About Prestige Estates Projects Ltd

Prestige Estates Projects Ltd is one of the leading real estate development companies with projects in residential, office, retail and hospitality segment. Its operations are spread across South India, Pune, Goa and Ahmedabad. The company has completed more than 281 real estate projects of over 167 million sq. ft.. They have developed a diversified portfolio of real estate development projects focusing on projects in the residential (including apartments, villas, plotted developments and integrated townships), commercial (including corporate office blocks, built-to-suit facilities, technology parks and campuses and SEZs), hospitality (including hotels, resorts and serviced accommodation) and retail (including shopping malls) segments of the real estate industry. The company also offers a variety of services through their real estate services business, which includes the provision of property management services for their commercial and residential developments, sub-leasing and fit-out services, project and construction management services, interior solutions services, mall management services and the operation of their hospitality projects. Prestige Estates Projects Ltd commenced operations as a partnership firm on April 1, 1986, under the name and style of Prestige Estates and Properties. The partners of the firm were the Late S. Razack, Irfan Razack, Rezwan Razack and Sameera Noaman. In March 31, 1997, the partnership firm was reconstituted between Late S. Razack, Irfan Razack, Rezwan Razack, Sameera Noaman, Noaman Razack, Rabia Razack, Badrunissa Irfan and Almas Rezwan and the name of the firm was changed to Prestige Estates Projects. In June 4, 1997, the firm was registered as a private limited company with the name Prestige Estates Projects Private Ltd. All of the business and property of the erstwhile partnership firm therefore became vested in the company. In the year 1998, the company forayed into property management services. In the year 2000, they inaugurated Prestige Acropolis. In the year 2001, they received ISO 9001:2000 Certification. Also, they commenced operation of Angsana, their first hospitality project. In the year 2004, the company inaugurated their first retail project, Forum Mall. In the year 2006, they launched an SEZ namely, Cessna Business Park and an integrated township namely, Prestige Shantinikethan. Also, they inaugurated Prestige Ozone, a villa development. In the year 2007, the company expanded their operation to Cochin, Chennai and Hyderabad. They entered into a relationship with Red Fort India Real Estate Holdco I L.L.C to develop commercial space and townships. Also, they inaugurated UB City, their largest mixed use development. In the year 2008, the company entered into strategic alliance with CRIDF for developing malls across South India. They also entered into a relationship with UIOF. They inaugurated a luxury mall at UB City namely, the Collections. Also, they started operations of Oakwood Premier Prestige, serviced apartments at UB City. In the year 2009, the company inaugurated Forum Value Mall. In November 10, 2009, the company was converted into a public limited company and the name was changed to Prestige Estates Projects Ltd. In the year 2010, the company launched Prestige White Meadows. In July 2010, the company completed the project Prestige Shantinikethan, which comprised of 14.62 million sq. ft. of Developable Area, across the residential (including 6.07 million sq. ft. of Saleable Area), consisting of 24 blocks of which 17 blocks, with a developable area of 6.14 million sq. ft. In October 2010, Prestige Estates Projects entered the capital market with an Initial Public Offering of Rs 1200 crore. On 8 August 2014, Prestige Estates Projects announced the closure of qualified institutions placement of equity shares of the company and approved the issuance of up to 2.5 crore equity shares at an issue price of Rs 245 per share aggregating to approximately Rs 612.50 crore to eligible Qualified Institutional Buyers. The Board of Directors of Prestige Estates Projects at its meeting held on 24 March 2016 accorded their in-principle approval for the merger of its wholly owned subsidiaries, Downhill Holiday Resorts Private Limited, Foothills Resorts Private Limited, Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with the company. The Board of Directors of Prestige Estates Projects at its meeting held on 31 March 2016 approved the Scheme of Amalgamation of Downhill Holiday Resorts Private Limited, Foothills Resorts Private Limited, Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with Prestige Estates Projects (PEPL) and their respective shareholders. The entire paid-up and issued share capital of each of these transferor companies is held by PEPL. On 1 April 2016, Prestige Estates Projects announced that its subsidiary Prestige Alta Vista Holdings has purchased approximately 49% of the securities held by CMIDF Whitefield Mall (Singapore) Pte. Ltd. in Prestige Whitefield Investment and Developers Private Limited for Rs 56.87 crore. Prestige Whitefield Investment and Developers Private Limited owns a land parcel of approximately 8 acres and is engaged in development of commercial space. During the financial year ended 31 March 2017, Prestige Estate Projects undertook a restructuring exercise by which the Prestige brand's four verticals have been incorporated as separate holding companies (100% held by listed company Prestige Estates Projects Limited) formed for each segment. The restructuring was done with an objective to better each vertical (Residential, Commercial, Retail and Hospitality) in terms of performance and competency. On 26 December 2017, Prestige Estates Projects announced that the company through a wholly owned special purpose vehicle (SPV) is the process of acquisition of the entire remaining 66.66% equity stake in