Interim report
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K Raheja Corp Investment Managers Private Limited (acting as the Manager to Mindspace Business Parks REIT) Corporate Identification Number (CIN): U68200MH2023PTC406104 Regd. Office: Raheja Tower, C-30, Block ‘G’, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 +91 - 22 - 2656 4000 | www.mindspacereit.com | reitcompliance@mindspacereit.com November 5, 2025 To, The Listing Department The National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G - Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051 Scrip Symbol: “MINDSPACE” (Units) The Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 Scrip Code “543217” (Units) and Scrip Codes “974075”, “974668”, “974882", “975068”, “975537”, “975654”, “975763”, “976198” “976691”, “977043” and “977120” (Non- Convertible Debentures) and Scrip Code “729719”, “729884” and “730079” (Commercial Papers ) Subject: Outcome of the meeting of the Board of Directors of K Raheja Corp Investment Managers Private Limited (acting as the Manager to Mindspace Business Parks REIT (“Mindspace REIT”)) (“Manager/Company”) held on November 5, 2025 Dear Sir/Madam, Pursuant to Regulation 23(5) and other applicable provisions, if any of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulat ions, 2014, as amended, read with circulars and guidelines issued thereunder from time to time (“REIT Regulations”) and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”), to the extent applicable and other applicable law(s), if any, we wish to inform you that the Board of Directors (“Board”) of the Manager, at its meeting held on Wednesday, November 5, 2025, has, inter-alia, considered and approved the following: 1. Basis the recommendation of the Audit Committee, the Board considered and approved the unaudited Standalone and Consolidated Financial Results, and the unaudited condensed Standalone and Consolidated Financial Stat ements of Mindspace Business Parks REIT (“Mindspace REIT”) for the quarter and half year ended September 30, 2025 and took on record the limited review reports issued by the Statutory Auditors thereon (enclosed as Annexure 1). The details of related party transactions are set out at Note No. 4 of the unaudited Standalone Financial Results and at Note No. 7 of the unaudite d Consolidated Financial Results of Mindspace REIT. 2. Declared Net Asset Value of Rs. 483.66/- per Unit for Mindspace REIT as on September 30, 2025, as per Regulation 10(22) of the REIT Regulations, as amended, based on the Valuation Report report dated October 31, 2025 issued by KZEN Valtech Private Limited, registered as a valuer with the Insolvency and Bankruptcy Board of India, Valuer of Mindspace REIT. The computation of Net Asset Value is set out in ‘Statement of Net Assets at Fair Value’ of the unaudited Standalone Financial Results and unaudited Consolidated Financial Results. As a part of good corporate governance practice, Mindspace REIT would be publishing the unaudited Consolidated Financial Results of Mindspace REIT for the quarter and half year ended September 30, 2025 in the newspaper(s). 3. Basis the recommendation of the Audit Committee, the Board considered and approved the distribution of Rs. 5.83 per unit aggregating to Rs. 3,551.54 million for the quarter ended September 30, 2025, which comprises dividend of Rs. 3.02 per unit aggregating to Rs. 1,839.73 million, interest on HoldCo/SPV debt of Rs. 0.03 per unit aggregating to Rs. 18.28 million, repayment of Holdco/SPV
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K Raheja Corp Investment Managers Private Limited (acting as the Manager to Mindspace Business Parks REIT) Corporate Identification Number (CIN): U68200MH2023PTC406104 Regd. Office: Raheja Tower, C-30, Block ‘G’, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 +91 - 22 - 2656 4000 | www.mindspacereit.com | reitcompliance@mindspacereit.com debt of Rs. 2.77 per unit aggregating to Rs. 1,687.44 million and other income of Rs. 0.01 per unit aggregating to Rs. 6.09 million. We also wish to inform you that the Record Date for the distribution to unitholders for the quarter ended September 30, 2025, is Saturday, November 8, 2025 , and the payment of distribution will be made on or before Friday, November 14, 2025. 4. Basis the recommendation of the Investment Committee, the Board considered and approved setting up of captive solar power plants (Common Infrastructure) in the state of Maharashtra and Tamil Nadu with an aggregate capacity of upto 35 MW and for this matter: a. Incorporation of a company (“PowerCo”) with an authorised and paid-up share capital of upto Rs. 10 Mn (Rupees Ten Million) by Mindspace REIT alongwith its HoldCo/Assets SPVs, and/or acquisition of an existing company (“PowerCo”) with existing solar capacity; and b. Lending by Mindspace REIT directly or through the HoldCos/Assets SPVs (existing and/or future), in one or more tranches or by way of investment in debt securities issued by the PowerCo from time to time in accordance with applicable laws, up to an aggregate amount of upto Rs. 1,500 million (Rupees One Thousand Five Hundred Million only), such that the total investments in equity shares or by way of lending or subscription to debt securities shall not exceed Rs. 1,500 million (Rupees One Thousand Five Hundred Million) at any point of time. The above information shall also be made available on Mindspace REIT’s website at: https://www.mindspacereit.com/investor-relations/stock-exchange-filings Please take the same on your record. Thanking you. Yours faithfully, For and on behalf of K Raheja Corp Investment Managers Private Limited (acting as the Manager to Mindspace Business Parks REIT) Bharat Sanghavi Company Secretary and Compliance Officer Membership No.: A13157 Encl: aa
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Deloitte Chartered Accountants Commerz Ill, 30th & 31st floors International Business Park Oberoi Garden City Haskins & Sells LLP Off. Western Express Highway Goregaon (East) Mumbai-400 063 Maharashtra, India INDEPENDENT AUDITOR'S REPORT ON REVIEW OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS To The Board of Directors, K Raheja Corp Investment Managers Private Limited (formerly known as K Raheja Corp Investment Managers LLP) {The "Manager") (Acting in capacity as the Investment Manager of Mindspace Business Parks REIT) 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Mindspace Business Parks REIT ("the Parent") and its subsidiaries (the Parent and its subsidiaries (as listed in note 12 of the consolidated financial results) together referred to as "the Group") for the quarter and half year ended September 30, 2025 ("the Statement"), being submitted by the Manager pursuant to the requirement of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended (the "REIT Regulations"), and pursuant to requirement of Regulations 52 and 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Manager and approved by the Investment Manager's Board of Directors, has been prepared in accordance with REIT Regulations, Listing Regulations, the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" (''Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We have also performed procedures in accordance with Regulation 13(5) of the REIT Regulations, as amended, to the extent applicable. Regd. Office: One International Center, Tower 3, 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 Annexure 1
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Deloitte Haskins & Sells LLP 4. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, has not been prepared in accordance with the REIT Regulations prevailing over certain Ind AS requirements, as explained in the Emphasis of Matter paragraph 5 and 6 below, Listing Regulations, the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, and has not disclosed the information required to be disclosed in terms of REIT Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Note 16 of the Statement, which describes the presentation of "Unit Capital" as "Equity" to comply with the REIT Regulations. Our conclusion is not modified in respect of this matter. 6. We draw attention to Note 18 to the Statement regarding freehold land and building thereon (Paradigm, Malad) held by Avacado Properties and Trading (India) Private Limited (Special Purpose Vehicle) which is presently under litigation. Pending the outcome of proceedings and a final closure of the matter, no adjustments have been made in the Statement for the quarter and half year ended September 30, 2025. Our conclusion is not modified in respect of this matter. ~ ..__,. ;;.: 'I t: • Mumbai, November 05, 2025 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Kedar Raje Partner Membership No. 102637 UDIN: 2SI02631B"1K.$RF8242
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Stntement or Consolidated Financial Resnlts for the Qnnrter and Hnlfyear ended 30 September 2025 (All amounts in Rs. million unless otherwise st~ted) Particnlnrs For the qnarlcr ended For the quarter ended JO September 2025 30 Jnne 2025 (Un:1udited) ll-lJ (Unnudilcd) Revenue from operations (refer note I) 7.720 09 7,402 63 Other income (refe, note 2) 186 13 45 44 Tol:11 Jncomc 7.906 .22 7,''48.07 Expenses Cost of work contr:tct services Cost of materials sold 2 14 0 23 Cost of power purchased 258 33 !06 54 Employee benefits expense 79 05 90 76 l\fanagement fees (refer note 4) 210 00 19] 46 Repc1i1s and maintenance 554 29 122 49 Electricity, waler and diesel charges 260 83 288 58 Property ta:,,; 195 85 191 2) Other expenses (refer note 3) 4oq ,18 ~OR 02 Tot.ii expenses 1,969.67 l ,~01.JI Enrnings before finance costs, deprecintiun nnd nmurtis.ntion, 5,936.55 5,646.76 reg:ulalory income I expense, exceptionaJ items nnd tax Pinance costs 2,036 31 2 028 50 Depreciation and amorlisalion expense 1.180 13 I 148 10 Profit he fore rate regulated activities, cxceptionnl items and lax 2,720.11 2 470. 16 Add: Regulatory income/ {expense) (net) 49 OJ 111 80 Add : Regulato1y income/(expense) (nel) in respect of earlier 8 57 8 58 periods Profit before cxccptionnl items and fax l.777 .71 2 590.54 Exceptional items {refer note 23) (447 56 Prolit before tax 2.330 .15 2 S!Jtl.5~ Current tax 844 72 805 75 Deferred t~x charge 217 53 116 84 Tax expense l ,06US 922-39 Prolil for the period/ yer.r 1,267.9" 1,667.95 Pro lit for the period/ year attributable to unit holders or 1,164 97 1,567 to Mim.lspace REIT Profit for the period/ year attributable to non•controlJing 102 93 100 85 interests (NCI) For lhc q1rnrler ended For the h:tlf ye:1r ended For the hnlfyear ended For the yenr ended JO Scplcm her 2024 JO Scptcm ber 2025 30 Septcm her 2024 31 March 2025 (lJn:mdiled) ti""> ( Unnudited) (Unaudited) (Audited) 6,379.26 15.122 72 12,65671 25.961 09 142 28 331 57 277 16 795 18 6,Sl 1.54 1.5,454.29 12,933.87 26,756 .27 I 28 2 37 152 20 564 87 403 JO 725 68 73 97 169 81 I 61 56 302 89 170 09 403 46 328 66 690 61 400 05 976 78 696 24 1.615 62 257 86 549 41 556 09 952 31 162 84 )87 08 323 48 862 80 444 28 817 20 949 33 I 923 47 1,661.29 3.1170.98 3.418.66 7,074.66 4,860.25 11,583.31 9,515.21 19,681.61 1.305 04 4.064 81 2.568 03 5.572 73 98] 52 2,328 23 1,952 70 4,059 84 2,571 .69 5,190.27 4,994.48 10,049.04 ( 102 83) 160 8) ( 136 47) ( 131 94) (46 00) 17. 15 (92.001 (202 35) 2,422 .86 5,368.25 4,766.01 9,714.75 (447 56) (33 22) 2.422.86 4,920.69 4.766.01 9.681,53 572 43 1.650 47 1.191 00 2,760 ]6 500 66 334 37 848 20 1 783 71 1,073.09 1.984.84 2,039 .20 4.544 .07 1.349.77 2,935.85 2,726.81 5,137.46 1.256 27 2,732 07 2.538 98 4.762 78 93 50 20) 78 187 83 374 68
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MINDSPACE BUSINESS PARKS REIT RN :IN/REIT/19-20/003 Statement ofCon,olidnted Financial Results for the Quarter and Hulfyenr ended 30 September 2025 (All ;:,mounls in Rs. million unless otherwise stoled) Particuhtr.9 Other comprehensive income A. (i) Items that will not be reclussilied to profit or loss - (Loss) on remeasurements of defined benefit liability (ii) fncome tax relating to above B. (i) Items thnt will be reclassified to profit or loss (ii) Income lax relating to above Other comprehen .!ive income nltributnble to unit holders of Mindspace REIT Other comprehensive income nUributable to non controlling interests Total comprehensive income for the period / yenr Total comprehensive income for the period/ year attributable to unit holders of Mindspace REIT Total comprehensive income for the period/ year attributable to non controlling interests Earning per unit (Rupees Per unit) (refer note 5) Before net movement in Reguh1tory Dererral Balances: -Basic -Diluted Arter net movement in Regulatory Deferral Balances: -Basic -Diluted For the q1rnrter ended 30 September 2025 (Unnudited) (J~J (I 01) (I 01) 1,266.89 1,163.96 102 93 I 82 I 82 I 91 I 91 For lhe qunrler ended 30 .lune 2025 (Unaudited) (I 35) (I 35) l.666.60 I 565 75 100 85 2 37 2 37 2 57 2 57 For the qunrfer ended 30 September 2024 (Unnudited) < 14' 1,349.77 1,256 27 93 so 2 37 2 37 212 2 12 For the hnlfyenr ended 30 Septem her 2025 (Unaudited) (2 36) (2 36) 2,933.49 2,729 71 203 78 4 19 419 4 48 4 48 For the hnlf)•ear ended 30 Septem her 2024 (Unaudited) 2,726.81 2,538 98 187 83 467 4 67 4 28 4 28 For lhe year ended 31 March 2025 (Audited) (3 14) (3 14) 5,134.32 4,759 64 374 68 8 58 8 58 8 02 8 O:!
