adj. PAT* 2.1 3.7 (42.4)% 3.8 7.2 (47.3)%

Adj. PAT (%) 12.0% 19.5% (750)bps 11.1% 15.6% (450)bps

Networth 130.5

Net D/E (x) 0.52x

^Adjusted EBITDA = After Grossing up of Finance cost included in cost of project

*Adjusted PAT = PAT ex. Forex & Exceptional Items
34
Consolidated Summary Balance Sheet
INR bn

As at As t As at As at
ASSETS EQUITY AND LIABLITIES
30-Sep-23 31-Mar-23 30-Sep-23 31-Mar-23

Equity Share Capital 9.6 4.8

Tangible Assets 13.3 13.0
Other Equity 120.2 121.8
Intangible Assets 5.3 5.3
Non-Controlling Interests 0.6 0.6
Investments 5.7 2.4
Total Equity 130.5 127.2
Loans 11.1 11.5
Borrowings 87.2 90.5
Inventories 311.5 301.2 22.5 21.0
Trade Payables

Trade Rec. (Incl. accrued rev.) 12.4 12.4 Other Financial Liabilities 51.3 45.6

Cash and Bank Balances 19.4 19.3 Provisions 0.3 0.3

Other Financial Assets 13.1 10.7 Current Tax Liabilities (Net) 0.0 0.4

Non-Current Tax Assets 1.9 2.9 Deferred Tax Liabilities (Net) 0.4 0.3

Deferred Tax Assets 1.7 2.4 Other Liabilities 118.0 106.3

Other Assets 14.8 10.4 Total Liabilities 279.7 264.3

Total Asses 410.2 391.5 Total Equity and Liabilities 410.2 391.5

35
 The Park

05 Company Overview
36 36
Eminent Board of Directors

Mukund Chitale, Independent Director and Chairman

 Director on the Board of L&T
 Former President of ICAI and Chairman of Ethics Committee of BSE

Rajinder Pal Singh, Non-Executive Director

 Director on the Board of Maruti Suzuki
 Former Chairman and Managing Director of Punjab & Sind Bank and Chairman of NHAI

Ashwani Kumar, Independent Director

 Former Chairman and Managing Director (CMD) of Dena Bank and board member of the LIC
 President of the Indian Institute of Banking and Finance
Abhishek Lodha
Lee Polisano, Independent Director
Managing Director  Founding partner and President of PLP Architecture, UK; Fellow member of the American Institute of Architects
 Globally recognized for architectural and urban design work, emphasizing underlying concern for environment
 Holds a master’s degree
in science (industrial and Rajeev Bakshi, Independent Director
systems engineering  Former MD & CEO of Metro Cash & Carry and formerly associated with Pepsico, Cadbury Schweppes
 Currently on the board of Cummins India, Dalmia Bharat Sugar
(supply chain & logistics)
from Georgia Institute of Harita Gupta, Independent Director
Technology  Formerly associated with Microsoft and NIIT Technologies
 Currently leading APAC and Global Enterprise Business at Sutherland Global Services
 Worked with McKinsey &
Company, USA Rajendra Lodha, Whole-Time Director
 31 years of experience in all facets of real estate development
 Bachelor's degree in civil engineering from M.B.M. Engineering College, University of Jodhpur

Raunika Malhotra, Whole-time Director, President - Marketing and Corporate Communications

 15+ years of experience in leadership, corporate strategic planning, consumer insights and brand management
 Formerly worked with ECS Limited and Adayana Learning Solutions in strategic consulting

37
 Strong management team
Shaishav Dharia Deepak Chitnis
Sushil Kumar Modi Chief Designer
CEO – Townships, Director – GDI Chief Financial Officer
Platform  Previously served as senior architect
 Formerly worked at GMR, Aditya 27+ Excellent
at Oberoi domain knowledge
Constructions Pvt Ltd
24+  Formerly worked with McKinsey & Birla Group & JSW Steel
26+
Company and Logic Tools
Prateek Bhattacharya Prashant Bindal Rajat Kumar Singh
CEO – Western Suburbs & Thane Chief Sales Officer President- Finance
 Formerly served as Expert Associate  Formerly part of Spice Mobilitiy,  Formerly worked with Adani Group,
23+ Principal at McKinsey and Co. Walmart India and Hindustan Coca Reliance Group & GMR
24+ 27+
Cola Beverages