Prestige Projects Private Limited (PPPL) from the investors and land owners for a consideration of about Rs 324 crore. PPPL owns a land parcel admeasuring over 180 acres in Sarjapur Road, Bengaluru. Prestige Estates Projects is proposing to develop a large scale affordable and mid income housing project in this land. On 1 January 2018, the Management Sub Committee of Prestige Estates Projects approved acquisition of CapitaLand stake in various retail mall entities for an aggregate consideration of approximately Rs 342 crore. On 9 January 2018, Prestige Estates Projects announced the completion and opening of Forum Centre City Mall in Mysore with 96% leasing and occupancy. The mall has leasable area of 0.32 million sq. ft and is situated in the heart of Mysore City. The mall is owned by Prestige Retail Ventures Limited, a wholly owned subsidiary of Prestige Estates Projects. On 7 February 2018, Prestige Estates Projects announced that it has entered into a strategic partnership with HDFC Capital Advisors Limited for furthering its business in the Mid-Income/Affordable Housing sector. This dedicated real estate platform shall have a capital to the tune of Rs 2500 crore, which shall be a blend of equity and debt. The primary focus will be on expanding Prestige's residential business by identifying strategic land parcels with the potential of developing large-scale residential projects in the mid-income segment. HDFC Capital Advisors Limited, a wholly owned subsidiary of HDFC, provides investment advisory services for real estate private equity financing. On 26 February 2018, Prestige Estates Projects announced that its wholly owned subsidiary Prestige Exora Business Parks Limited (Exora) and Reco Jade Ind Private Limited (Reco), a subsidiary of GIC (Realty) Pte Limited, Singapore have entered into a preliminary term sheet in relation to a possible significant minority investment by Reco in Exora, which owns directly/indirectly multiple office properties, both operating and under construction. On 8 March 2018, Prestige Estates Projects announced that it has entered into binding agreement for acquisition of 80% stake held by investors and its affiliates in Sterling Urban Infraprojects. Sterling Urban Infraprojects owns land parcels of around 59 acres at Outer Ring Road - Sarjapur, Bangalore. Prestige Estates Projects intends to develop state of the art commercial office space with over 6 million sq. ft of developable area in this land. During FY 2019-20, the Company had sold 3,424 Residential units and 1.47 million square feet of commercial space, which translated to sales of Rs. 45,607 million. During the year, it has launched 17.12 million square feet. During the financial year 2019-20, the Company signed second platform deal with HDFC Capital Affordable Real Estate Fund I (HCARE) to develop a housing project 'Prestige Finsbury Park' owned by Apex Realty Ventures LLP. During the FY 2020-21, the Company has sold 4,893 Residential units and 0.38 million square feet of commercial space, which translates to sales of Rs. 54,608 million. It completed development of 2 million Sq. ft. across all its segments and launched projects spanning 11.85 million Sq. ft. across 5 cities. During year 2020-21, the Company divested 100% of its stake in Prestige Amusement Private Limited, Cessna Garden Developers Private Limited and 85% of its stake in Prestige Hyderabad Retail Ventures Private Limited, Prestige Shantiniketan Leisures Private Limited, Prestige Garden Constructions Private Limited, Prestige Mangalore Retail Ventures Private Limited, Prestige Mysore Retail Ventures Private Limited and Flicker Projects Private Limited. During the year 2022, Company has launched 16.77 million Sq. ft. It completed 16 projects with Built up Area of 14.26 million sq. ft. across segments & geographies during the year. During the FY 2021-22, the Company has sold 8,883 residential units and 0.67 million Sq. Ft. of commercial space, which translates to sales of Rs. 1,03,822 million. During FY 2021-22, the Company acquired 100% equity share capital of Ariisto Developers Private Limited, in Mumbai which got approved by National Company Law Tribunal on 23 March 2021. It acquired 45% stake in two partnership firms, M/s. Prestige Century Megacity and 55% stake in M/s. Prestige Century Landmark, which hold land in North Bangalore. The Company through its subsidiary, acquired 70% equity stake in Shipco Infrastructure Private Limited to create logistics and warehousing space. During year 2021-22, the Company divested 100% of its stake in Dashanya Tech Parkz Private Limited, 85% of its stake in Vijaya Productions Private Limited and 50% of its stake in Prestige Beta Projects Private Limited. It divested entire stake in Prestige City Estates Private Limited to CPP Investment Board Private Holdings (4) Inc., an affiliate of Canada Pension Plan Investment Board and Prestige City Estates Pvt. Ltd. owns Commercial project viz., Prestige RMZ Star Tech. During the year ended 31 March 2022, the Group has received approvals from NCLT for Scheme of Arrangement for Demerger of certain business undertakings held in subsidiaries of the Company effective from March 10, 2021. In 2022-23, the Company acquired 10% equity stake in Prestige Sterling Infraprojects Private Limited on July 29, 2022 and held 90% equity shares in it. The Company through its wholly owned subsidiary Prestige Retail Ventures Limited (PRVL), acquired 30% stake in Prestige OMR Ventures LLP. With the acquisition LLP became a wholly owned subsidiary of the Company. In 2022-23, the Company came with 2 new launches, Ocean Towers in Marine Lines, and Prestige Nautilus in Worli. Thereafter, it launched 26 Mn sft of projects, including 16 Mn sft of residential projects and 10 Mn sft of capex projects. 15 projects with Built up Area of 15.68 Mn. sq. ft. across segments & geographies were completed during the year 2023.