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MINDSPACE BUSINESS PARKS REIT RN: IN/RE IT /19-20/003 Statement of Consolidated Financial Results (Continued) Consolidated Statement of Assets and Liabilities (All amounts in Rs. million unless othenvise stated) ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Investment property Investment property under construction Other intangible assets Financial assets - Investments - Other financial assets Deferred tax assets (net) Non-current tax assets (net) Other non-current assets Total non-current assets Current assets Inventories Financial assets - Trade receivables - Loans to employees - Cash and cash equivalents - Other bank balances - Other financial assets Other current assets Total current assets Asset held for sale (refer note 23) Total assets before regulatory deferral account Regulatory deferral account - assets Total assets Asal 30 September 2025 (Unaudited) 1,120.25 837.66 2,44,446.09 9,902.44 1.94 43.26 6,832.47 642.65 556.69 1,098.75 2,65,482.20 55.96 533.27 0.07 6,285.82 1,333.76 5,229.84 1,446.83 14,885.55 997.03 2,81,364.78 131.05 2,81,495.83 As at 31 March 2025 (Audited) 1,158 53 648.33 239,853 79 6,726 74 I I 8 38.88 6,504 86 722.65 519.99 1,506.55 2,57,681 .50 50.27 586 69 016 6,379.31 1,031 73 3,682.79 707.35 12,438 30 1,444.48 Vl .564 28 39.00 2.71,603 28 As at 30 September 2024 (Unaudited) 1,204 83 419.94 2,05,096 28 16,715 78 I 30 38.88 3,284 00 222 20 840 27 1,534.23 2,29,357 . 71 58,62 647 30 4,967 ,03 758.88 5,016.32 742.58 12,190.73 1,477.70 2,43,026 14 27.67 2,43,053 . 81
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) Consolidated Statement of Assets and Liabilities (All amounts in Rs. million unless othern·ise stated) EQUITY AND LIABILITIES EQUITY Corpus Unit capital Distribution - Repayment of Capital (refer note 16) Other equity Equity attributalile to unit holders of the Mindspace REIT Non-controlling interest Total equity LIABILITIES Non-current liabilities Financi al liabilities - Borrowings - Lease liabilities - Other financial liabilities Provisions Defe1Ted tax liabilities (net) Other non-current liabilities Total non-current liabilities Current liabilities Financial liabilities - t:lorrowmgs - Lease liabilitie s - Trade payables - total outstandin g dues of micro enterprises and small enterprises - total outstandin g dues of creditors other than micro enterprises and small enterpr ises - Oth er financial liabilities Provisions Other current liabilitie s Current tax liabilities (net) Total current liabilities Total liabilities Regulatory deferral account - liabilities Total equity and liabilities As at 30 September 2025 (Unaudited) 0.01 1,68,964.03 (6,767.63) (26,372.59) 1,35,823 .82 7,499.82 1,43,323.64 81 ,725.51 122.56 5,515.50 71.99 5,614.95 894.80 93,945.31 30,722.4i 21.55 102.79 1,095.07 10,305.31 9.71 1,685.81 224.57 44,167.22 1,38,112.53 59.66 2,81,495.83 As at 31 March 2025 (Audited) 001 1,68,964 03 (3,142 99) (25,276.62) 1,40,544 43 7,561 06 1.48, 105.49 86,105 26 116,08 4,097, I 9 66 81 5,360.58 585 90 96,331.82 l 4,992.56 39.09 272.05 1,040 71 9,272 60 12 22 1,316.77 74 68 27,020.68 l ,23,352 50 145 29 2,71,603 28 As at 30 September 2024 (Unaudited) 0 01 1,62,838 82 (984.41) (23.443 82) 1,38,410 60 7,641 73 1,46,052 33 62,065 10 121.94 3,672 37 75.77 4,50 1.64 581 91 71,01873 15,606 94 12.52 96.66 1.174 55 7,804 06 7 09 1,145 79 106.99 25,954 .60 96,973.33 28 15 2,43,053 81
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MINDSPACE BUSINESS PARKS REIT RN: IN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) Consolidated Statement of Cash Flows (All amounts in Rs. million unless otherwise stated) A Cash flows from operating activities Profit before tax Adjustments for: Depreciation and amortisation expense Finance costs Interest income Bad debts written off Provision for doubtful debts (net) Assets written off/ demolished Fair value gain on investment measured at fair value through profit and loss Provision for unbilled revenue Other non-cash expense Foreign exchange fluctuation loss (net) Liabilities no longer required written back Loss on settlement of financial liability Exceptional items (refer note 23) Provision for Loss making project reversed Operating cash flow before working capital changes Movement in working capital (Increase) in inventories Decrease in trade receivables (Increase)/ decrease in other financial assets and other assets Increase in other financial liabilities, other liabilities and provisions Increase in regulatory deferral account (assets/ liabilities) Increase/ (decrease) in trade payables Cash generated from operations Direct taxes paid net of refund received Net cash generated from operating activities (A) B Cash flows from investing activities Expenditure incurred on investment property, investment property under construction, property, plants and equipment and capital work-in progress including capital advances, net of capital creditors and asset acquisition (refer note 3) Consideration paid on account of acquisition of Mack Soft (refer note 13A) Proceeds from sale of investment property & property plant and equipments Investment in government bond Investment in mutual fund Proceeds from redemption of mutual fund Movement in fixed deposits/other bank balances** Interest received Net cash (used in) investing activities ( B) For the half year ended 30 September 2025 (Unaudited) 4,920.69 2,328.23 4,064.81 (250.76) 13.38 26.70 (28.65) 44.90 20.24 0.24 (24.62) 10.28 447.56 (2.54) 11,570.46 (5.69) 97.03 (318.36) 1,845.74 (177.68) (137.32) 12,874.18 (1,418.09) 11,456.09 (5,496.95) (5,185.68) (4.38) (19,660.26) 19,689.93 (751.75) 125.13 (11,283.96) For the half year ended 30 September 2024 (Unaudited) 4,766 01 1,952.70 2,568 03 (213-72) 0.27 2 25 164.24 (27 19) 0.13 (2 56) 9,210 16 (15.42) 442 75 640.55 168 58 228.33 184 00 10.858 95 (1,171 07) 9,686 88 (6,793 67) I 75 (5 48) (16,079 .04) 16,106 23 68 44 376 92 (6,324 84)
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MINDSPACE BUSINESS PARKS REIT RN:TN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) Consolidated Statement of Cash Flows (All amounts in Rs. million unless otherwise stated) C Cash nows from financing activities Proceeds from external borrowings Repayment of external borrowings including non-convertible debentures and bonds Proceeds from issue of non-convertible debentures and bonds Proceeds from issue of commercial paper Non-convertible debentures issue expenses Redemption of commercial paper Payment towards lease liabilities Distribution to unitholders and dividend to non-controlling interest holder (including tax) Expenditure towards units issued for Acquisition of Sustain (note 13B) Finance costs paid Net cash (used in) financing activities ( C ) Net increase/(decrease) in cash and cash equivalents (A+B+C) Adjustments for net gains on fair value of mutual funds measured at fair value through profit and loss (FVTPL) Cash and cash equivalents at the beginning of the period Add/Less : (Net cash)/Bank overdraft acquired on asset acquisition Cash and cash equivalents at the end of the period Cash and cash equivalents comprises Cash on hand Balance with banks - in current accounts - m escrow accounts - in deposit accounts with original maturity of less than three months - investment in overnight mutual funds Less : Bank overdiaft Cash and cash equivalents at the end of the period For the half )'car ended 30 September 2025 (Unaudited) 17,127.11 (30,316.00) 17,500.00 24,313.64 (11.98) (I 7,694.80) (18.44) (7,716.06) (1.37) (3,850.96) (668.86) (496.73) (1.03) 1,677.30 10.24 1,189.78 2.78 6,270.81 ll.66 0.57 (5,096.04) 1,189.78 For the half year ended 30 September 2024 (Unaudited) 9,165 64 (18,924 25) 11,500.00 5,708 00 (15 76) (1,446 .12) (5,958 00) (3,633 00) (3,603 49) (241 45) 1.886 00 1,644.55 3 11 4,266 85 7 53 689.97 (3,322 91) 1,644.55 ** Includes Income tax refund amounting to Rs Nil million (30 September 2024 - Rs 69.04 million) received in CSR escrow account Note I The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Accounting Standard (!ND AS) 7 - "Statement of Cash Flows". Note 2 During the half year ended 30 September 2025, Rs, 1,198.45 million (30 September 2024 Rs 343 85 million) has been transferred from Investment property under construction to Finance lease receivable pursuant to lease commencement of fit outs.
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Consolidated Financial Results (Continue,I) Consolidated Statement of Changes in Unitholders' Equity (All amounts in Rs. million unless otherwise stated) A. Cor us Balance as on 1 April 2024 Changes during the year Balance as on 31 Much 2025 Balance as on I April 2025 Changes during the period Closing balance as on 30 September 2025 Corpus Balance as on I April 2024 Changes during the period Closing balance as on 30 September 2024 B. Unit n itnl Ilnlauce as on I April 2024 Changes during the year Balance as on 31 March 2025 Balance as on 1 April 2025 Changes during the period Closing balance as on 30 September 2025 Unit Ca ital Balance as on I April 2024 Changes during the period Closing balance as on 30 September 2024 C. Distribution - Repa yment of Capital Balance as on I April 2024 Less: Distribut ion to Unit holtlc1s fo1 lhc 4uati.c, c11Jc:J 30 jum:: 2024 " Less: Distribution to Unit holders for the quarter ended 30 September 2024 A Less: Distribution to Unit holders for the quarter ended 31 December 2024 A Balance as on 31 March 2025 Less: Distribution to Unit holders for the quarter ended 31 March 2025A Less: Distribution to Unit holders for the quarter ended 30 June 2025A Closing balance as at 30 September 2025 Distribution - Repnymcnt of Cnpitnl Balance as at I April 2024 Less: Distribution to Unit holders for the quarter ended 30 June 2024A Balance as at 30 September 2024 A Refer note I 7 D. Other E uit Retained Earnings Balance as at I April 2024 Add: Profit for the year attributable to the unitholders ofMindspace REIT Add: Other comprehensive expense attributable to the unitholders ofMindspace REIT Less: Distribution to unitholders for the quarter ended 31 March 2024* Less: Distribution to unitholders for the quarter ended 30 June 2024* Less: Distribution to unitholders for the quarter ended 30 September 2024* Less: Distribution to unitholders for the quarter ended 3 I December 2024* Add: Transfer from debenture redemption reserve** Balance as on 31 March 2025 Balance as on 1 April 2025 Add: Profit for the period attributable to the unitholders ofMindspace REIT Add: Other comprehensive expense attributable to the unitholders ofMindspace REIT Less: Distribution to unitholders for the quarter ended 3 I March 2025• Less: Distribution to unitholders for the quarter ended 30 June 2025* Balance as on 30 September 2025 Amount 0 OJ O OJ 0 01 0.01 Amount 0 01 0.01 Amount 1.62.838 82 6.125 2 I 1,68,964 03 1,68,964.03 1,68,964.03 Amount 1,62,838.82 1,62,838.82 Amount (984 4 i) (1.043.71) (1,114 87) (3,142.99) (2,11996) (1.504 .68) (6,767.63) Amount (984 41) (984.41) Amount (21,549.70) 4,759 64 (3.14) (2,828 70) (2,004.40) (2,010 33) (2,039 .98) 400 .00 (25,276.62) (25,276.62) 2,732 07 (2 36) (1,803 I 8) (2.022.49) (26,372.59)
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MINDSPACE BUSINESS PARKS REIT RN:TN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) Consolidated Statement of Changes in Unitholders' Equity (All amounts in Rs. million unless otherwise stated) Retained Earnings Balance as at l April 2024 Add: Profit for-the period attributable to the unitholders ofMindspace REIT Less: Distribution to unitholders for the quarter ended 31 March 2024* Less: Distribution to unitholders for the quarter ended 30 June 2024* Add: Transfer from debenture rcdcmpu on reserve** Balance as on 30 September 2024 Amount (21,549 70) 2,538 98 (2,828 .70) (2,004 40) 400.00 (23,443.82) *The distributions made by Mindspace REIT to its Unit holde,s are based on the Net Distributable Cash flows (NDCF) ofMindspace REIT under the REIT Regulations and represents distributions other than repayment of debt by SPY to REIT. Debenture Redemption Reserve•• Balance as at 1 April 2024 Transfer to retained earnings Transfer from retained earnings Balance as at 31 March 2025 Balance as at 1 April 2025 Transfer to retained ea, nings Balance as at 30 September 2025 Debenture Redemption Reserve** Balance as at l April 2024 Transfer to retained earnings Transfer from retained earnings Balance as at 30 September 2024 Amount 400 00 (400 00) Amount 400 00 (400 .00)