Rajib Das Shyam Kaikini

Rajesh Sahana
President - Eastern Suburbs & President – Hospitality &
President – Customer Experience Property Management
Navi Mumbai
 Formerly worked with Globacom,  Formerly associated with Taj
18+  Formerly worked with Godrej 27+
28+ Reliance Jio, Bharti Airtel, ABN Amro Hotels, Jumeirah International
Group, Indiabulls Properties & Bank of America
Mark Griffiths
Tikam Jain Janhavi Sukhtankar
Head – Pre-Constructions, QA & EHS
CEO – Pune President – Human Resources
 Formerly worked with Leighton
 Grown at Lodha with 25 years  Formerly held senior positions at Contractors, Baulderstone &
of association, last position held Greenpeace International and Sanofi 30+
30+ 24+ Hornibrook
as Head CPT India
COOs
Rajendra Joshi Rajesh Agrawal Const.  Satish S: Ex-Arabtec.
CEO – Bangalore . President - Procurement Mgmt.  Shrikanth K: Ex- Phoenix
 Formerly associated with Brigade  Formerly served as Group CPO at Team  Yogendra B: Ex- L&T
25
Enterprises, Mahindra Lifespaces Adani Ent. & held senior positions at  Brijmohan C: Ex-Arabtec
31+ 35+ +
RIL, JSW

Devender Singh Rawat Ramit Chopra Bhaskar Kamat

CEO – GDI Platform Head – BD & Leasing, GDI Platform Chief Land Officer, GDI Platform
 Formerly CEO of Bharti Infratel,  Formerly worked with Embassy  Formerly worked with DLF, Godrej
also worked with Ericsson, Huawei 19+ Industrial Parks, Indospace Properties
25+
25+

38
xx Experience in the industry
 Our Sustainability Strategy: Do Good, Do Well

Identify initiatives that enhance our

impact and brings together our larger
set of stakeholders to partner in the
journey with us

OUR ESG GOALS

Ensure sustainability in our product

E and operations by positively impacting
the natural environment

Positively impact our people and

S community through utmost respect for
human rights, diversity and inclusion

Drive industry transformation by

leading ethically and bolstering trust
G through high degree of transparency &
accountability

Know more about Sustainability at Lodha

39
 We are best-in-class globally when it comes to measured ESG performance

S&P Global Corporate GRESB Development Benchmark GRESB Standing Investments

Sustainability Assessment 2023 2023 Benchmark 2023

Second highest CSA score out of ~200 Ranked 1st in Asia with a 5-star rating Ranked 8th in Asia with a 5-star rating
companies in Real Estate Management and score of 100/100 in the category and score of 90/100 in the category
and Development industry (as on 22nd Residential: Multi-Family | Listed Diversified - Office/Retail | Listed
Sep 2023)

Sustainalytics WBA Buildings Benchmark FTSE4Good Index Series

Received ESG Risk Rating of 13.8, was Ranked 4th among the 50 keystone Included in the FTSE4Good Index
assessed to be at “Low-Risk” category of buildings sector companies globally Series in the June 2023 index review
ESG risk severity. Globally ranked 9th in the
Real Estate Development sub-industry.

40
 Our commitment to Sustainability: Progress across key focus areas

Environment

• Organized the first edition of RMI-Lodha Sustainability Conclave in September 2023; Brought experts together for co-creating actionable strategies
which can accelerate net-zero transition of the built environment
• Green Certification received for ~42.6 million sqft across projects; process ongoing for ~49.4 million sqft across 35 residential projects
• 98% of renewable energy share in our total energy consumption, across construction activities and standing assets as of Sep-23
• ~3 MWp of on-site solar panel installations completed and work-in-progress

Social

• First batch of ~100 students of Lodha Genius Programme

• Launched the Lodha Development Centre (LDC) to impart hands-on training and new age practical knowledge to our associates
• Received Great People Managers Awards 2023 in association with Economic Times and NHRDN (National Human Resources Development
Network)

Governance

• Robust Enterprise Risk Management Framework to proactively manage key risks to ensure growth with stability
• Robust policies, procedures and internal controls in place, which are reviewed and updated periodically
• Maintained global leadership position across sustainability benchmarks through regular transparent reporting
• Highest level of disclosures – only company reporting Embedded EBITDA Margin on its Pre-sales

^Excluding construction workforce 41

RMI-Lodha Sustainability Conclave

RMI-Lodha Sustainability Conclave: Two-day event serving as a platform for industry experts and visionaries to synergise and
create actionable strategies for accelerating Net-Zero transition of the built environment

Net Zero Urban Accelerator Launched ‘Gateway to

Five focus areas: Embodied First edition of RMI-Lodha
– joint initiative by Lodha & India’s Dymaxion’ – a
Carbon, Passive and Active Sustainability Conclave
RMI established with a vision publication highlighting
Cooling Solutions, organized in Sep ’23, bringing
to redefine urban initiatives by the Accelerator,
Equipment Efficiency, together visionaries to co-
development and lead India’s to build integrative
Clean Energy and Clean create solutions for a low-
transition towards Net Zero sustainable solutions at city
Mobility carbon future
by 2070 scale