Prestige Estates Projects Ltd Chairman Speech

Stronger Foundations, Taller

AMBITIQNS

Dear Shareholders,

I hope this message finds you in good health and high spirits. It is with great pleasure and pride that I address you today to share the outstanding achievements of Prestige Group during FY 23. I am immensely grateful to all our colleagues, customers, and stakeholders for their support, especially during the challenging times that have tested us as a company and as a community.

Your trust and belief in Prestige have positioned us as a leader in India's real estate industry, and we are now ready to embark on a path of strong growth.

As we reflect on our remarkable 37- year journey, delivering 281 projects across 13 cities, totalling over 166 Mn sft, I am delighted to announce that our 5-year pipeline is almost equal to this impressive size. This phenomenal commitment reflects the deep trust and confidence our key stakeholders have placed in our brand and the transformative vision we pursue. Today, our focus at Prestige goes beyond mere success; we are equally driven by the principles that define how we achieve our goals.

Tiding Ahead of Pandemic

Our customer-centric approach and the Prestige trust and legacy, driven by foresight and mature decision-making, have been the key to our consistent value creation. As the real estate sector experienced a surge in demand since FY 22, we were prepared to capitalise on the opportunities. The rebound in business and leisure travel, as well as robust home buying and increased footfall at malls and occupancy in our hotels, has been promising.

Despite international market volatility, we believe that quality investments will flow into the Indian market, boosting economic growth in the near term.

A Stellar Year for the Record

FY 23 brought several good developments for us. Key transactions have strengthened our liquidity, supported by record-high sales and collections at the group level. Our strategic expansion into new geographies, particularly Mumbai, has proven successful, with significant sales generated from this region.

Scaling for Success

In the year ahead, we have planned several new launches to capitalise on emerging opportunities. We see Mumbai as a significant growth opportunity, with two new projects set for launch: Prestige Ocean Towers at Marine Lines, and Prestige Nautilus at Worli. We are equally excited about upcoming major launches in other parts of the country as well. Additionally, strategic acquisitions, like raising our stake in two commercial projects in Mumbai to 100%, will drive significant gains for our annuity rental portfolio.

Pride and Prudence

While pursuing growth, we remain prudent in managing costs and committed to completing our projects efficiently. We are mindful of the volatility in raw material prices and are confident in our ability to deliver healthy margins while controlling out debt. We see growth potential in the home buying segment, as real estate investments become a reliable option amidst concerns about interest rate hikes.

Our ESG Agenda

Recognising the value of building for the future, we embrace our ESG agenda to deliver on the Environmental, Social, and Governance aspects of our business. By making environmentally responsible choices, enabling rewarding careers for our people, and supporting our communities' growth, we solidify Prestige's position as one of the fastest-growing real estate groups in the country.

In closing, I extend my sincere appreciation to our team members, who are the driving force behind our success. Their dedication, passion, and innovative spirit continue to inspire us every day. I also express my gratitude to our industry partners, shareholders, and investors, whose unwavering support has been instrumental in our journey of growth and success.