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MINDSPACE BUSINESS PARKS REIT RN:IN IREIT/19-20/003 Statement ur Consolidated Financial Results (Continued} (All amounls in Rs. million unless otherwise staled) Statement of Net Assets at Fair Value pursuant to guidance under Chapter 3, Paragraph 3.4.7 to SEBJ Master Circular no. SEBI/HO/DDH~PoD~?/P/CIR/2025/99 dated I I July 2025 Sr. No. Pa11iculars (A) Total Assets (B) Tolal Liabilities•• (C) Net Assets (A-B) (D) Less: Non-Conlrolling lnlerest (E) Net Assets allnbu1able to unitholders (C-0 ) (F) No of Units IGl NAV per unit (E/F) • :is renected m the Statement of Assets and L1abll111es •• Refer note G belo\\ Measurement of fair values As .i.t 30 September 2025 (UnaUt.lilcd) Book Value"' Falr\"'"111c 2.81 495 IG 4 46.486 27 1,38,17219 1.35,:i.56 03 1,43,323 M 3.10,930 24 7,499 R2 l(,,291 13 1.35,823 82 2.94.639 11 60.91.KJ.634 (,0.9l.~3 .634 222 96 4~3 66 As at 31 March 2025 As al 30 September 2024 (Audiled) (Unaudited) BookV:due"' Fair Value Book Value* Fair Valu e 2 71 603 2K 3.97.898 74 2.43.053 KI 3.39 940 02 1,23,497 79 1,21.119 66 97,001 48 ?4,KK3 OJ. 1.48, !05 49 2,76.779 OK 1,46,052 33 2,4:\057 00 7,561 06 13.794 lW 7,641 73 12,260 7(, 1,40,544 43 2,62 9R4 19 l ,3R.4 1060 2,32,796 23 60 9 J .KJ.634 60.9 1 .~3.634 59.30, I K. l K2 59.30.18.182 230 71 431 70 233 40 392 56 The fair va1ues oflnYesLment properly. Properl). plant and equipment. lm•estmenl properl) under construclian and Capital work-in-progress are solely based on an independent ,alual1011 performed b) an exLemaJ properly ,·aluer ("independem valuer"). having appropriatel) recognised professionaJ qualification and recent experience in the location and c;:uegol') of the properties being VaJued Olher assels include cash and cash equirnlenls , olher b:ink. balances and other working capital ba1:mces "hich are not factored in the discounted cashflow mc01od used in determining the fair , alue of investment property. inveslmenl propert:- unde1 construction. property. plant and equipmenl c,1pit:i.l \\Ork-in-progress and intangibles Valuation technique The fair ,alue measuremenl for all of lhe llwestmenl proper!) , Property, pl:i.111 and equipment, l"'es1111enl proper~ under construction and Capital \,ork•in-progress including Pacharam , \\hich h:i.s been classified as held for sale (excluding Pochorain) has been calt:gorized as a Leul 3 fair ,alue based on the inpuls to lhe valualion lechnique used The ,·.iluer has follo"ed :J Discounted Cash Flow method, except for ,·aJuation of land for fulure de,elopment ,,here the ,aluer has adopted Comparable Sales Method {unde1 Market Approach) 11,e Discounted Cash Flow valuation model considers the present ,alue of net cash nows to be generated from lhe respecti"e properues. l::iJ.ing 11110 account the expected rental gro\\th rnle. ,acatlC) period occupanC) rate. and lease incentne cosls l11e expected net cash Oo"s are discoun1ed using the risk adjusted discounl rates Among olher factors. the discounl r:i.Le estimation considers the qualil) ofa building and i1s location (prime H secondary), tenatH credit qualit~ . lease terms and mYeslor return expectations from such p1operlies The existing buildings in Pocha..1am are unoccupied Considering the absence ofleasing demand in the near term, and therefore no expected income stream and also since the :issel is held for sale, I.he Valuer hn.s opted for the Cosl Approach Under this method. the building and plant & machinery componenlS have been valued using the Depreciated Replacement Cost Method The same has been categorised :is .i Le, el 3 fair vaJue based on 01e inputs from Lhe, :1luat1on lechnique used Notes: I ProJi:ct "'se lm:Dl.-:-up of fair ,alue of asseLs as at 30 Sc1,ti.:lllhcr2LU5 Particulars Fair value or Investment Other assels al book Total assets prope11Y, Pl'ope1'ty, plant value and equipment, lnnslment property under- construction and Capi1al work-ir,.progress lntime 29.319 36 I ,<,35 88 30,955.24 KRIT 59. I 76 56 1,166 25 G0,342.81 Sundew 82.740 82 1.(131 05 84,371.87 MBPPL MB PPL - Mindspace Airoli E.1ut 54.992 95 MB PPL - Mindspace Pocharam,,.... 1.008 3 I 5,45M 62 92,993.92 MB PPL - Commer.zone Yerwada 21.567 78 l\1BPPL-Thc Square, Nagar Road 9.966 26 Sustain 23.678 53 870 25 24,548.78 Gigaplex 60.264 74 1.977 69 62,242.43 Avacado Avacado • Mindspace Mit.lad 13.285 58 448 44 18,882.96 Avacado • The Squa,~, BKC 5.14K 94 KRC Infra KRC Infra - Gera Commerzone, Kharadi 3K.610 45 1,46364 50,635.87 KRC Infra - Camplus 10,561 78 Mack Soft Tech Private Limited 5.877 03 818 61 6,695.64 Horizon\-iew 12.841 33 553 02 13,394.35 Mindspace REIT - 70.890 06 70,890.06 Less: Elimination and other .11.djushuenrs• (69.467 66) (69,467.66) Total 4.29.040.42 17,445.85 4.46.486.27 Less: Non-controlling inte~st (I 8.836 04) (493 66) (19.329.70) Total aUlibutable to unitholders 4,10,204.38 16,952.19 4,27.156.57 . . • ll mcludes ehmmal1on pnmanly pertammg to lendmg Lo SPVs b) ~•tmtJi 1i.1i;i: REIT nnd cm1.11 t1lnlo..teU udJtatr11~m ** Classified as "Asset Held for Sale"
Page 14
MINDSPACE BUSINESS PARKS REIT RN: IN/REIT/ 19-20/003 Statement of Consolidated financial Results (Continued) (All amounts in Rs. million unless otherwise stated) Statement of Net Assets at Fair Value pursuanl to guidance under Chapter 3, Parngraph 3.4.7 to SEBI Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 1•101~tt wise 61--iO>•u i of fair value of assets as al 31 March 202.:; - Particulars Fair Villue of lnvestmenl Other assets al book Total assets property, Property, plant value and equipment, Investment property under constn.Jction and Capital work-in-pl ogress lntime 25,227 82 1,664 63 26,892.45 KRIT 49,302 XI 1,35& n 50,661.59 Sundew 71 ,721 97 1,--HR 53 73,140.50 MBPPL MBPPL- l\1indspace Ai.-oli East 49,988 K2 MBPPL- l\1indspace Pocha l'am"'"' l.<165 29 4,220 40 85,446.76 MBPPL- Commerzone Yerwada 20,428 48 l\1BPPL-The Square, Nagar Road 9.343 77 Sustain 22, 177 65 575 89 22,753.54 Gigaplex 56,708 59 2,063 96 58,772.55 Avacado Avacado - Mindspace Malad 12,649 76 459 13 18,167.03 Avacado -The Square, BKC 5,058 1<1 KRC Infra KRC Infra - Cera Commerzone, Kharadi 36.511 26 1,345 29 47,717.87 KRC Infra - Camplus 9J!61 32 Horizonview 12.115 06 474 27 12,589.33 Mindspace REIT 50A1253 50,412.53 Less: Elimination and other adjusunents* - (48.655 41 ) (48,655.41) Total 3,82,560.74 15,338.00 3,97,898.74 Less: Non-controlling interest ( 16.087 79) (505 20) (16,592.99) Total a lttibutabl e to unil11olders 3,66,472.95 14,832.80 3,81,305. 75 * fl includes ~limmat1on pnmanly penammg to lendmg lo SPVs by M1ndspace REIT and consolidated adJuslments ° Classified as "Asset Held for Sale" l1roli:c.t w1..,;c l1rc-;:d,.-µ.r, or fmr value or assets as at 30 Si:plt mb, r 2024 Pa11iculars Fair value of lnveshnenl Other assels al book Total assets property, Pr'operty, plant value and equipment, Investment p; op.:rty ;,mdcr construction and Capital wol'k-in-p1·ogress lnlime 20 354 43 I 637 41 21.991.84 KRIT 40.585 114 1.204 68 41,790.52 Sundew 65.751 24 1,359 51 67,1 I0.75 MBPPL MBPPL-1\findspace Airoli Easl 4R.877 26 l\1BPPL- Mindspace Pocharam*"' 1.484 27 3.804 25 82,617.66 MB PPL- Commer-zone Yerwada 19.389 I<, MB PPL-The Square, Nagar Road 9.062 72 Gigaplex 53.541 13 1.03260 54,573.73 Avacado Avacado - Mindspace Malad 11.619 02 402 07 17,009.95 Avacado -The Square, BKC 4.98R 86 KRC Infra KRC Infra - Gen1 Commerzone, Kha1·adi 32.272 68 1,658 11 41,718.79 KRC Infra - Camplus 7.788 00 Hotizonview 11.698 55 283 39 11,981.94 Mindspace REIT - 52,753 42 52,753.42 Less: Elimination and other adjustments* - (51,608 58) (51,608.581 Total 3.27 ,41.3.16 12,526.86 339 ,940.02 Less: Non-controlling interest (13.936 07) (486 60) (14,422.67) Total i.aUdbuta.ble to unithold crs 3,13,477.09 12,040.26 3,25,51 7 .35 • Il md udd climm.u.lliln f1 11 m1:i.nl~ pc:ri.111mnJi to lcnclmg. to SPVs by Mmdspace REIT and i:ommltd.u.ted ;;i.dJ(1SlmC"nl5 ** Classified as "Asset Held for Sale" Other assets at book Yalue excludes capital advances, unbilled re,·enue, finance lease receivable and regulatory assets (which form part of fair valuation oflmeslment proper() , Proper()', plant and equipment, Investment property under conlruction and Capital "ark-in-progress) , Po" er Deemed Distribution Licence operations in Gigaplex. MB PPL and KRC Infra ha, e been , alued by ~1e , aluer seperntely using Discounted Cash Flow method Liabilities al book ulue for calculation ofNAV excludes lease liability, prmision for revenue share. capital creditors (other than related lo initial direct cost). retention payables and regulatory liabilities (\\ hich form part of fair Yaluation of Im estment property, Property. plant and equipment. Investment property under conlruclion and Capital "ark-in-progress)
Page 15
MINDSPACE BUSINESS PARKS REIT RN:INIREIT/19-20/003 Statement or Consolidated Financial Results (Continued) (All amounts in Rs. million unless otherwise stit.ted) Statement orTutal Returns at Fair Value pursuant to guidance under Chapter 3, Paragraph 3.4.8 to SEBI Master Circular no. SEBI/HO/DDHS-PuD-2/P/CIR/2025/99 dated 11 July 2025 SU h'mc nl or1·nt11I Fkturn .s: 11 4 F.11irV111ut: S1·. No. Particulars For the half year ended 30 For the h:ilfyear ended 30 September 2025 September 2024 {_Unaudited ) !Unaudited) A Total Comprehensive Income (As per I.he Statement of Profit and Loss) 2.72971 2,538 98 B Add/Less: Other Change in Fair VaJuc nol recognised in Total Comprehensive Income• 36,373 64 10,404 31 C Total Return lA+B) 39,103.35 12.943.29 • Rcfor nolc 2 Notes: I Measurement of fair values The fair values of Investment property, Property, planl and equipment, Investment proper[) under construclion and Capital work-in-progress arc sold) based on an independent valuation performed by an external propc1ty valuer ("independent valuer"). having appropriately recognised professional qualification and rccenl experience in the location and category of the properties being valued In the above statement. changes in fair value nol recognised for the half)•ear ended 30 September 102:5 and half year ended 30 Scplcmbcr 2014 have been computed based on the changes in fair ,aluc for such pcriods adjusted for changes in book valuc of lnvestmenl propeny. Propeny, plant ::md equipment, lm-estment propert) under construction, Capital work-in-progn:ss, Capital advanccs. Unbilled revenue. Finance lease receivable. regulatoT) assets. Capital creditors (other Lhan related to initial direct cost). Retention payables. RegulatoT) liabilities and Lease liabilities for the respective periods
Page 16
MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Consolidated Finoncial Results (Continued) (All amounts in Rs. million unless otherwise stated) Statement of Net Distributable Cash Flow (NDCF) of the Trust NDCF pursuant to guidance under Chapter 3, Paragraph 3.19 to SEBI Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 Description Cashflows from ope1ating activities of the Trust Add: Cash flows received from SPV's/ Investment entities which represent distributions of NDCF computed as pe, relevant framework ()l.t 1" ' Add: Treasury income / mcome from investing activities of the Trust (interest income received from FD, any investment cnttt1es as definl!d in Regulation 18(5), tax refund, an} other income in the nature of interest, profit on sale ofMulual funds, investments, assets etc. dividend mcome etc, excluding any Ind AS adjustments Further clarified that these amounts ,,'111 be considered on a cash receipt basis) Add: Proceeds from sale of real estate investments, real estate assets or shares ofSPVs/Holdcos or Investment Entity acljustt!d for !he follow,ng • Applicable capital gams and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18( 16)( d) of REIT Regulations or any other relevant provJS1ons of the RE IT Reb11.llations Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs/ Hold cos or lnveslment Entity not distributed pursuant to an earlier plan to re-invest as per Regulation 18( 16 )( d) of REIT Regulations or any other relevant provisions of the REIT Regulations. if such proceeds are not mtended lo be invested subsequently Less: Finance cost on Borrowings as per Profit and Loss Account However, amortization of any transaction costs can be excluded provided such transactmn costs have already been deducted while computing NDCF of previous period wl1en such transaction costs were paid C2) Less: Debt repayment at Tmst level (to include principal repayments as per scheduled EMJ's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments/ debt refinanced through new debt in any form or funds raised through issuance of units) Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any: (i) loan agreement entered with financial institution, or (ii) terms and conditions. covenants or any other stipulations applicable to debt securities issued by the Trust or any or its SPVs/ HoldCos. or (iii) lenns and conditions, covenants or a11y other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos, 01 (iv) , agreement pllrsuant to which the Trust operates or o\VTJ.S the real estate asset, or generates revenue or cashflows from such assl!t (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or (v) statutory, judicial, regulatory, or govemmental stipulations; Less: any capital expenditure on existing assets owned/ leased by the REIT. to the extent not funded by debt / equity or from contractual reserves created in the em 1 ier years NDCF at Trust Level For the qu1:1rter ended 30 Septem her 2025 (Unaudited) (IOI 00) 4.932 29 24 39 (1,210 70) 3.644.98 For the qu.t .-ter ended 30 June 2025 (Unaudited) (97 78) 4,662 84 15 55 (995 61) 3.585.00 For the hair year ended 30 Septem her 2025 (Unaudited) ( 198 78) 9,595 13 3995 (2,206 31) 7.229.99 Note I: The Board of Directors of the Manager to the Trust, in their meeting held on 05 November 2025, has declared distnbut1on to un1tholders of Rs 5 83 per unit which aggregates to Rs 3,551 54 million for the quarter ended 30 September :20:25 The d1stnbut1ons of Rs 5 83 per unit comprises Rs 3 02 per unit in the form of dividend, Rs. O 03 per unit in the form of interest payment. Rs O O I per unit in the fo1m of other income and the balance Rs 2 77 per unit in the form of repayment of debl by SPV to REIT Along with distribution of Rs 5 79 per unit for the quarter ended 30 June 2025, the cwnulative distribution for the half year ended 30 September 2025 •~gregates to Rs I I 62 per unit Note 2: Finance cost on Borrowings includes processing fees paid Rs 2 04 million. Rs 9 94 million and Rs 11 98 million for the quarter end.:d 30 September 2025, quarter ended 30 June 2025 and half year ended 30 September :20:25 respectively Note 3: Rs 3 0 574 98 million has had been received post 30 June 2025, but before finalisation and adoption of financial results by the board at' directors and forms part of the NDCF for the quarter ended 30 June 2025 Rs 3,833 56 million has had been received post 30 September 2025. but before finalisation and adoption offinancial results by the board of directors and forms part of the NDCF for the quarter ended 30 September 2025 Nole 4: Distribution specified in Note no I above includes distribution of surplus cash received from SPVs of Rs Nil forthe quarter ended 33 September 2025, Rs. I 69 IO million for the quarter ended 30 June 2025 and Rs 169 IO million for the half year ended 30 September 2025