42
World Towers

06 Annexure
43
 Significant opportunity to scale up in other micro-markets of MMR

Market leading position in most micro-markets, with potential for growth in other regions
Market share by absorption in INR bn
4. Thane
1. Extended Western Suburbs
Vasai Developer Market share (%)
Developer Market share (%) Naigaon 1 19.6%
First 12.3% Bhayander Second
1 11.9%
2 5.4% Third 7.7%
Third 4.8% Mira Road
Added 2 projects with GDV of INR 15bn
Absorption: INR 24bn Absorption: INR 101bn
Ghodbunder 4 Kalyan
Thane
5. Extended Eastern Suburbs
Dombivali
2. Western Suburbs
2 Wagle Estate Developer Market share (%)
Asangaon 1 20.2%
Malad
Pre-IPO, had limited presence Airoli
Goregaon Second 4.8%
Added 5 projects with GDV of INR 52bn Ghansoli 5
Mulund Third 3.4%
Absorption: INR 170bn Andheri
Powai Vikhroli Absorption: INR 73bn
Bandra Vashi
6
Kurla 6. Navi Mumbai
3. South Central Mumbai CBD
Developer Market share (%) Prabhadevi
7 Belapur Potential growth micro-market for Lodha
1 Worli Dadar
33.9% Absorption: INR 111bn
Second 13.4% Lower Parel
Third 9.9%
7. Eastern Suburbs
Added 7 projects with GDV of INR 177bn 3
Pre-IPO, had no presence
Absorption: INR 126bn Colaba
Added 10 projects with GDV of INR ~175bn
Absorption: INR 173bn

Tied up INR ~403bn of GDV and development potential of ~20 msf across 24 projects in various micro-markets of MMR

Source: Report prepared by Anarock Property Consultant Private Limited

Note: Market shares and absorption data is average for 2015-20 absorption 44
 Pune - fourth largest housing market of India…
Accelerating growth in INR 365bn market by establishing presence across multiple locations

1. Pimpri-Chinchwad 4. Central

Pre-IPO, had 1 project Pre-IPO, had no presence

With annual sales potential of INR >2bn Added 1 projects with GDV of INR ~4bn

Absorption: INR 85bn Absorption: INR 10bn

2. North-West 5. North-East

Pre-IPO, had no presence Pre-IPO, had no presence

Added 1 projects with GDV of INR ~26bn Added 1 projects with GDV of INR ~20bn

Absorption: INR 100bn Absorption: INR 75bn

3. South-West 6. South-East

Potential growth market for Lodha Pre-IPO, had no presence

Added 1 projects with GDV of INR ~12bn

Absorption: INR 55bn Absorption: INR 40bn

Tied up INR ~60bn of GDV with development potential of ~7.6 msf across four projects in various micro-markets of Pune

Source: Absorption data for FY22 from CRE Matrix

45
…will contribute to growth in a sustainable manner
 Large & resilient market with a play on IT and manufacturing sector upswing

 Historically, we have only present through Lodha Belmondo in Pune (Pimpri-Chinchwad)

 Signed four projects at NIBM, Hinjewadi, Bund Garden & Kharadi; advanced stage of signing definitive
documents for multiple projects

 Multiple successful launches reflects strong recognition of brand Lodha

o Bella Vista, off NIBM Road (South-East) in Aug’21, sold INR 7.5bn in 25 months (69% of launched
inventory)

o Giardino at Kharadi (North-East) in Nov-22, sold INR 8.3bn in 11 months (64% of launched
inventory)

o Panache at Hinjewadi (North-West) in March-23, sold INR 5.5bn in 7 months (57% of launched
inventory)

 Medium term aim to capture ~15% market share

46
Entered Bangalore housing market…

Market size: INR ~400bn

Micro-market Market Size (INR bn)

1 South 185.0

2 East 80.0

3 North 112.0

4 West 20.0

5 Central 3.0

Total 400.0

Source: Knight Frank, Industry 47

…strategic choice to ensure brand presence in market with good
long-term prospects

 Key reasons for entering the market

o Fragmented market with Top 5 players accounting for ~30% market share

o Market with steady sales

o Core hub for Technology in India

 Signed two projects through JDA with development potential of ~2.3 msf and GDV of INR 20bn; targeting
to launch both in FY24

 Creating dedicated team with local capability based in Bengaluru

 Focus on gradual growth focused on capital light JDA model

48
Supply side consolidating - unlikely to keep pace with
accelerating demand
Consolidation wave due to policy reforms and liquidity crisis… …has led to market share gains for listed developers

17%
60% >50%
Incremental supply from 3x
Developers count
branded developers

6%
Remaining Tier - 2 & 3 players develop:

 Small-sized projects (< INR 5bn)

 One at a time FY17 FY22

 Take longer (5-7 years) to complete

Multiple forces leading to consolidation

 Regulatory push: RERA, Demonetization, GST, Amendment to Benami Act. Housing sales in top cities to reach 1mn by 2030
 Funding squeeze for Tier – 2 & 3 developers:
~1mn
 NBFC’s exiting market after large losses – wholesale lending bubble popped
~15% CAGR
after IL&FS implosion

 Inability to sell during construction

~360K
 Consumer loss of confidence with Tier – 2 & 3 developers: ~300K

 Having burnt their lifetime savings

 Failure to deliver or untimely delivery with poor quality

CY21 CY22 CY30

Source: Anarock 49
Steady as it goes: Mortgage an enabler, not inducer of demand
 Conservative Central Bank, low
risk mortgage market: LTV <
85%, no teaser rates Mortgage as % of GDP
89%

 Rate cycle seem to have peaked; 68%

pivot likely in 2HFY24
52%
44% 45%
 Strong performance of mortgages 39%
34%
through all parts of the cycle -
Intense competition for safe
18% 20%
haven mortgage assets leading to 11%
plentiful availability

India

USA
Malaysia

Germany

UK
Singapore

Netherlands
Thailand
China

Japan
 A floating rate product; rate cycle
well understood by homebuyers.
Interest rate change modifies
tenure, not EMI

Low penetration of mortgage provides significant room for growth

 Salary growth of 8-10% enables
mortgage repayment in 7-8 years

Housing sales driven by fundamental need and nominal price growth, not by mortgage inducement

Source: HDFC Limited, IMF;

50
Low risk to margins from construction cost inflation

 Construction costs typically forms 25% to 45% of the sales price

o Of which, one-third is related to low skilled and semi-skilled labor: plentiful supply though migration
from rural areas (250+ mn people estimated to be ‘underemployed’ in agriculture). Hence, labour
inflation is low and keep inflation from being ‘sticky’

 Commodity inflation, though often sharp, generally of short cycles as demand and supply adjust to new
normal, bringing price moderation in the short term

o Spurt in commodity price due to Russia-Ukraine war is reversing

 ~3 year period of construction provides flexibility to manage costs across the project lifecycle

 Ready and advance under-construction inventory provides hedge against the commodity price inflation

58
Construction cost – inflation moderation since Mar-22

Mar’21 to Mar’22 Mar’21 to Sep’23

Commodity/Component % Share in total cost
% Change Weighted Impact % Change Weighed Impact

Steel 12.9% 35.1% 4.5% -2.0% -0.3%

Flooring Tiles 5.0% 23.9% 1.2% 15.3% 0.8%

Electrical/Plumbing 11.8% 10.1% 1.2% 4.9% 0.6%

Labour 34.4% 3.0% 1.0% 4.9% 1.7%

External Windows 3.9% 21.9% 0.8% 7.8% 0.3%

RMC + Cement 10.5% 6.3% 0.7% 15.5% 1.7%

Lifts & Elevators 3.3% 16.6% 0.5% 37.7% 1.2%

Carpentry Materials 3.5% 15.5% 0.5% 5.6% 0.2%

Painting 3.8% 13.1% 0.5% 32.7% 1.1%

Overall ~13.7% ~10.3%

Construction cost increase since 1st April 21 at ~4% annualized rate (expected to continue moderating)
This, in turn, implies impact on COGS of <2% p.a. for our portfolio

52
Multiple benefits of consistent housing price increase below wage
growth
 Improves affordability leading to increased volumes

 Leads to significant wealth creation for home owning middle class (‘Wealth Effect’)

o Boosts consumption as consumer confidence increases

o Housing is a vehicle for generating retirement surplus; rising home prices enable older population to
maintain spending power

o Creates an inflation hedge especially for young home owners

 Rising home prices have a positive impact on the housing and allied industries which in turn has a big multiplier
effect on the economy

o Has the highest labor to output ratio

o Housing is among the largest employment generators

o Has among the biggest multiplier effects on SME segment through supply chain

o Highest ability to pull the unskilled masses from the farm & convert them into skilled workforce over time

53
Key affordable & mid-income projects delivered
Unique ability to create destinations

Lodha Upper Thane Lodha Belmondo Lodha Splendora

Lodha Amara Lodha Palava

54
Key premium & luxury projects delivered
Unique ability to create destinations

New Cuffe Parade

Lodha Altamount World Towers Lodha Park

55
Disclaimer

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks
and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that
could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Macrotech
Developers Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to
publicly update these forward-looking statements to reflect subsequent events or circumstances.

56
 Thank You!

For any further information, please write to investor.relations@lodhagroup.com

57