As we navigate the future with confidence and determination, I invite you all to join us in this exciting phase of Prestige's journey. Together, we will continue to create exceptional value for all our stakeholders, while upholding our commitment to excellence and sustainability.

Best wishes,

Irfan Razack

Chairman and Managing Director

Prestige Estates Projects Ltd Company History

Prestige Estates Projects Ltd is one of the leading real estate development companies with projects in residential, office, retail and hospitality segment. Its operations are spread across South India, Pune, Goa and Ahmedabad. The company has completed more than 281 real estate projects of over 167 million sq. ft.. They have developed a diversified portfolio of real estate development projects focusing on projects in the residential (including apartments, villas, plotted developments and integrated townships), commercial (including corporate office blocks, built-to-suit facilities, technology parks and campuses and SEZs), hospitality (including hotels, resorts and serviced accommodation) and retail (including shopping malls) segments of the real estate industry. The company also offers a variety of services through their real estate services business, which includes the provision of property management services for their commercial and residential developments, sub-leasing and fit-out services, project and construction management services, interior solutions services, mall management services and the operation of their hospitality projects. Prestige Estates Projects Ltd commenced operations as a partnership firm on April 1, 1986, under the name and style of Prestige Estates and Properties. The partners of the firm were the Late S. Razack, Irfan Razack, Rezwan Razack and Sameera Noaman. In March 31, 1997, the partnership firm was reconstituted between Late S. Razack, Irfan Razack, Rezwan Razack, Sameera Noaman, Noaman Razack, Rabia Razack, Badrunissa Irfan and Almas Rezwan and the name of the firm was changed to Prestige Estates Projects. In June 4, 1997, the firm was registered as a private limited company with the name Prestige Estates Projects Private Ltd. All of the business and property of the erstwhile partnership firm therefore became vested in the company. In the year 1998, the company forayed into property management services. In the year 2000, they inaugurated Prestige Acropolis. In the year 2001, they received ISO 9001:2000 Certification. Also, they commenced operation of Angsana, their first hospitality project. In the year 2004, the company inaugurated their first retail project, Forum Mall. In the year 2006, they launched an SEZ namely, Cessna Business Park and an integrated township namely, Prestige Shantinikethan. Also, they inaugurated Prestige Ozone, a villa development. In the year 2007, the company expanded their operation to Cochin, Chennai and Hyderabad. They entered into a relationship with Red Fort India Real Estate Holdco I L.L.C to develop commercial space and townships. Also, they inaugurated UB City, their largest mixed use development. In the year 2008, the company entered into strategic alliance with CRIDF for developing malls across South India. They also entered into a relationship with UIOF. They inaugurated a luxury mall at UB City namely, the Collections. Also, they started operations of Oakwood Premier Prestige, serviced apartments at UB City. In the year 2009, the company inaugurated Forum Value Mall. In November 10, 2009, the company was converted into a public limited company and the name was changed to Prestige Estates Projects Ltd. In the year 2010, the company launched Prestige White Meadows. In July 2010, the company completed the project Prestige Shantinikethan, which comprised of 14.62 million sq. ft. of Developable Area, across the residential (including 6.07 million sq. ft. of Saleable Area), consisting of 24 blocks of which 17 blocks, with a developable area of 6.14 million sq. ft. In October 2010, Prestige Estates Projects entered the capital market with an Initial Public Offering of Rs 1200 crore. On 8 August 2014, Prestige Estates Projects announced the closure of qualified institutions placement of equity shares of the company and approved the issuance of up to 2.5 crore equity shares at an issue price of Rs 245 per share aggregating to approximately Rs 612.50 crore to eligible Qualified Institutional Buyers. The Board of Directors of Prestige Estates Projects at its meeting held on 24 March 2016 accorded their in-principle approval for the merger of its wholly owned subsidiaries, Downhill Holiday Resorts Private Limited, Foothills Resorts Private Limited, Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with the company. The Board of Directors of Prestige Estates Projects at its meeting held on 31 March 2016 approved the Scheme of Amalgamation of Downhill Holiday Resorts Private Limited, Foothills Resorts Private Limited, Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with Prestige Estates Projects (PEPL) and their respective shareholders. The entire paid-up and issued share capital of each of these transferor companies is held by PEPL. On 1 April 2016, Prestige Estates Projects announced that its subsidiary Prestige Alta Vista Holdings has purchased approximately 49% of the securities held by CMIDF Whitefield Mall (Singapore) Pte. Ltd. in Prestige Whitefield Investment and Developers Private Limited for Rs 56.87 crore. Prestige Whitefield Investment and Developers Private Limited owns a land parcel of approximately 8 acres and is engaged in development of commercial space. During the financial year ended 31 March 2017, Prestige Estate Projects undertook a restructuring exercise by which the Prestige brand's four verticals have been incorporated as separate holding companies (100% held by listed company Prestige Estates Projects Limited) formed for each segment. The restructuring was done with an objective to better each vertical (Residential, Commercial, Retail and Hospitality) in terms of performance and competency. On 26 December 2017, Prestige