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) (All amounts in Rs. million unless otherwise stated) Statement of Net Distributable Cash Flow (NDCF) of the Trust NDCF pursuant to guidance under Chapter 3, Paragraph 3.18 to SEBI Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2024/43 dated 15 May 2024 Description Cashflows from operating activities of the Trnst Add: Cash flows received from SPVs/ Investment entities which represent distributions oFNDCF computed as per relevant frnmeworkm&c 4i Add: Treasury income / income from investing activities of the Trust (interest income received from FD, any investment entities as defined in Regulation 18(5), tax refund, any other income in the nature of interest, profit on sale of Mutual Funds, investments, assets etc , dividend income etc, excluding any Ind AS adjustments Further clarified that these amounts will be considered on a cash receipt basis) Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs/Holdcos or Investment Entity adjusted for the following • Applicable capital gains nnd other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18( 16)(d) of REIT Regulations or Regulation I 8(",') of InvIT Re.!:,rulations or any other relevant p1ovisions of the REIT/InvIT Rebrulations Add: Proceeds from sale of real estate investments, real estate assets or sale of shares ot• SPVs/ Hold cos or Investment Entity not distributed pursuant to an earlier plan to re-invest as per Rebrulation 18(16)(d) of REIT Regulations or Regulation 18(7) of InvIT Rebrtlliltions or any other relevant provisions of the REIT/InvlT Regulations, if such proceeds are not intended to be invested subsequently Less: Finance cost on Borrowings, excluding amortisation of any transaction costs as per Profit and Loss account of the Trust<21 Less: Debt repayment at Trust level (to include principal repayments as per scheduled Ef\.H's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments/ debt refinanced through new debt in any form or funds raised tl1rough issuance of units) Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any: (i) loan agreement entered with financial institution, or (ii) lerms and conditions, covenants or any other stipulations applicable to debt securities issued by the Tnist or any of i·:s SPVs/ HolclCos, or (iii) terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Tf'llst or any of its SPVs/ HoldCos, or (iv) agreement pursuant to which the Trust operates or owns the re.ii estate asset, or generates revenue or cashtlows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agn·ement of a like nature, by whatever name called); or (v) statutory, judicial, regulatory, or governmental stipulations; or Less: any capital expenditure on existing assels owned/ leased by the REIT ,to the extent not funded by debt/ equity 01 from contractual rese1ves created in the earlier years NDCF at Trust Level For the quarter ended 30 September 2024 (Unaudited) (69 88) 4,050 30 8 74 (867 11) 3,122 14 For the half year ended JO September 2024 (Unaudited) (138 07) 8,687 48 20 04 (2,454 66) 6.114 .79 For the year ended 31 March 2025 (Audited) (291 59) 17,68534 116 78 (4,296 18) 13.214 35 Note I The Board of Directors of the Manager to the Trust, in their meeting held on 25 October 2024, has declared distribution to unitholders of Rs 5 15 per unit which aggregates to Rs 3,054 04 million for the quarter ended 30 September 2024 The distributions of Rs 5 15 per unit comprises Rs 3 10 per unit in the form of dividend, Rs O 28 per unit in the form of interest payment, Rs O O I per unit in the form of other income and the balance Rs l 76 per unit in the form of repayment of debt by SPV to REIT Along with distribution of Rs 5 04 per unit for the quarter ended 30 June 2024, the cumulative distribution for the half year ended 30 September 2024 aggreg.'ltes to Rs, 10 19 per unit The cumulative distribution for the year ended 31 March 2025 aggregates to Rs 21 95 per unit Note 2: Finance cost on Borrowings includes processing fees paid Rs Nil for the quarter ended 30 September 2024, Rs 15 76 million for the half year ended 30 September 2024 and Rs 53 55 million for the year ended 31 March 2025 Note 3: Rs. 3,091.42 million had been received post 30 September 2024, but before finalisation and adoptiun of tinandal statements by the board of directors and forms part of the NDCF for 1he quarter ended 30 September 2024 Rs 3,748 70 million had been received post 3 J March 2025, but before finalisation and adoption of financial statements by the board of directors and forms part of the NDCF for the quarter ended 3 l Marcil 2025 Note 4 Includes distribution out of surplus cash of Rs 97 90 million for the quarter ended 30 September 2024, Rs, 206 90 million for the half year ended 30 September 2024 and Rs 295 90 million for the year ended 31 March 2025 received from SPVs
Page 18
MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Consolidt1ted Fimrncial Results (Continued) (All amounts in Rs. million unless otherwise stated) Statement of Net Distribuhtble CHsh Flow (NDCF) of ench Asset SPV NDCF pursuant to guidance under Chapter 3, Paragraph 3.19 to SEBJ Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025199 dated t t July 2025 For lhe quarter ended 30 Se Descri[!tion Avacado MBPPL Horizonview Gil!aglex KRC Infra fnlime Cash flow from operating activities as per Cash Flow Statement ofHoldCo/ SPY 303 45 1,342 35 356 59 1,053 16 659 93 395 29 Add: Cash Flows received from SPV's which represenl distributions of NDCF computed as per relevant framework Add: Treasury income / income from investing activities (interest income received from FD, tax refund, 0 09 8 08 I 48 408 2 SJ 9 27 any olher income in lhe nature or interest, profit on sale of Mutual funds, investments, assets etc, dividend income etc, excluding any Cnd AS adjustments Further clsritied that these amounts will be considered on a cash receipt basis) Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs or Investment 0 00 Entity adjusted for the following : • Applicable capital gains and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transacrion costs • Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations Add: Proceeds from sale of real estate investments, real estate assets or sale or shares of SPVs or Investment Entity not distributed pursuant to an earlier plan to re-invest as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations, if such proceeds are not intended to be invested subsequenlly Less: Finance cost on Borrowings as per Profit and Loss Account ex:cluding tinance cost on any (68 95) (218 56) (31.97) (171.19 ) (157.79) (I 66) shareholder deb t/loan from lrust The amortization of any transaction costs can be excluded provided such transaction costs have already been deducted while computing NDCF of previous period when such transaction costs were pD.id <'i Less: Debt repayment (to include principal repayments as per scheduled EMt's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity 1aise as well as repayment of any shareholder debt/ loan from Trust) Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in (0 02) (0 25) (I 25) (0 19) (0 10) (0 03) accordance with, any '21: (i) loan agreement entered with banks/ financial institution from whom the Trust or any of its SPVs/ HoldCos have availed debt, or (ii) terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos, or (iii) terms and conditions, covenants or any other stipulations applicable to exlemal commercial borrowings availed by the Tnist or any of its SPVs/ HoldCos, or (lv) agreement pursuant to which the SPV/ HoldCo operates or owns the re:11 estate asset, or generates revenue or cashnows from such asset (such as, concession agreement, lransmission services agreement, power purchase agreement , lease agreement, and any other al,rreement of a like nature, by whatever name called), or (v) statutory, judicial , regulatory. or governmental stipulations; Less: any capital expenditure on existing assets owned/ leased by the SPV or Holdco, to the extent not funded by debt/ equity or from reserves created in the earlier years NDCF for HoldCo/SPVs ZJ4,57 1,13 1.r.? JN.SS S8S.S6 504.55 402.87 St1rplu1 cwsh on occount of llqu1dnt1011 of fixed dtJH~II~ NDCF for HoldCo/SPVs includinE sureh1s cash 234.57 1,131.62 324.85 885.86 504.55 402.87 Nole I Finance cost on Borrowings includes processing fees paid of Rs 0 35 million for the quarter ended 30 September 2025 Note 2: Investment in fi)(ed deposit net off redemption within the s;1me quarter have not been considered Note 3 Statement of Net Distributable Cash Flows for Mack Soft Tech Private Limited for !he current period is Rs ( 14 73) million and thus distribution fo1 the pe1 iod is Nil tember 2025 tl-lJ KRIT Snndew MackSofl Sustain Total 120 88 1,089 13 (26 10) 480 34 5,775.02 2 69 0.62 11 38 40.20 ( 10.68) (51.02) (U 01) (42 25) (754.08) (0 11) (0.42) (2.37) 112,78 l ,U38JI 114.73) 4JS. fi9 5,0SJl,77 112.78 1,038.31 (14.73) 438.09 5,058.77
Page 19
MINDSPACE BUSINESS PARKS REIT RN:IN/REIT / 19-20/003 Statement of Consolidated FinRnciAI Results (Continued) (All amounts in Rs. million unless otherwise stated) Stolement of Net Distributable Cash Flow (NDCF) of each Asset SPV NDCF pursmmt to guidance under Chapter 31 Paragraph 3.19 to SEBI Master Circular no. SEBJ/HO/DDHS•PoD•l/P/CIR/2025/99 dated 1J July 2025 For the c unrlc.r ended J D J une 2025 l>esc.riJlfion CMh now from opcnuing acu vhics as per Cash Flow Statement of HoldCo/ SPV Avacado MBPPL Horizonview C ig1111It:x KRC lnfr'n J111imt: KRIT Sumll'w Suslnin 2"2 .26 l,45B 10 241 01 BOB 27 752 27 284 41 877 07 847 65 368.81 Add : Cash Flows received from SPV's which represent distributions of NDCF computed as per relevanl framework Add: Treasury income / income from investing activities (interest income received from FD. tax refund, any other income in the nature of interes t. profit on sale of Mutual funds, investments, assets etc. dividend income etc , excluding any Ind AS adjustments Further clarified that these amounts will be considered on a cash receipt basis) Add: Proceed s from sale of real estate investments , real estate assets or shares of SPVs or Investment Entity adjusted for the following : • Applicable capital gains and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attribu1nblc transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulalions or any other relevant provisions of the REIT Regulations Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs or [nvestment Entity not distributed pursuant to an earlier plan lo re-invest as per Regulation 18( 16)(d) of REIT Regulalions or any other relevant provisions of the REIT Reb•ulations, if such proceeds are not intended to be invested subsequently Less: Finance cost on Borrowings as per Profit and Loss Account excluding finance cost on any shareholder debt/loan from trust The amortization of any transaction costs can be excluded provided such transaction costs have already been deducted while computing NDCF of previous period when such transaction costs were paid lll Less: Debt repayment (to include principal repayments as per scheduled EMI's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt/ loan from Tmst) Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any 12' (i) loan agreement entered with banks/ financic1l institution from whom the Trnst or any of its SPVs/ HolclCos have availed debt, or (ii). terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trmt or any of its SPVs/ HoldCos, or (iii) terms and conditions, covenants or any other stipulatioM applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos , or (iv). agreement pursuant to which the SPY/ HoldCo operates or owns the real estate asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or {v) statutory.judicial, regulatory, or governmental stipulations ; Less: any capital expenditure on existing assets owned/ leased by the SPV or Holdco, to the extent not funded by debt/ cq_uity or from reserves created in the earlier years NDCF for HoldCo/SPVs Surplu s c:.ll!lh on :u:.c01m1 o.J' llquld 11tion of fixed deposits NDCF for Holt.lCo/SPVs including surplus cash 2 73 (7) 54) (15 JG) 156,09 Note I: Finance cost on Borrowings includes processing fees paid of Rs 7 88 million for the qu,uter ended 30 June 2025 Note 2: Investment in fixed deposit net off redemption within the same quarter have not been considered 15 75 (239 07) (17 66) l ,l l i. 12 J,217.12 I lJ 7 96 8 50 7 JO 8 28 12 46 10 47 0 0 1 (JS 57) (178 63) (165 89) (0 90) (17 23) (49 16) (155 81) (I 23) (22 28) (22 28) (JI 16) (58 72) 206.57 636.37 572.61 268.53 836.96 752.23 2ZJ.4 7 190 00 206.57 636.37 572.61 458.53 836.96 752.23 223,47 Tolol 5,879.85 74.58 0,01 (915.80) (168.69) 5,059.95
Page 20
MINDSPACE BUSINESS PARKS REIT RN: IN/REIT/I 9-20/003 Statement of Consolidated Financial Results (Continued) (All amounts in Rs. million unless otherwise stated) Statement of Net Distributable Cash Flows (NDCF) of each Asset SPV NDCF pursuant lo guidance under Chapter 3, Paragraph 3.18 to SEBI Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2024/43 dated 15 May 2024 For the 9uarte r ended 311 See tember 2024 '"' Descri,etion Avacado MBPPL Horizonview Giguelex KRC Infra lntime Cash flow from operating activities as per Cash Flow Statement ofHoldCo/ SPV 259 12 901.74 278.85 660 34 947 63 215.18 Add: Cash Flows received from SPVs which represent distributions of NDCF computed as per relevant framework Add: Treasury income / income from investing activities (interest income received from FD, tax refund, 0 44 39,39 0. 15 3 24 2 10 25.21 any other income in the nature of interest, profit on sale of Mutual funds, investments, assets etc , dividend income etc., excluding any Ind AS adjustments Further clarified that these amounts will be considered on a cash receipt basis) Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs or lnveslment 0 03 Entity adjusted for the following : • Applicable capital gains and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation l8(16)(d) of REIT Regulations or Regulation 18(7) oflnv!T Regulations or any other relevant provisions of the REIT/Inv IT Regulations Add: Proceeds from sale of reel estate investments, real estate assets or sale of shares of SPVs or Investment Entity not distributed pursuant to an earlier plan to re-invest as per Regulation 18(16)(d) of REIT Regulations or Regulation 18(7) of lnvIT Regulations or any other relevant provisions of the RE!Tflnv!T Regulations, if such proceeds are not intended to be invested subsequently Less: Finance cost on Borrowings, excluding amortisation of any transaction costs as per Profit and Loss (79 57) ( 108.24) (37 56) ( I ID 85) (91 95) (0 25) Account and any shareholder debt/ loan from Trust''' Less: Debt repayment (to include principal repayments as per scheduled EMI's except if refinanced (2.22) through new debt including ove,draft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt/ loan from Trust) Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in (0.01) (2, 12) (20 00) (19 72) (0 08) accordance with, any: (i) loan agreement entered with banks or financial institution from whom the Trnst or any of its SPV/ HoldCos have availed debt or (ii) terms and conditions, covenants or any other stipulations applicable to debt secrnities issued by the Tmst or any ofils SPVs/ HoldCos, or (iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos, (iv) agreement pursuant to which the SPV/ HoldCo operates or owns an infrastructure asset or real estate asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or (v) statutory, judicial, regulato,y, or governmental stipulations or approvals ll) Less: any capital expenditure on existing assets owned/ leased by the SPY or Holdco. to the extent not funded by debt I equity or from reserves created in the earlier years Net Distributable Cash Flows for HoldCo/SPVs 119.98 830,77 219.22 533,0J 857 73 240 14 Surpl,u cash on account of 1.ig11iJntion of fixed deposits 110.00 NDCF lnclucl inG , urclus cash l'i9 98 830,77 219.22 533 0 I 857 73 350.14 Note J : Finance cost on Borrowings includes processing fees paid ofRs ,25.61 million for the qnarter ended 30 September 2024. Note 2: Investment in fixed deposit net off redemption within the same quartet have not been considered KRIT Sundew Total 327.56 940 33 4,530 75 3 91 23 12 97 56 1.20 1.23 (25,49) (51 19) (505 10) (2,22) (0 01) (41 94) 307,17 912.26 4,080 28 110.00 307 17 912.26 4,190.28
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20 /003 Statement of Consolidated Fimmchd Results (Continued) (All amounts in Rs. million unless othenvise stated) Statement of Net Distributable Cash Flow (NDCF) of each Asset SPV NDCF pursuant to guidance under Chapter 3, Paragraph 3,19 to SEBT Master Circular no. SEBTffiO/DDHS-PoD-2/P/C[R/20Z5/S9 dated 11 Jnly 2025 For the half year ended 30 September 2025 De!tri(!flon Avacado MBPPL Horizom·iew Gi~af!lex KRC Infra Jntime KRIT Sundew Cash flow from operating activities as per Cash Flow Statement of HoldCo / SPV ;45 7 1 l,sou.4; 597.00 I 8~1-'13 l,•112.20 679. 70 99 7 95 1.936.78 Add: Cash Flows received from SPV's which represent distributions ofNDCF computed as per relevant framework Add: Treasury income/ income from investing aclivities (interest income received from FD. tax refund, 2 82 2) 83 2 61 12 04 I I OJ 16 57 10 97 JJ 08 any other income in the nature of interest, profit on sale of Mutual funds, investments, assets etc, dividend income etc, excluding any Ind AS adjustments Further clarified that these amounts will be considered on a cash receipt basis) Add: Proct!eds from sale of real estate investments, real estate assets or shares of SPVs or Investment 0 00 00 1 Entity adjusted for the following • Applicable capital gains :ind other tax.es • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18(1G)ld) of REIT Regulations or any other relevant provisions of the REIT RebT\.llations Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs or Investment Entity not distribut ed pursuant to an earlier plan to re-invest as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations, if such proceeds are not intended to be invested subsequently Less: Finnnce cos t on Borrow ings as per Profit and Loss Account excludi ng finnnce cost on any (142 49) (457 63) (67 54) ()49 82) (323 68) (2 56) (27 91) (100 18) shareholde1 debt/loan from trust The amortization of any transaction costs can be excluded provided such transaction costs have already been deducted while computing NDCF of previous period when such transaction costs were paid ~I) Less: Debt repayment (lo include principal repayments as per scheduled EMl's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments I debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt / loan from Tn,sl) Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in (15 38) (17 91) (I 25) (I 42) (22 )8) (22 JI) (JI 27) (59 14) accordance with, any PJ: (i) loan agreement entered with banks / financial institution from whom the Tnist or any of its SPVs/ HoldCos have availed debt, or (ii). terms and conditions, covenants or any other stipulations applicable to debt securities issued by lhe Trust or any of its SPVs/ HoldCos, or (iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos , or {iv) agreement pursuant to which the SPV/ HoldCo operates or owns the real estate asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreeme nt, and any other agreement of a like nature, by whatever name called); or lv) statutory, judicial, regulatory, or governmental stipulations ; Less: any capital expenditure on existing assets owned/ leased by the SPV or Holdco, to the extent not funded by debt/ equity or from reserves created in the earlier years N"OCF for HohlGo/Sr V, 390.66 l ,34k, 4 531.42 1,S1.2.2l 1.0 7. 16 671.40 949.74 l,701l.5~ Surplu'.3 t n!.h on 11ccount of lic14itl11tmn of fixed di:pusit.s 1v!ii10 NDCF for HoldCo/SPVs inclmline 111refns cash J90.t.6 i ,H8 . 4 531.42 1.522.23 1,077.16 861.40 949.74 1,791).54 Note I: Finance cost on Borrowings includes processing fees paid of Rs 8.23 million for lhe half year ended 30 September 2025 Note 2: Investment in fixed deposit net off redemption within the same quarter have not been considered Note 3 Statement of Net Dist1ibutable Cash Flows for Mack Soft Tech Private Limited for the current period is Rs ( 14 73) million and thus distribution for the period is Nil Mack Soft Sustain Total [25 IO) 8~9 l!i 11 ,65-4-87 11 38 10 47 I 14.78 0.01 (0 01) ( 198 06) (1,669.88) (171.06) (14.13) 661.56 •1.n~.12 190.00 (14.73) 661.56 10.118.72
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MTNDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20 /003 Statement of Consolidated Financial Results (Continued) (All amounts in Rs. million unless otherwise stated) Stntement of Net Distributable Cash Flows (NDCF) of each Asset SPY NDCF pursuant to guidance under Chapter 3, Paragraph 3.18 to SEBI Master Circular no. SEBI/HO/DDHS -PoD-2/P/CJR/2024/43 dated 15 May 2024 For the halfycor ended 30 September 2024 Descriction Avacodo MBPPL Horizonview Gis•~lex KRC Infra lntime Cash flow from operating activities as per Cash Flow Statement of H oldCo/ SPV 536 32 2,288 09 513 62 1,922 69 1,347 78 533 07 Add: Cash Flows received from SPVs which represent dishibutions of NDCF computed as per relevant framework Add: Treasury income / income from investing activities (interest income received from FD, tax refund, 2 26 208.47 0,25 8 35 7 11 111 91 any other income in the nature of interesl profit on sale of Mutual funds, investments, assels etc . dividend income etc , excluding any Ind AS adjustments Further clarified that these amounts will be considered on a c:ish receipt basis) Add: Proceeds from sale of real estate investments, real estate assets or shares of SPV s or lnv~stment 0 20 Entity adjusted for the following • Applicable capital gains and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations or Regulation 18(7) of lnv!T Regulations or any other relevant provisions of the REIT/Inv TT Reb'lllations Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs or Investment Entity not distributed pursuant to an earlier plan to re-invest as per Regulation 18( 1 G)(d) of REIT Regulations or Regulation 18(7) of lnvlT Re1,'lllations or any other relevant provisions of the REIT/lnvlT Regulations, if such proceeds are not intended to be invested subsequently Le!ls: Finance cost on Borrowings , excluding amortisation of any transaction costs as per Profit and Loss (165 92) (260 28) (IOI 60) (166 14) (215 40) (098) Account and any shareholder debt/ loan from Trust (IJlt.(lJ Less: Debt repayment (to include principal repayments as per scheduled EMI's except if refinanced (444) (6 11) through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt/ loan from Trust) Less: any reserve required to be created under Lhe tem1s of, or pursuant to the obligations arising in (JC 48) (2462) (20 00) (30 46) (92 87) (23 16) accordance with, any: (i) loan agreement entered with banks or financial institution from whom the Trust or any of its SPV/ HoldCos have availed debt or (ii) terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos, or (iii) terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos, (iv) agreement pursuant to which the SPV/ HoldCo operates or owns an infrastructure asset or real estate asset, or generates revenue or cashflows from such asset (such as. concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or (v) statutory, judicial , regulatory, or governmental stipulations or approva1s CJ) Le.s.!l: any capital expenditure on existing assets owned / leased by the SPV or Holdco, to the extent not funded by debt / equity or from reserves created in the earlier years Net Distributable Cash Flows for HoldCo/SPVs 34: 18 2,211.66 387 83 1,72833 1,046.82 620 84 Surplus cash on account of Liquidation of fixed deposits 210 00 NDCF includin ! surelus cash 34'.: 18 2,211.66 387 83 1.ns 33 1.046 82 830 84 Note I : Finance cost on Borrowings includes processing fees paid of Rs 51 73 million for the half year ended 30 Seplember, 2024 Note 2: Finance cost on Borrowings includes interest accmed but not due on loans as of31 J\Jarch 2024 of Rs G9 43 million paid during the half year ended 30 Septembe1 2024 Note 3: Investment in fixed deposit net off redemption W1thin the same quarter have not been considered KRIT Sundew Total 617 75 2,065 64 9.824 96 6,98 34 03 379 36 1.20 I 40 (55 79) ( 172 92) (1,13903) (15 16) (25 71) (71 19) (10 22) (303 00) 483,79 1,916 53 8,737 98 20 00 230 00 483,79 1,93653 8,967 98
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) (All amounts in Rs. million unless otherwise stated) Statement of Net Distributable Cash Flows (NDCF) of eoch Asset SPV NDCF pursuant to guidance under Chapter 3, Pnrngrnph 3.18 to SEBI Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2024/43 dnled 15 May 2024 For the year ended 31 l\farch 2025 Description Avacado JI.IBPPL Horizonview Gigaplex KRC In fro lntime Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV 1,075 77 4,773 54 974 09 4,09 1,90 2,449 06 1,209 93 Ac.hi: Cash Flows received from SPVs which represent distributions of NDCF computed as per relevant fiamework Atlt.l: Treasury income / income from investing activities (interest income received from FD, tax refund. 2 89 279 98 168 :24_27 27 84 151 79 any other income in the nature of interest, profit on sale of Mutual funds, investments, assets etc,, dividend income etc_, excluding any Jnd AS adjustments Further clarified that these amounts will be considered on a cash receipt basis) At.hi: Proceeds from sale of real estate investments, real estate assets or shares of SPVs or Jnvestmenl 0 00 0 20 Entity adjusted for lhe following : • Applicable capital gains and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18( I 6)(d) of REIT Re,b'lllations or Regulation 18(7) of JnvIT Regulations or any other relevant provisions of the REIT/JnvIT Regula1ions Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs or Investment Entity not distributed pursuant to an earlier plan to re-invest as per Regulation 18( I 6)(d) of REIT Regulations or Regulation 18(7) of JnvIT Regulations or any other relevant provisions of the REIT/InvlT Regulations, if such proceeds are not intended to be invested subsequently Less: Finance cost on Borrowings, excluding amortisation of any transaction costs as per Profit and Loss (315 50) (615 47) ( 175 71) (422 89) (412 63) (I 36) Account and any shareholder debt/ loan from Trust (I & ll Less: Debt repayment (to include principal repayments as per scheduled EMI's except if refinanced (444) (6 11) through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt/ loan from Trust) Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in (30 87) (63 43) (20 00) (68 79) (96 37) (13 22) accordance with, any: (i) loan agreement entered with banks or financial institution from whom the Trust or any of its SPY/ HoldCos have availed debt or (ii) tem1s and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos, or (iii) terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Tmst or any of its SPVs/ HoldCos, (1v) agreement pursuant to which the SPV/ HoldCo operates or owns an infrastructure asset or real estate asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease ag, eement, and any other agreement of a like nature, by whatever name called); or (v) statutory, judicial, regulatory, or governmental st1pulotio11s or approvals tJl Less: an) capital expenditure on existing assets owned/ leased by the SPV or Holdco, to the extent not funded by debt/ equity or from reserves created in the earlier years Net Distributable Cash Flows for HoldCo/SPVs 732 29 4,374 62 776 62 3,618 ,38 1,968 10 1,337 14 Sur~lus cash on account of Liquidation of fixed deposits 310 00 NDCF includine snrelus cash 732 29 4.374 62 776_62 3.618 ,38 1.968 10 1.647 14 Note I Finance cost on Borrowings includes processing fees paid of Rs 64 75 mil hon for the year ended 31 March 2025 respectively Note 2: Finance cost on Borrowings includes interest accrued but not due on loans as of3 I March 2024 of Rs 69 43 million paid during the year ended 31 March 2025 _ Note 3 Investment in fixed deposit net off redemption within the same quarter have not been considered KRIT Sundew Total 1,716 44 4,108 41 20,399 14 125 69 48 33 663 47 I 20 0 00 I 40 (98 08) (270 15) (1,311 79) (15 16) (25 71) (82 06) ( 10 26) (395 00) 1,648 03 3,876 33 18,331 51 20 00 330 00 1.648 03 3,896 33 18,661 51 Note 4: Statement of Net Distributable Cash Flows has not been disclosed for Sustain Properties Private Limited for the current period since the first distribution as staled m the Transaction Document shall be made upon completion of the first full quarter after its acquisition by Mindspace REIT i e 30 June 2025 Further, it is lo be noted that NDCF for the period 06 March 2025 to 31 March 2025 is Rs,(16 86) million