Estates Projects announced that the company through a wholly owned special purpose vehicle (SPV) is the process of acquisition of the entire remaining 66.66% equity stake in Prestige Projects Private Limited (PPPL) from the investors and land owners for a consideration of about Rs 324 crore. PPPL owns a land parcel admeasuring over 180 acres in Sarjapur Road, Bengaluru. Prestige Estates Projects is proposing to develop a large scale affordable and mid income housing project in this land. On 1 January 2018, the Management Sub Committee of Prestige Estates Projects approved acquisition of CapitaLand stake in various retail mall entities for an aggregate consideration of approximately Rs 342 crore. On 9 January 2018, Prestige Estates Projects announced the completion and opening of Forum Centre City Mall in Mysore with 96% leasing and occupancy. The mall has leasable area of 0.32 million sq. ft and is situated in the heart of Mysore City. The mall is owned by Prestige Retail Ventures Limited, a wholly owned subsidiary of Prestige Estates Projects. On 7 February 2018, Prestige Estates Projects announced that it has entered into a strategic partnership with HDFC Capital Advisors Limited for furthering its business in the Mid-Income/Affordable Housing sector. This dedicated real estate platform shall have a capital to the tune of Rs 2500 crore, which shall be a blend of equity and debt. The primary focus will be on expanding Prestige's residential business by identifying strategic land parcels with the potential of developing large-scale residential projects in the mid-income segment. HDFC Capital Advisors Limited, a wholly owned subsidiary of HDFC, provides investment advisory services for real estate private equity financing. On 26 February 2018, Prestige Estates Projects announced that its wholly owned subsidiary Prestige Exora Business Parks Limited (Exora) and Reco Jade Ind Private Limited (Reco), a subsidiary of GIC (Realty) Pte Limited, Singapore have entered into a preliminary term sheet in relation to a possible significant minority investment by Reco in Exora, which owns directly/indirectly multiple office properties, both operating and under construction. On 8 March 2018, Prestige Estates Projects announced that it has entered into binding agreement for acquisition of 80% stake held by investors and its affiliates in Sterling Urban Infraprojects. Sterling Urban Infraprojects owns land parcels of around 59 acres at Outer Ring Road - Sarjapur, Bangalore. Prestige Estates Projects intends to develop state of the art commercial office space with over 6 million sq. ft of developable area in this land. During FY 2019-20, the Company had sold 3,424 Residential units and 1.47 million square feet of commercial space, which translated to sales of Rs. 45,607 million. During the year, it has launched 17.12 million square feet. During the financial year 2019-20, the Company signed second platform deal with HDFC Capital Affordable Real Estate Fund I (HCARE) to develop a housing project 'Prestige Finsbury Park' owned by Apex Realty Ventures LLP. During the FY 2020-21, the Company has sold 4,893 Residential units and 0.38 million square feet of commercial space, which translates to sales of Rs. 54,608 million. It completed development of 2 million Sq. ft. across all its segments and launched projects spanning 11.85 million Sq. ft. across 5 cities. During year 2020-21, the Company divested 100% of its stake in Prestige Amusement Private Limited, Cessna Garden Developers Private Limited and 85% of its stake in Prestige Hyderabad Retail Ventures Private Limited, Prestige Shantiniketan Leisures Private Limited, Prestige Garden Constructions Private Limited, Prestige Mangalore Retail Ventures Private Limited, Prestige Mysore Retail Ventures Private Limited and Flicker Projects Private Limited. During the year 2022, Company has launched 16.77 million Sq. ft. It completed 16 projects with Built up Area of 14.26 million sq. ft. across segments & geographies during the year. During the FY 2021-22, the Company has sold 8,883 residential units and 0.67 million Sq. Ft. of commercial space, which translates to sales of Rs. 1,03,822 million. During FY 2021-22, the Company acquired 100% equity share capital of Ariisto Developers Private Limited, in Mumbai which got approved by National Company Law Tribunal on 23 March 2021. It acquired 45% stake in two partnership firms, M/s. Prestige Century Megacity and 55% stake in M/s. Prestige Century Landmark, which hold land in North Bangalore. The Company through its subsidiary, acquired 70% equity stake in Shipco Infrastructure Private Limited to create logistics and warehousing space. During year 2021-22, the Company divested 100% of its stake in Dashanya Tech Parkz Private Limited, 85% of its stake in Vijaya Productions Private Limited and 50% of its stake in Prestige Beta Projects Private Limited. It divested entire stake in Prestige City Estates Private Limited to CPP Investment Board Private Holdings (4) Inc., an affiliate of Canada Pension Plan Investment Board and Prestige City Estates Pvt. Ltd. owns Commercial project viz., Prestige RMZ Star Tech. During the year ended 31 March 2022, the Group has received approvals from NCLT for Scheme of Arrangement for Demerger of certain business undertakings held in subsidiaries of the Company effective from March 10, 2021. In 2022-23, the Company acquired 10% equity stake in Prestige Sterling Infraprojects Private Limited on July 29, 2022 and held 90% equity shares in it. The Company through its wholly owned subsidiary Prestige Retail Ventures Limited (PRVL), acquired 30% stake in Prestige OMR Ventures LLP. With the acquisition LLP became a wholly owned subsidiary of the Company. In 2022-23, the Company came with 2 new launches, Ocean Towers in Marine Lines, and Prestige Nautilus in Worli. Thereafter, it launched 26 Mn sft of projects, including 16 Mn sft of residential projects and 10 Mn sft of capex projects. 15 projects with Built up Area of 15.68 Mn. sq. ft. across segments & geographies were completed during the year 2023.