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II Ill IV V MINDSPACE BUSINESS PARKS REIT RN: IN/ REIT /19-20/003 Statement or Consolidated Financial Results (Continued) (All amounts in Rs. million unless otherwise shtted} Consolidated Segment Information The Mindspace Group is organised into the two operating divisions• 'Commercial Real Estate Development' and 'Power Distribution' Commercial Real Estate Development Commercial Real Estate Development comprises development and managemenl of projects including incidental activities under Special Economic Zone (SEZ). Information Technology Parks and othe1 commercial assets The Group has its project/properties in Mumbai Region, Hyderabad, Pune and Chennai for development and management of commerc1al SEZ. IT parks and commercial assets , Power distribution The SEZ developer MB PPL, Gigaplex, Sundew and KRC Infra as Deemed Distribution Licensee for Power The approved Asset SPVs being Deemed Distributor, supplies power to customers within the notified SEZ The Operating Segments have been reported m the manner consistent with the internal reporting provided to the ChiefO;Je1ating Decision Maker ("CODf\1") Particulars For the quarter ended For the quarter encled For the quarter ended For the half year ended For the halfyenr ended For the year ended 30 September 2025 30 June 2025 JO Septem her 2024 30 Septem her 2025 30 Septem her 2024 31 Mnrch 2025 (Unaudited) (I~/ (Unnudiled) {Unnudited) (141 (Unaudited) (Unnudited) (Audited) Segment Revenue Commercial Real Estate Development 7,533.33 7,22834 6,133 48 14,761.67 12,162 70 25,041 06 Power distribution 276.71 262 13 367 96 538.84 761 16 1,428 33 lnter segment elimination (89.95) (f:7 84) ( 122 18) (177.79) (267 15) (508 30) Tohll 7,720.09 7,4,]2 63 6,379 26 15,122.72 12,65671 25,961 09 Segment Result Commercial Real Estate Development 4,864,67 4,634 17 3,820 35 9,548.84 7,441 40 15,13746 Power distribution 9,04 4 59 8 81 13.63 11 08 116 07 Unallocable (245..82) (2: 5 16) (243 54) {460,98) (395 60) (761 23) Total 4,627.89 4,473 60 3,585 62 9,101.49 7.056 88 14.492 30 Finance Cost Commercial Real Eslate Development 136.47 I J8 08 103 05 244.55 200 06 417 85 Power distribution 0,02 0 05 0 04 0.07 0 09 8 04 Unallocable• 1,899 ,R2 1.920 37 1.201 95 3,820.19 2,367 88 5.146 84 Total 2,036 ,31 2,028 50 1,305 04 4,064.81 2,568 03 5,572 73 Interest Income/ Other Income Commercial Real Estate Development 27.41 4 15 7.70 31.56 13 86 110 27 Power distribution 0,98 0 69 0,32 1.67 I 01 3 00 Unallocable+- 157.74 140 60 134,24 298.34 262 29 681 91 Total 186.13 145 44 142,26 331.57 277 16 795 18 Exceptional item {refer note 23) Commercial Real Estate Development 447.56 447.56 33 22 Power distribution Unallocable• Totnl 447.56 447.56 33 22
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VI MINDSPACE BUSINESS PARKS REIT RN: JN/REIT/19-201003 Sh1temenl or ConsolidHted Finimcial Results (Continued) (All amounts in Rs. million unle!s otherwise stoled) Particulars For the quarter ended For the quarter ended For the quarter ended For the halfye11r ended For the 1ml f year ended For the yenr ended 30 Seplem her 2025 30 June 2025 30 Seplem her 2024 30 Seplem her 2025 30 Seplem her 2024 31 Mnrch 2025 (Unaudited) 1141 (Unaudiled) (Unaudited) (l-tJ (Unnndiled) (Unnudiled) (Audlled) Prom before lax (IT - Ill+ JV - V) Commercial Real Estate Development 4,308.05 4,580 24 3,725 00 6,888.29 7,255 20 14,796 66 Power distribution l0.00 5 23 9 09 15.23 12 00 111 03 Unallocable (1,987.90) (1,994 93) (1,31125) (3,982.63) (2,501 19) (5, 226 16) Total l,330.15 2,590 54 2,422 84 4,920.69 4,766 01 9,681 53 • Expenses which are not attributable or allocable to segments have been disclosed as unallocable Statement of Segment Assets and Liabilities For the quarter ended For the qunrler ended For the qunrter ended For the hnlryenr ended For the halfyenr ended For the yenr ended 30 Septem her 2025 30 June 2025 30 Septem her 2024 30 Seplem her 2025 30 September 2024 31 March 2025 (Unaudited)'"' (Unaudited) (Unnudited) (1-t) (Unaudited) (Unaudited) (Audi led) Segment Asset Commercial Real Estate Development 2,67, l04,04 2,60,564 57 2,30,573 32 2,67, l04,04 2,30,573 32 2,56,440 12 Power distribution 2,450.58 t,748 73 1,837 39 2,450.58 1,83739 1,70769 Unallocable l l,941.21 I 0,848 77 10,643 10 11,941.2] 10,643 10 13,455 47 Total l,81,495,63 2,73, I 62 07 2,43,053 .81 l,81,495.63 2,43,053 81 2,7 I ,603 28 Segment Liability Commercial Real Estate Development 16,666,33 16,38274 12,557 41 16,666.33 12,55741 14,919 22 Power distribution 2,166,64 1,501 46 1,365 18 2,188.64 1,365 18 1, 174 14 Unallocable 1- 1,19,317,22 1,09,564 16 83,078 .88 1,19,317 .ll 83,078 88 1,07,404 42 To!ttl 1,38,172.19 1,27,448 36 97,001 47 1,36,172.19 97,001 47 1,23,497 78 • Segregation of assets and liabilities has been done to the extent possible Segregation of remaining assets and liabilities into various primary segments has not been done as these are used interchangeably between segments Accordingly, these are disclosed as unallocable
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 St:,lement of Consolidated Financiul Results (Continued) Notes lo Consolidated Financial Results (All amounts in Rs. million unless olhenvise staled) I Revenue from operations Particulars Sale of services Facility rentals Maintenance services Revenue from power distribution Revenue from works contract services Other operating income Interest income from finance lease Sale of surplus construction material and scrap Compensation*+ For the quarter ended 30 September 2025 (Unaudited)<"> 5,935.70 1,463.49 186 76 12 72 94 59 26.83 7,720.09 For the quarter ended 30 June 2025 (Unaudited) 5,672 71 I ,445.95 174 29 85 87 23.81 7,402.63 ** It mainly includes one time compensation received from tenants for termination of letter of intent/ lease deed during the lock in period 2 Other income Particulars For the quarter ended For the quarter ended 30 Septem her 2025 30 June 2025 (Unaudited)'" ' (Unaudited) Interest income - on fixed deposits 120 84 9904 - on electricity deposits 6 29 12-89 - on income-tax I efunds I 75 7 29 - on investment 0 37 111 - unwinding of seem ity deposit 0 84 0.34 - others 1.58 2.82 Foreign exchange gain Liabilities no longer required written back 25.83 I 33 Fair Value Gain through P1ofit and Loss for Investment in Overnight Mutual 17 97 10 68 Funds Miscellaneous income 10 66 9.94 186.13 145.44 For the quarter ended For the half year ended For the half year ended For the year ended 30 September 2024 30 September 2025 30 September 2024 31 March 2025 (Unaudited) 114> (Unaudited) (Unaudited) (Audited) 4,799 19 11,608 41 9,51053 19,652 35 1,231 64 2,909 44 2,457 02 4,990.50 245 78 361 .05 494 01 920 03 12.72 I 28 73 34 180 46 144 78 294 67 29 31 50.64 50 37 71 .3 1 30.95 6,379.26 15,122.72 12,656.71 25,961.09 For the quarter ended Fur the half year ended For the half year ended For the year ended 30 September 2024 30 September 2025 30 Septem her 2024 31 March 2025 l Unaudited) 1"' [Unaudited) (Unaudited) (Audited) 80 70 219 88 158 93 319 99 5.91 19 18 14 11 25 02 16 27 9 04 29 38 144.22 1 48 I 18 6,68 4 40 11.30 23.94 0 24 0 24 I 02 27 16 2.56 86.33 14 43 28 65 27 19 I 30.43 17 02 20 60 33.45 65.25 142.28 331.57 277.16 795.18
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MINDSPACE BUSINESS PARKS REIT RN: IN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) Notes to Consolidated Financial Results (All amounts in Rs. million unless othenvise stated) 3 Other ex enses Particulars Trustee fees Valuation fees Insurance and security expense Audit fees Legal and professional fees Rent Travelling and conveyance Rntes and taxes Donation P, ovision for Unbilled revenue Business support fees Assets written off/ Demolished Filing fees and stamping charges Business promotion expenses/advertising expense Bank Charges Bad debts written off Corporate Social Responsibility expenses Revenue share Provision for Doubtful Debts (expected credit loss allowance) Foreign exchange loss (net) Royalty charges Loss on settlement of financial liability Loss on sale of asset (net) Miscellaneous expenses For the quarter ended 30 September 2025 (Unaudited)("J I 19 I 86 140.37 6 56 89.56 I 28 3 51 12 99 6_26 0 01 34 32 22.25 16.58 16.23 4.05 0.67 60 87 (59,80) 5,88 0 15 6.30 4.36 0 01 33.72 409.18 For the quarter ended 30 June 2025 (Unauctited) I 18 125 48 7 23 56 47 0.68 7-85 30,52 0.99 44,89 35.10 4.45 16.33 32.88 4.40 88,66 (73.41) 7.50 0.09 5.92 10.81 408.02 For the quarter ended 30 September 2024 (Unaudited)("J 0,59 2 00 106.45 5.88 61.30 0.72 3.80 4,18 53.55 27,23 6 47 8,92 36.12 3,61 0, 13 63.21 34,55 0,05 25 52 444.28 For the half year ended For the half year ended For the year ended 30 September 2025 30 September 2024 31 March 2025 (Unaudited) (Unaudited) (Audited) 2 37 I 18 2.36 I 86 2 13 2.70 265.85 193.81 411 55 13_79 12-70 30_89 146 03 98 76 209.15 I 96 I 46 S'.37 11 36 9 64 19_60 43 51 10 50 21.11 7 25 54_64 56_65 44 90 81.86 69 42 54 67 108.69 26 70 164.24 232 42 32 91 36 47 71-91 49.11 74_15 223-20 8 45 6 69 15.51 0 67 0 27 3.73 149 53 112 09 194,83 (133 21) 85 15 128.74 13 38 2 25 17.08 0 24 0 13 0,24 6,30 3.45 10 28 0 01 44 53 28.40 79.43 817.20 949.33 1.923.47
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) Notes to Consolidated Financial Results (All amounts in Rs. million unless othenvise stated) 4 Management and Support rees Property Management Fee Pu1suant to the Investment Management Agreemenl dated 29 June 2020 as amended, the Manager is entitled to fees@ 3% of the total rent ( lease and fitout, car park chnrges or an) other compensation on account of lelling out) per annum of the relevant property m respect to operations, maintenance find management of the Asset SPVs, as applicable to be reduced to the extent of employee cost directly incurred by the Asset SPVs The fees 1s charged based on the billing done to the tenants The fees has been dete1 mined to meet the ongoing costs of the Investment Manager to undertake the services provided to the Asset SPVs Property Management fees for the quarter and half year ended 30 September 2025 amounts to Rs. 158 09 million and Rs 302.04 million, for the quarter and half year ended 30 September 2024 amounls to Rs 127 60 million and Rs 244.50 million, for the quarter ended 30 June 2025 amounts to Rs 143 95 million and for the year ended 31 March 2025 amounts to Rs 512 82 million There are no changes during the period 1n the methodology for computation of fees paid to the Manager Support Services Fee Pursuant to the rnvestment Management Agreement dated 29 June 2020 as amended, the Manager is entitled to fees @ 0 5% of the total rl!nl ( lease and fitout, car park charges or any other compensation on account of letting out) per annum of the relevant property in respect lo general administration and other support service of the Asset SPVs, as applicable The fees has been determined to meet the ongoing costs of the Investment Manager to undertake lhe services provided to the Asset SPVs . The fees is charged based on the bill mg done to the tenants. Support Manag~ment fees for the quarter and half year ended 30 September 2025 amounts to Rs. 30 40 million and Rs 58 76 million, for th~ quarter and hal f year ended 30 September 2024 amounts to Rs_ 24.51 million and Rs 48 52 million, for the quarter ended 30 June 2025 amounts to Rs. 28 36 million and for the year ended 31 March 2025 amounts to Rs. 99.82 millrnn There are no changes during the period in the methodology for computation of fees paid to tht: Manager REIT Mnnagement Fees Pursuant to the Investment Management Agreement dated 21 November 2019, the Manager is entitled to fees@ 0 5% of REIT Net Distributable Cash Flows which shall be payable either in cash or in Units or a combination of both, at the discretion of the Manager The fees has been determined for undertaking management of the REIT and its investments The REIT Management fees (including GST) accrued for the quarter and half year ended 30 September 2025 amounts to Rs '.21 51 million :ind Rs 42 66 million, for the quarter and half year ended 30 September 2024 amounts to Rs 17 98 million and Rs. 35 64 million, for the quarter ended 30 June 2025 amounts to Rs 21 15 million and for the year ended 31 March 2025 amounts to Rs 77 97 million There aie no changes during the period in the methodology for computation of fees paid to the Manager 5 Enrnings Per Unit (EPU) Basic EPU amounts are calculated by dividing the profit for the period attributable to Unitholders of Mindspace REIT by the weighted average number of units outstanding during the period Diluted EPU amounts are calculated by dividing the profit attributable to Unitholders of Mindspace REIT by the weighted average number of units outstanding during the period For the quarter ended For the quarter end~d For the quarter ended For the Im Jr year ended For the hnlr year ended For the ye11r ended Particuh1rs 30 September 2025 30 June 2025 30 Septem her 2024 30 September 2025 30 September 2024 31 March 2025 (Unaudited) (Unaudited) (Unaudited) (Unnudited) (Unnndited) (Audited) Profit after tax before net movement m Regulatory Deferral Balances attributable to Unitholders of I, 107 37 1,446 72 1,405 10 2,554 09 2,767 45 5,097 07 Mmdspace REIT Profit after tax after net movement in Regulatory Deferral Balances attributable to Unitholders of 1,164 97 1,567. 10 1,256 27 2,732 07 2,538.98 4,762 78 Mindspace REIT \:Veighted average number of units 60,91,83,634 60,91,83,634 59,30, 18,182 60,91,83,634 59,30, 18, 182 59,41,69,694 Earnings Per Unit Before net movement in Regulatory Dcrerrnl Balances - Basic (Rupees /unit) I 82 2 37 2 37 4 19 4 67 8 58 - Diluted (Rupees /unit) • 1,82 2 37 2 37 419 4 67 8 58 Arter net movement in Regulatory Deferral Balances - Basic (Rupees /unit) 1.9 1 2 57 2 12 4 48 4 28 8 02 - Diluted (Ruoees /unit) • I 91 2 57 212 4 48 4 28 8 02 • Mindspace REIT does not have any outstanding dilutive umts
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MINDSPACE BUSINESS PARKS REIT RN, IN/REIT/I 9-20/00J Statement of Consolidated Financial Results (Continued) Note.s (o Consolidated Financial Results (All amounts in Rs million unless otherwise stated) 6 Summary ofSecu1ity forlisted debts and its foce value as at 30 September 2025 N:,me of Deht fNCDs/GBsl Securitv Sccutcd. listcd. senior. taxable non- :i) First rankin,g, soh: and exclusive sccurit) interest b) \U) of an equitable mortyagc on c:upcl area of approximate!) 779,466 sq ll ltt cumulative rated. redeemable non- building 12 0 (identified units in building) along \\ith the common areas. us.age and access rights appurtenant to the units mortgaged 111 com crtiblc debentures (NCO Series 4) Building 120 ~ mentioned in the trust dcct , silu.itcd on a notionall) demarcated land admcasurin2 approximately 17,414 77 square mclrct (equivalent lo 4 30 acres), fom1ing part ofa portion of land admcasuring 1-1 ,02 hectares equi,•alenl to 34_64 acres or thereabout declared a.S 'Special Economic Zone· land from and out of the larger piece ofkmd bearing Survc) no 6~(part}. l~1ng. bcmg and situated at Madha1mr Village, Scrilingampally Mandal, Ranga Redd) Districl, H~dcrabad b) A charge on the escrow account has been created, in which rccei,ablcs of the Mortgagcd Properties shall be rcceiwd , save and exccpl an~ common area maintenance charges payoblc to Sundcw with respect to the maintenance of the mortgaged properties c) Corporate guarantee executed b) Sunde,,· Properties Limited Secured. listed. rated, secured , non- a) First and exclusive charge registered b) W.J.) of cqui1abk mortg asc {mcludmg receivables :irising thcrcfiorn) on the aggregate lcasablc cumulative, taxable, transfcrabk, area of approximately I 06 7 million square foct or thereabouts in buildings no 58 and 9 of Madhapur Hyderabad (approx 245. 977 sq ft in redeemable non-convertible debentures building no 58 and approx 821.717 building no. 9) together with the proportionale undivided right title and interest in {i) lhe nolionall) C Mindspacc REIT Green Bond 1' ) demarcated land admcasuring approximatcl) 7. 169 90 square mclrcs (equivalent to I 7717 acres) on which Buildmg j8 is situated, and (ii) the notiono.lly demarcated land admeasuring .ipproximarcl~ 16,871 82 squa.rc metres (equiv:ih:nt to 4 17 acres) on which Building 9 is situated b) A charge on the escrow account in which n:cciublcs of the Mortgaged Properties shall be pa.y.tblc to lntimc Properties Limilcd c) Corporate guarantee executed by lmimc Properties Limited St:c~ri:d. hsll."d r.l\t.:d, 11011-cun1t1l,un•c. n) 1ii,1 r.mkm~ Jl'Jli: ;,.:ntl c~du.!11vc J.c:..:urny interest b~ wa)· of a res1s1crcd simple mortgage on identified units in buildings 6. 7 and K o l,l:'.:ablc, transferable, redccm:lblc non- Commcrzonc Ycrwada adding to a cumulative carpet area ofappro~imatcly O 7msf.:icross these 3 buildings at Commcrzonc Ycrwada , Punc comertible dcbenlures (NCO Series 6) along ,v1th the common areas, usase and aco.:ss rights appurtenant to tin.: units mortgaged in Buildings Ci, 7 and K a.s mentioneU in the trusl deed. siluated on a nolionall) demarcated la.nd admeasuring approximately 26.162 square metres forming part of a portion of land larger' land admeasuring 1,03,919 square metres (afler deducting 21 square metres for road from total C'l:lcnt of 1,03, 9-10 square metres) al Village Ycrnada, Ta.Iuka Havcli, Dislriet Pune and within lhe limits ofPune Municipal Corporation b) A charge on the escro\\ account has been created. in \\ hich rccci, ables of the Mortgaged Properties shall be received. save and excepl any common area mainlc11anec charges payable to Sundcwwith respect [O the maintenance ofLhc mortgaged properties c) Corporate guaranlec executed by Mindspaee Business P.:irks Private Limited Sccu1cd. fistcd, rall.:d, non-cumulative. a) lint 1J.11LU1j! fo 011d ll,d uy;jvi: 1..:curih bu..:1c1A.. IJ.) W.l\ of an cqui1abfe mortgage on idenlifo;d units in buildings 2A, 28 and JO of taxable. transfcralrlc. redeemable non- Mindspace Madhapur adding to a cumul::llivc c.irpct area of approximately II 73 msf across these 3 buildings in buildings 2A. 28 and IO as comertiblc debentur es (NCO Series 7) mentioned in the lrust deed situ.:itcd on a notionally demarcated land admeasuring approximately 36.258 square metres. being and situated al Mindspacc Madh.:ipur, Madhapur Village, Scriling:irnp.:ill) M::J..11dal, R311ga Redd) District, Hyderabad b) fir5t ranking sole and cxclusi,e securil) intcrcst b) ,..-a~ ofa hypotlieca.tion O\cr Collection Account and Escro\\ Account and all amounts standing to the credit of or accrued or accruing on, receivables. movable assets pertaining to Morlgaged Immovable Properties as further specified in lransaction documents. c) Corporate guaranll,'C executed by KRIT Sccurcd. listed, rated, non-cumulative a) first ranking sole ::ind cxclusiw sl."curit) interest. b) way of an equitable mortga~c on identified units in buildings I, 4, 5 and Amenity taxable transferable redeemable non- building ofCommcrzonc Yerwada adding to a cumulative lea.sable area of approximately O 55 msf and carpet area of c 0 43 msf across these comertible debcnlures tNCD Si:rics 8) 4 buildings in buildings as menlioned m lhc trust deed. situated on a notionally demarcated land admeasuring ilpproximatcty 27.l-126 square metres, bcmg and sicualcd at Village Ycrawada. Taluka Havcli, District Punc and within the limits of Pune Municipal Corporation, and bounded as follows: b) first ranking sole and exclusive sccuril) interest by way of .'.l simple morl~agc over Collection Account 2nd Escrow Account and all amounts slanding lo the credit of or accrued or accruing on, receivables. mo, able assets pertaining co Mort.gaged lmmovable Propcrcies as further specified in transaction documents c) Corporate tuarantcc executed by Mindspacc Busmcss Parks Pnvatc Lumtcd S..:curcd listed, rated, non-cumulative. a.) fir5c ranking sole and exclusive securit y interest, by way ofa simple mortgage on 30,700 square metres ofland {rcfcm.:d lo as Plot B Land lax.able. transferable redeemable non- and Plot C Land) together with the commerci:il and IT building as further described in the trust deed. situated al 7. Ahmcdnagar Road , con,crtible debentures (NCO Series 9) Village Ya.dgaon Sheri. Taluka Havcli. District Pune Securcd listed, rated, non-cumul.:ilivc, Llxablc. transferable. redeemable non com crtiblc debentures (NCO Series 10) Secured, listed, ralcd, non-cumulative. t.axablc. transferable. redeemable non com ertiblc debentures (NCO Series II) Secured, listed, rati.:d, non-cumulative. l:1.-.:.able. transferable. redeemable non com crtible debentures (NCO Series 12) b) A charge o, er Collcct1on Account and Escrow Account and all a.mounts stand mg co the crcdic of or accrued or accrumg on, receivables, movable assets pertaining to Mortgaged Immovable P1opcrties as funhcr specified in transaction documents c) Corpora.le guarantee executed by Mindspace Business Parks Pri\'.tle Limited ll} fir51 ranking sole amJ exclusjv~ sccurily interest, by way of an -:qui1.:ible mortgage on idcnrified units in buildings 128 and I 2C oJ Mindspacc Madhapur adding to a cumulative carpet area of approxim.itcty O M6 msf carpet area (or fcasablc area - 1.13 msO across these 2 buildings as mentioned in the trust deed. situated on a notionalt) demarcalcd land admcasuring approximately 29, 157 16 square metres, being and situated at Mindspace Madhapur, Madhapur Villagc, Serilingampally Manda!, Ranga Reddy Dislriet, Hyderabad b) first ranking sole and cxclusi,·e securit) interest b) ,.,..a) ofa hypothccalion O\er Collection Accounl and Esera\\ Account and all amounts standing to the credit of or accrued or accruing on. receivables. movable assets pertaming to Mortgaged Immovable Properties as further bpecifLed in trans:action documents . c) Corporate guarantee executed b) Sundcw Properties Limi1cd .i) first ranking sole and i.:xclusivc sccuri1y interest, b~· way of an equitable mortg:igc on idcntified units in buildings 6 and 9 of Mindspacc Madhapur adding lo a cumulative carpet area of approxi.matcl) 503.032 sf carpet .irca (or lcasablc area - c 0 67 mst) across lhcsc 2 buildings as mentioned in Lhe trust deed. situated on a notionally demarcated land admcasuring approximately 16.871 82 square metres. being and situated at Mindspacc Madhapur, Madhapur Village, Seriling.unpall) Mandal, Ra.nga Reddy District, Hyderabad b) first ranking sole and exclusive security in1erest b) Wa) of a hypothecation over Collection A1.:count and all a.mounts standing to Lhe credif of or accrued or accruing on. recci,ablcs. rnouble assets pert.ainins to Mortgaged Immovable Properties as further specified in transaction documenls c) Corporate guarantee executed by lnti.1111.! Properties Limited, ;,:) ruu nu1klng. WI\! and exclusi,\: security .interest~ by way of an i::quitable mortgage on identified units in buildings no 3 (RI) of Ass..:t SPV I - KRC Infrastructure and Projects Private Limited housing asset - Commcrzonc Kharadi and in building 3. 4. 6 & 7 of Asset SPY 2 - Mindsp:ice Business Parks Private Limited - housing Cornmcrzonc Yern ·ada adding to a. cumulative carpet area of approximately 585.413 sf carpet area. (or leasable area- c O 773 insf) across these 5 buildings as mentioned in the crust deed b) first ranking sole and exclusive security interest exclusi, e securit~ interest. b) way of a ri.:gistercd simple mortgage in favour of the Debenture Trustee for the benefit of the Debcnlurc Holders c) Corporate gu:ir:mlcc executed br KRC lnfi-astructurc and Projects Private limited as Asset SPY -1 and b)' Mindsp.:icc Business Park!! Privalc Limited as Asset SPV - 2_ Debt at Face value 5,fl!IIIIIU 5.500 00 5.noo no 5.00 11 00 3 400 00 5 000 00 6 500 OU 5.000 00 6.000 00
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/00l Statement o( Consolidated f'in:mdal Results {Conlinued) Notes to Consolidated Financial Results (All amounts in Rs. million unless otherwise stated) Summary of Security forlistcd debts and its face nlue as at 30 September 1025 Sccurcd. listed, 1atcd, non~umululivc, taxable. lr:msfurabk. rcdccm:iblc non com crtiblc debentures (NCO Series 13} Secured. listed, rated, non-cumulative. lax.able, transferable, n:dccmabli.: non com·crtiblc debentures (NCO Series 14) a) First ranking exclusive mortgage ovc1 the rights. title, bcncfil, and intcn.;st of the Assct SPV -Susl..lin Properties Private Limited housrng asset Commcrzonc R.udurg in K To\\cr addin,g: lo a cumulative carµct area of approximate!) 627 112 sf carpet area (or lcasablc area - c O K36 msf) in the building as mentioned in the trust deed m respect of the Mortgaged Immoveable Properties b) way of an equitable mortgage in favour or the Oi;b.:ntun.: Trust1.:c (for the benefit of the Ocbcntun: Holders), ovc1 the Mortgaged hnmowablc Properties in accordance with the tenus of the relevant Mortgage Documents. to secure the Debt: and b) a first ranking exclusive hypothcc.ition over the O\er the righrs title. benefit. and interest of the Asset SPV with respect to the Hypothec.ited Properties in favour of the Debenture Trustee (for the benefit of the Debenture Holders) in accordance with the terms or the Deed ofH~µothccation to secure the Debt Nol\, ithstandmg an~1hing to the contrary slated hereunder. the Issuer undertakes that the Asset SPV - Sustain Properties Priv:Jte Limited shall continue to be 1hc sole lcgaJ and beneficial o,vncr of the Secured A!»t!ts held by it, free of any Encumbrance and shall no, save and cxccpl any Pcnniucd Disposal, sell, transfi.:r, rcdccm or otherwise dispose off any assets or an~ mcmlx:r of the Group (REIT) without the pnor approval of Debenture Trustee e) Corporate su.ir.mtcc executed b) Sustain Properties Private limited a) A sole and exclusive first ranking morlgagc and charge over all the rights, title. benefit and mterest of lhc Asscl SPV - Gigaplcx Estate Privak Limited housing ass\!L Mindspaci.: Airoli West and in building 2 & IO adding to a cumul:Jtivc carpet area of approximillcl) 727,531 sl carpel area (or lea.sable areil- c O 955 msf) across these 2 buildings as mentioned in the trust deed in respect of the Mortgaged lmmovc:i.blo Properties; b) A first ranking pari p:issu mortg:igi:: and charg..: over the Mortgaged Land; am! a sol..: and exclusive first ranking mortgage and charg~• over all the rights. title. interest and bcncfil of the Asset SPV - Giyaplcx Estalc Private Limited in respect of the Mony:,ycd Moveable' Properties by \\a} of a resisccrcd simple mortgage in favour of the Debenture Trustee for the benefit of the Debenture Holders c) Corporate guarantee e:,,:ccutcd by Gtglple"i: Estate Private Limited ~}fHJIIH 6.000 00
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MINDSPACE BUSINESS PARKS REIT RN: JN/REIT/19-20/003 Statement orConsolidaled Financiid Results (Continued) Notes tu Consolidated Financial Results (All amounts in Rs. million unleu otherwise stated) Related Party Disclosures A Pal'ties to Mindspace REIT as al 30 September 1025 SI. No. Pa11iculars Name of Entities I Tnas<ee Axis T rustcc Services L1miccd 2 Manaj?.er J..: Raheja Corp lnvestmenl Ma.rmgers Pnvatc limited 3 Anlxc Constructions LLP - Sponso1s 4 Cape Trading LLP -2._ Sponsois Group Mr Chandru L Raheja 6 Mr Ravi C. Rahe.ta t-- ...._.2.,_ Mr Neel C Rahcja __!!_ Mrs Jvoli C Rahcia • Ms Sumau Rlhe1.i t-- ..___,!.!!_ Mrs la)a N Raheja we f. 06 March 2025 II Capstan Trading LLP t-- 12 Casa Maria Properties LLP f---- 13 R.aghukool Estate Ocvclopcmcnl LLP 14 Palm Shelter Estate Development LLP P1 omoters!Pa11ners• Di1ectors Ms Occpa Rath till 05 FcbruJ.T) 2025 M1 Sumil Bali w c f. 16 January 2024 to 1 (i August 21124 Axis B.:mk Limited Mr Prash:ml Joshi Mr Pannod Nagpaf w c.f03 May 2024 Mr Arun Mehta\\ ' c f03 M.:i.) 2024 Mr Rahul Choudhary w c f 06 Fcbrual') 2025 Mr. Bipin Kumar Saraf\\ .c.f. 11 April 2025 Mr Ravi C Raheja Mr Neel C Raheja Mr Oi.:cpak Ghaisas rc-appoin[cd " L' f 20 No,cmbcr 2024 Mr Bobb) Parikh re-appointed w c f 17 December Mr Ravi C Raheja 2024 Mr Neel C' RaheJa Ms Manisha Girotra re-appointed ,v c f. 20 No, ember 2024 Mr Marush Kejriwal Mr Vinod Rohira M1 Akshaykumar Chudasama w c f. 06 March 202; Mr Rami.:sh Nair\\ c f 30 April 2025 Mr Sandccp Mathrani w cf. 04 August 2025 M1 Ravi C Raheja Mr Neel C Rahcja Mr Chandru L Raheja Mrs Jyoti C Raheja Ms Sumati Raheja Mr Ravi C Raheja - Mr Neel C Raheja Mr Ch.'.lndru L Raheja Mrs J)oti C Raheja - - - - Mr. Ravi C Raheja - Mr Neel C Rahe_1a Mr Chandru L Raheja Mrs l)oti C Raheja Mr Ravi C Raheja Mr Neel C Rahc_1a Mt Ch.'.lndnJ L, Raheja Mrs Jyoti C Raheja Mr Ravi C Raheja Mr. Neel C Raheja Mr Chandru L, Raheja Mrs Jyoti C Raheja Mr Ravi C Raheja - Mr. Neel C Raheja Mr Chandru L Raheja Mrs Jyoti C Raheja