Prestige Estates Projects Ltd Directors Reports

To the Members,

The Directors present the Board's Report on business operations and affairs of Prestige Estates Projects Limited (the "Company" or "PEPL") along with the audited Standalone and Consolidated financial statements for the Financial Year ended March 31, 2023.

1. FINANCIAL HIGHLIGHTS:

(' in Million)

There have been no material changes or commitments affecting the financial position of the Company which have occurred between March 31,2023 and the date of this report.

Business Overview

Prestige Estates Projects Limited, is a Public Limited Company with its Equity Shares listed on the BSE Limited and National Stock Exchange of India Limited. The Authorised Share Capital of the Company is

' 4,500,000,000/- divided into 450,000,000 Equity Shares of '10/- each and the Issued, Subscribed and Paid-Up Share Capital of the Company is ' 4,008,616,540/- divided into 400,861,654 Equity Shares of '10/- each.

The Company operates in the real estate industry in general in the following verticals.

> Residential

> Commercial

> Retail

> Hospitality

> Services

FINANCIAL HIGHLIGHTS (FY 2022-23, CONSOLIDATED)

During the FY 2022-23, the Company has reported Income from operations of ' 87,720 Mn, EBIDTA of ' 25,433 Mn and PAT of ' 10,668 Mn, EBIDTA margin stood at 28.99% and PAT margin stood at 12.16%. During the corresponding FY 2021-22, the Company had reported Income from operations of ' 66,002 Mn, EBIDTA of ' 17,442 Mn and PAT of ' 12,148 Mn. EBIDTA margin stood at 26.43% and PAT margin stood at 18.41%.

FY 2022-23 OPERATIONAL HIGHLIGHTS

During the FY 2022-23, the Company has sold 15.09 Mn sq ft. of residential and commercial space which translates to sales of ' 129,309 Mn. During the corresponding FY 2021-22, the Company has sold 15.07 Mn sq ft of residential and commercial space which translates to sales of ' 103,822 Mn.

COLLECTIONS

Total collections for the year ended March 31, 2023 aggregated to ' 98,055 Mn (Prestige share of collections for the year aggregated to ' 87,252 Mn). Total collections for the year ended March 31, 2022 aggregated to ' 74,664 Mn. (Prestige share of collections for the year aggregated to ' 57,692 Mn).

LAUNCHES

During the period under review, Company has maintained high demand from the customers for its projects. During the year Company has launched 26.38 Mn. Sq. ft.

COMPLETIONS

15 projects with Built up Area of 15.68 Mn. sq. ft. across segments & geographies were completed during the year.

3. TRANSFER TO GENERAL RESERVES:

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

4. DIVIDEND

The Board of Directors of the Company have recommended a dividend of ' 1.5 (15%) per Equity Share of ' 10/- each which is subject to approval of shareholders in the ensuing Annual General Meeting of the Company.

5. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There was no material change in the nature of Business carried out by the Company during the period under review.

6. SHARE CAPITAL :

As informed above, the authorised share capital of the Company is ' 4,500,000,000/- divided into 450,000,000 Equity Shares of ' 10/- each and the Issued, Subscribed and Paid-up Share Capital of the Company is ' 4,008,616,540/- divided into 400,861,654 Equity Shares of ' 10/- each as on March 31,2023.

7. CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:

During the year under review, there was no change in Directors and Key Managerial Personnel.

The composition of the Board is elaborated in the Corporate Governance Report.

8. CHANGES IN SUBSIDIARIES AND ASSOCIATES:

As described elsewhere in the report, the Company operates in the following verticals and the changes are mentioned herewith:

> Residential Vertical - The Company continues to be the apex entity for the Residential Vertical and shall continue to hold residential assets and all future residential developments would continue to be undertaken by the Company.

> Commercial Vertical - Prestige Exora Business Parks Limited, wholly owned subsidiary of the Company continues to be the apex entity for the Commercial Vertical.

> Retail Vertical - Prestige Retail Ventures Limited, wholly owned subsidiary of the Company continues to be the apex entity for the Retail Vertical.

> Hospitality Vertical - Prestige Hospitality Ventures Limited, wholly owned subsidiary of the Company continues to be the apex entity for the Hospitality Vertical.

> Services Vertical- The Company through this verticals provides Fit out services, Interior Designs and Execution, Facilities & Property Management and Project & Construction Management for all its projects.

Acquisitions during the fiscal:

Prestige Sterling Infraprojects Private Limited The Company has acquired 10% equity stake in Prestige Sterling Infraprojects Private Limited on July 29, 2022. With these acquisition, the Company now holds 90% equity shares in Prestige Sterling Infraprojects Private Limited.

Prestige OMR Ventures LLP

The Company through its wholly owned subsidiary Prestige Retail Ventures Limited ("PRVL"), has acquired 30% stake in Prestige OMR Ventures LLP With the acquisition LLP has now become a wholly owned subsidiary of the Company.

Further, the Company has transferred its 69% stake in the LLP to PRVL, the apex entity for retail vertical of the Group, this brings PRVL holding in the LLP to 99% and balance 1% continues to be held by the Company. The LLP continues to be wholly owned subsidiary, even after stake transfer to PRVL.

Prestige OMR Ventures LLP is developing a retail mall with developable area of approximately 1.96 Mn sft. in Chennai.

9. SIGNIFICANT OR MATERIAL ORDERS PASSED BY REGULATORS/ COURTS:

There were no material orders passed during the year under review.

10. CONSOLIDATED FINANCIAL STATEMENTS:

The Company as on March 31,2023 has Twenty Nine (29) Subsidiaries and Five (5) Associate Companies within the meaning of Section 2(87) and Section 2(6) of the Companies Act, 2013 (hereinafter referred to as the 'Act' in this Report). There has been no material change in the nature of business of the Subsidiaries/ Associates.

The Consolidated Financial Statements of the Company, its Subsidiaries and Associate Companies are prepared in accordance with the provisions of Section 129 of the Companies Act, 2013, read with Companies (Accounts) Rules, 2014 and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Consolidated Financial Statements presented by the Company include the financial results of its Subsidiaries / Associates. Pursuant to Section 129(3) of the Act, a separate statement containing the salient features of the financial performance of Subsidiaries / Associates of the Company in the prescribed Form AOC-1 is provided in Annexure I to the Report.

Pursuant to provisions of Section 136 of the Act, the Financial Statements of the Company, Consolidated Financial Statements along with relevant documents and separate Audited Accounts in respect of Subsidiaries are available on the website of the Company.

11. BOARD OF DIRECTORS AND ITS COMMITTEES: Composition of the Board of Directors

As on March 31, 2023, the Board of Directors of the Company comprises of Nine (9) Directors of which Four (4) are Executive Promoter Directors and remaining Five (5) are Non -Executive Independent Directors.

None of the Directors of the Company are disqualified under Section 164(2) of the Companies Act, 2013.

Board Meetings

The Board met four (4) times during the year under review and the intervening gap between the meetings was within the period prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The dates of the meetings are as below:

Independent Directors Meeting

As per the requirements of Schedule IV of the Companies Act, 2013 and Regulation 25(3) of SEBI (LODR) Regulations, a separate meeting of the Independent Directors of the Company was held on March 16, 2023 without the presence of the Chairman & Managing Director or Executive Directors or other Non-Independent Directors or the Chief Executive Officer or Chief Financial Officer or any other Management Personnel.

Committees of the Board

The composition of various Committees of the Board and their meetings including the terms of reference are detailed in the Corporate Governance Report forming part of the Annual Report.

Re-appointment of a Director retiring by rotation

In terms of Section 152 of the Companies Act, 2013, Mr. Rezwan Razack, Director, (DIN: 00209060) is liable to retire by rotation at the ensuing Annual General Meeting; and being eligible, offers himself for reappointment. The Board of Directors, based on the recommendation of Nomination & Remuneration Committee have recommended the re-appointment of

Mr. Rezwan Razack, Director, who is liable to retire by rotation.

The Notice convening the Annual General Meeting includes the proposal for the re-appointment of the Director as aforesaid. Brief resume of the Director proposed to be re-appointed, nature of his expertise in specific functional areas and names of the Companies in which he holds directorship/ membership/ chairmanship of the Board or Committees, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been provided as an annexure to the Notice convening the Twenty Sixth Annual General Meeting.

Continuation of Mr. Irfan Razack as Chairman and Managing Director

In terms of section 196 of Companies Act, 2013, Members approval is sought by way of Special Resolution in the annual general meeting for continuation of Mr. Irfan Razack as Chairman and Managing Director for remaining period of his office upto September 24, 2024 on attaining 70 years of age.

Declaration by Independent Directors

The Independent Directors of the Company have provided the declaration of Independence as required under Section 149(7) of the Companies Act, 2013, confirming that they meet the criteria of Independence under Section 149(6) of the Companies Act, 2013 read with the Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Annual Performance evaluation of the Board

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Nomination and Remuneration Committee and the Board have laid down the manner in which formal annual evaluation of the Board, its Committees, and Individual Directors has to be made.

The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and Non-independent Directors was carried out by the Independent Directors in the following manner:

a. Evaluation of performance of Non-independent Directors and the Board of Directors of the Company as a whole;

b. Evaluation of performance of the Chairman of the Company, taking into account, views of Executive and Non-Executive Directors;

c. Evaluation of quality, content and timeliness of flow of information between the Management and the Board that is necessary for the Board to effectively and reasonably perform its duties.

Directors Responsibility Statement

As required by Section 134(5) of the Companies Act, 2013, your Board of Directors hereby confirm that:

a. in the preparation of the Annual Financial Statements for the year ended March 31, 2023, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

b. the Directors have selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year 2022-23 and of the profit of the Company for that period;

c. the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. the Annual Financial Statements have been prepared on a Going Concern basis;

e. the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively; and

f. the Directors have laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively.

Corporate Governance Report

A detailed Report on Corporate Governance and a Certificate from the Practicing Company Secretary regarding compliance of conditions of Corporate Governance forms part of this Annual Report.

Management Discussion and Analysis Report

In terms of Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis Report forms part of this Annual Report.

Business Responsibility and Sustainability Report

The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates the inclusion of Business Responsibility and Sustainability Report ("BRSR") as the part of Annual Report for top one thousand listed companies based on the market capitalisation as on March 31, every year. The Report has been mandated by SEBI for providing initiatives taken by the Companies from Environmental, Social and Government perspective. In Compliance with the regulation, the Company has provided the BRSR for the year 2022-23 as part of this Annual Report. The policies are available at the website of the Company www.prestigeconstructions.com

Audit Committee

The terms of reference of the Audit Committee are in consonance with the requirements mentioned in Section 177 of the Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The Composition of the Audit Committee is mentioned in the Corporate Governance Report which forms part of this Annual Report.

Statutory Auditors & Report thereon

M/s. S. R. Batliboi & Associates LLP Chartered Accountants, Bengaluru (FRN 101049W/E300004) were re-appointed as Statutory Auditors of the Company at the 25^th Annual General Meeting of the Company held on September 27, 2022 to hold office till the conclusion of 30^th Annual General Meeting to be held in the year 2027. The auditor's report for the year ending March 31,2023 forms part of this Annual Report.

Statutory Auditors Qualification / Comment on the Company's Standalone Financial Statements

There are no qualifications or adverse remarks in the Statutory Audit Report on the Standalone Financial Statements.

Secretarial Auditor & Report thereon

Prestige Estates Projects Ltd Company Background

Prestige Estates Projects Ltd Company Management

Prestige Estates Projects Ltd Listing Information

Prestige Estates Projects Ltd Finished Product