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 St:ttement urConsolidated Financi:tl Results (Continued) Nutes to Consolidated Financial Results (All amounts in Rs. million unless otherwise stated) Related Party Disclosures A Parties lo Mindspace REIT as at 30 s~ptember 2025 SI. No, Particulan Name of Entities 15 16 ..___ 17 18 Sponso1 s G1 oup Sponsm s G1 oup f..:. Raheja Corp Private Limited Iva~ Property Trust Gencxt Hardware & Parks Private Limited Board of Directo1 s Mr Decpak Ghaisas (Independent Director) Ms Mamsha Girotra (Independent Dircclor) Mr_ Bobby Parikh (Independent Director) Mr Manish Kejri,..-al (Independent Direci:or) Mr Sandcep Mathrani (Independent Director) ,,.,. e f 04 August 2025 Mr Ravi C Rahi;ja (Non Exi;eutive Non Independent Director) Board of Directors/Governing Mr Neel C Raheja (Non Execulive Non Independent Board and Key Managerial Director) Persunnel of the Manager (K Mr Vinod Rohira (Non Executive Non Independent Raheja Corp Investment Manage rs Director) Private Limited) Mr Akshaykumar Chudasama (Independent Director) w.e f. 06 March 2025 Mr Ramesh Nair. Chief Executive Officer. also appointed as Managing Director effective 30 April 2025 Key Managerial Personnel Ms Preeti Chheda (Chief financial Officer) Pi nmoters/Pa1 tners" Mr Chandru L Raheja Jointl) With Mrs Jyoti C Raheja Mrs Jyoti C Raheja Jointl) with Mr Chandru L Raheja Mr Ravi C Raheja Jointl) with Mr Chandru L Raheja Joint]) with Mrs Jyoti C RahcJa Mr Neel C Raheja Jointly w1lh Mr Chandru L RahcJa Jomll) ,vith Mis Jyoti C Raheja Anbcc Constructions LLP Cape Trading LLP Capstan Trading LLP Casa Maria Properties LLP Raghukool Estate Dcvclopcmcnt LLP Palm Shelter Estalc Development LLP Mr Neel C Raheja (shares transferred from 'Mr Neel C Raheja Jointl) with Mr Ramesh Valecha' to 'Mr Neel C Raheja' we r. 02 Seplembcr 2024 ) Chandru L. Raheja Jyoti C Raheja lvo~ Properties & Hotels Private Limited Rmi C Raheja Neel C Raheja (all arc trustees) Mr Ravi C Raheja Joinll) "ith Mr Chandru L Raheja Jointl3•with Mrs Jyoti C Raheja Mr Neel C Raheja Jomtl) ·wilh Mr Chandru L Raheja Joinlly with Mrs J~oti C Raheja Cha.i1dru L Raheja Jointly with Jyoti C Raheja, on behalf oflhe beneficiaries of h Ol)' Property Trust ti\124 April 2025 (Equity Shares held by Trust ha,c been d1stnbutcd to Mr Ravi C Rahjca and Mr Ned C Rahcja equal!)) Mr Ravi C. Raheja w cf 24 April 2025 Mr Neel C Raheja w e f. 24 April 2025 Di1ectors Ravi C Raheja Ned C Raheja Ramesh Valecha Ramesh Ranganlha.11 till 02 December 2024 Sunil Hingora.111 Mr Anand Chandan" e f. 02 December 2024 Mr Manoj Jasrapuria w cf 02 December 21)24 Ravi C Raheja Neel C Raheja Ramesh Valecha Ramesh Ranganthan till 02 December 2024 Mr Anand Chanda.it w cf 02 December 2024 Mr Manoj Jasrapuna we f. 02 December 2024
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MINDSPACE BUSINESS PARKS REIT RN:rN/REIT/19-20/003 Statement or Consolidated Financial Results (Continued) Notes to Consolidated Financial Results (All amounts in Rs. million unless othenvise stated) Related Party Disclosures A Parties to Mindspact REIT as at 30 September 2025 SI. No. Partkul.:ar,; 19 Entities contrnlled/jointly controlled by Board or Directors/Members of Governing Board/Key Managerial Personnel of the Manager Close Member (Rtlatives) of 20 Directors 2nd Key Managuial Personnel of the Manager • only when acting co/lectJvely Name o( Entities Brook.fields Agro & Dc,·clopmcnt Private Limited Grange Hoti.:ls And Properties Private Limited (mmcnsc Properties Private Limited Novel Properties Private Limited Pact Rea.I Eslatc Priv;llc Limited Paradigm Logistics & Distribution Priv:1tc Limited Aqua.line Real Estate Priva<c Limited Carin Properties Private Limited Astcropc Properties Private Limited Content Properties Private Limited till 21 August, 2025 Convex Properties PriYatc Limited Madhurawada Holdings Priv.itc Limited (W c f03 April 2024) GcncovaJ S1ralcgic Services Pri, :He Llmitcd Stcmade Biotcch Private Limited Hariom fnfrafdcilities Services Privak Limited K Raheja Corp Advisor) Services (Cyprus) Privalc Limited till 26 March 2025 M/s Bobby Parikh & Associates Curzon Rcalt, LLP w cf. 06 March 2025 Shardul Amarchand Mangaldas & Co w cf. 06 March 2025 ML'cra Rohira (Wifo of Mr. Vined Rohira) Promoters/Pa11ners'" Dir~dors
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20 /003 Statement of Consolidated Financial Results (Continued) Notes to Consolidated Financial Results (All amounts in Rs. million unless othenvise stated) 7 Related Party Disclosures (Continued) B. Related parties with whom the transactions have taken place during the period/ year Particulars Distribution to Sponsors, Sponsors Group, Boa rd of directors and Key Managerial Personnel Anbee Constructions LLP Cape Trading LLP Mr Ravi C, Raheja Mr. Neel C Raheja Mr Chandru L, Raheja Mr Chandru L. Raheja (Trustee for and on behalf of beneficiaries of Ivory Property Trust) Mrs Jyoti C Raheja Capstan Trading LLP Casa Maria Properties LLP Palm Shelter Estate Development LLP Raghukool Estate Developcment LLP Genext Hardware And Parks Private Limited K Raheja Corp Private Limited Mrs . Jaya Neel Raheja Mrs. Sumati R. Raheja Mr Bobby Parikh Mr Manish Kejriwal Mr Vinod Rohira Mr Ramesh Nair For the quarter ended 30 September 2025 (Unaudilcdi"J 204.99 205.19 19.87 52.17 188.95 22.46 104,79 237.94 271.09 237.94 243.21 132.51 211.89 53.95 86.26 0.19 0.69 0.35 0.41 For the quarter ended 30 June 2025 (Unaudited) 228 01 228 23 22 10 76 40 210. 17 24 98 116 56 264 66 301 53 264 66 270 51 147 39 235 68 41 64 95 94 0.2 1 0 76 0 38 0 45 For the quarter ended 30 September 2024 (Unauditedf' > 178 44 178.61 17 29 59 79 164 48 19 55 74.92 207.12 235 98 207.12 211.70 115.35 184.45 42 49 0.16 0 59 0.30 0 35 For the hair year ended 30 September 2025 (Unaudited) 433.00 433.42 41.97 128.57 399.12 47.44 221.35 502.60 572.62 502.60 513.72 279.90 447.57 95.59 182.20 0.40 1.45 0.73 0.86 For the half year ended 30 September 2024 (Unaudited) 347 32 347.65 33.66 116,38 320 15 38 05 145 83 403.15 459 31 403. 15 412 06 224 52 359 01 82 71 0 32 I 15 0 58 0 68 For the year ended 31 March 2025 (Audited) 718 01 718-70 69 60 240.58 661 83 78 67 301 48 833.42 949 53 833 42 851 85 464 15 742 17 17 1.00 0,67 240 1,21 I 42
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MINDSPACE BUSINESS PARKS REIT RN: JN/REIT/19-201003 Statement or Consolidated Financial Results {Continued) Notes to Consolid11ted Fin11m:.ild Results (Afl amounts in Rs. minion unress otherwise stated) Related Party Di!lclosure!I (Continued) B Related parties with whom the transactions have taken place during the period/ year rarl1nil:n '1 Property Management Fee and Support Senricf:!!l Fee K Raheja Corp Investment Managers Private Limited lnvesfm~nt Management Fees K Raheja Corp Investment Managers Private Limited Trustee fee expenses Axis Trustee Services Limited Legal & professional fees Mis Bobby Parikh Associates Shardul Amarchand Mangaldas & Co Legal & Professional Charges for Acquisition Shard11I Amarchand Mangaldas & Co Facility Rentals and Maintenance Receipts (including relllted recoveries) Axis Bank Limited t2 J Sale or scrRp Genexl Hardware & Parks Private Limited Silting Fees Neel C Raheja Ravi C Raheja 1~1 Vinod N Rohira Preeti Chheda Ramesh Nair Reimbursement of Expenses K Raheja Corp lnvestment Managers Private Limited Asterope Properlies Private Limited Ramesh Nair Preeti Chheda Vined N Rohira Property Mllintemmce Services Meera Rohira K Raheja Corp Private Limited Repayment of Security Deposits Axis Bank Limiled1~1 Incremenhtf overrlraft Drnwn 1IJ Axis Bank Limited For the quartet' ended For the quarler ended 30 September 2025 30 June 2025 (Unaudited)t 1.41 (Unaudited) 188A9 172 31 21.51 21 15 1.19 I 18 0 68 2.72 0 42 24.62 3 35 57.42 56 89 0.06 0 06 0.06 0 06 D.06 0.06 0.18 0.09 0 17 0.26 0 35 0 03 0 03 0 63 I 28 569 82 459 76 For the quarter ended For lhc. hnlr year cmdut For lhe half year ended For lhe yenr ended 30 September 2024 30 Sepfembu 202S 30 Seplember 2024 31 March 2025 {Um1udited}<ut (Ummdifed) {Unaudited) !Audited) 152 11 360.80 293 01 612 65 17 99 42.66 JS 65 77 97 0 59 2.37 I 18 2 36 0.08 0.68 016 I 68 3.14 27.97 8,26 71 19 114.31 123 34 239 06 0 36 0 06 0.12 014 0.24 (0 02) 0 02 0 08 0.12 0 06 0 20 0 06 0.12 018 0 24 0.18 5 20 0,40 0 40 0.26 0 10 0.61 0 02 0 39 0 03 0.06 0 OS 0. 11 1.91 4 63 11 00 11 00 11 00 760 53 1,228.01 1.709 34 3,227 82
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 S1atement of Consolidated Financial Results (Continued) Notes to Consolidated Finnncinl Results {All amounts in Rs. million unless othetwise stated) 7 Related Party Disclosures (Continued) B Related parties with whom the transnctions have taken place during the period/ yenr Overdrart Repaid 0> Axis Bank Limited Fixed Deposit Plaud/Renewed Ax.is Bank Limited Fixed Deposit Redeemed Axis Bank Limited Interest Income on Fixed Deposit Axis Bank Limited Term Loan Drawn Axis Bank Limited Tel'm Lo1m Repaid Axis Bank Limited Interest Expen!C K Raheja Corp Private Limited Axis Bank Limited Particulars Miscellaneous income (Guarantee commission income) K Raheja Corp Private Limited Ivory Properties & Hotels Private Limited Other Income K Raheja Corp Investment Managers Private Limited Corporate Guarantee Commission fees Genext Hardware & Parks Private Limited Miscelhmeous expenses K Raheja Corp Private Limited Ivory Properties & Hotels Private Limited Axis Bank Limited Other Expense (Royalty Ch~ri::es) K Raheja Corp Private Limited Anbee Constructions LLP Cape Trading LLP For the quarter ended For lhe quarter ended 30 September 202S 30 June 2025 (Unaudited)°_., (Ummdited) 714.87 671 85 49.79 46 67 243.33 57 25 22.72 25 61 7,925.99 5,060 04 8,096 .63 4,200 63 005 56.53 55 47 001 I 04 0. 18 009 (0.15) I.OS 1.05 For 1111; quarter c-ntk·d Fo,• 1l1e hnlf yfiH ' (!uded For the hnlfyenr ended For lhe year ended 30 Seplember 2024 30 September 2025 30 September 2024 31 J\Tarch 2025 (Unaudited) 11 ..,1 (Unnudited) (Unaudited) (Audited) 14 54 715.14 547 49 I.HJ 78 292 67 96.46 I.OSJ 55 2,596 19 52 66 300.58 65 71 1,319 0 1 19 77 48.33 23 54 68 07 12,986.03 950 00 950 00 70 96 12,297.26 139 59 1.891 04 0.05 I JJ 79 OJ 112.00 137 62 242 70 S 06 16 12 5 13 10 26 0 24 0 23 0 07 0.01 010 010 1.04 0.27 (0.JS) I 30 I.OS I 08 1.05 I 08
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Shttement or Consolidated Financh,1 Results (ContinueLI) Notes to Consolidated Fimmcial Results (All amounts in Rs, million unless otherwise stated) Related Party Disclosul'eS (Continued) B Related parties with whom the transactions have taken place during the period / year Rent11l Support(SJ Sumati Ravi Raheja Jaya Neel Raheja Jyoti Chandru lu,hejci Particulars Reimbursement of Gratuity liability from K Raheja Corp Investment Managers Private Limited Reimhnrsement or Gratuity liHbility to Genext Hardware & Parks Private Limited Issue of Unit capital (on account or asset acquisition) Sumati Ravi Raheja Jaya Neel Raheja Jyoti Chandru Raheja Bank Char-ges Rnd Loan Processing fees Axis Bank Limited Debenture issue expenses Axis Bank Limited Shardul Amarchand Mangaldas & Co Counter Guarnntee received Ivory Properties Limited K Raheja Corp Private Limited Repayment of Borrowings K RaheJa Corp Private Limited For the quarter ended For lhe quarter ended 30 September- 2025 30 June 2025 (Unaudited)°~' (Unaudited) 1,46 0. 17 3 67 7.39 9 93 0.71 0,71 209 18 For the quarter ended For the hnlf yenr ended For the hnlfyear ended For the year ended 30 September 2024 30 September 2025 30 September 2024 31 l\larch 2025 (Unandited)cr-lJ (Unnndited) (Unaudited) (Aud;t,d) 62 41 62 41 31 21 1.46 U.17 2,451 20 2,451 20 1,225 60 3 20 11.06 6 47 20 14 9.93 1.42 205 29 205 29 322 45 322 45 209.18 Note I Considermg constant movements in the overdrart balances during the period/year, to ascertain the incremental borrowing for compfornce Lmder SEBI REIT Regulations, the maximllm overdraft drawn during the period/year is reduced by the opening of the relevant period/year to arrive at incremental overdraft borrowing during the period/year and the maximllm overdraft drawn during the period/year is reduced by the closing or the relevant period/year to arrive at repayment of overdraft during the period/year However, the cumulative overdraft drawn during the half year and quarter 1s Rs 52,019 73 million irnd Rs 19,966 75 million respectively (for the qu;irter ended 30 June 2025 Rs 22,947 31 m1ll1on, for the quarter ended 30 Sept 2024: Rs 8,051 29 million, for the hair year ended 30 Sept 2024: Rs 25,316 65 million and for the year ended 31 March 2025: Rs 55,922 08 million) and cumulative overdraft repaid during the half year and quarter is Rs 51,506 86 million and Rs 20,111 80 million respectively (for the quarter ended 30 June 2025: Rs 23,159 39 million, for the quarter ended 30 Sept 2024: Rs 7,305 30 million, for the half year ended 30 Sept '.!024: Rs 24,154 81 million and for the year ended 31 March 2025: Rs 54,016 .09 million) Note 2 lnclL1des Ind AS ;idjustments Note 3 During the half year ended September 2024 and period ended March 2025 amollnt adjusted with receivablt's Note 4 Represents sitting fees provision reversed during the period Note 5 The Rental support will be received over the period ending 31 December 2025
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) Notes to Consolidated Financial Results (All amounts in Rs. million unless otherwise stated) 7 Related Party Disclosures (Continued) C. Balances as at the period ended Particulars Other Receivable/ Advance to vendors K Raheja Corp Investment Managers Private Limited K Raheja Corp Private Limited Ivory Property Trust Anbee Const111ctions LLP Axis Bank Limited Advance to KMPs / Board of Directors Preeti Chheda Ramesh Nair Trade Payables Mis Bobby Parikh & Associates Axis Bank Limited K Raheja Corp Investment Managers Private Limited K Raheja Corp Private Limited Other Payables K. Raheja Corp Private Limited Cape Trading LLP Genext Hardware & Parks Private Limited Vinod N Rohila Axis Bank Limited K Raheja Corp Investment Managers Private Limited Anbee Constructions LLP Sitting Fees Payable Neel C Raheja Ravi C.Raheja Advance from customers (Lease rent) Axis Bank Limited Other Financial Liabilities K Raheja Corp Investment Managers Private Limited Shardul Amarchand Mangaldas & Co Security Deposit Axis Bank Limited Other Deposits Ivory Properties and Hotels Private Limited Co-Sponsor Initial Corpus Anbee Constructions LLP Cape Trading LLP As al As at As at 30 Scptem ber 2025 31 March 2025 30 September 2024 (Unaudited) (Audited) (Unaudited) 0.56 3.26 6.23 0 14 9.51 5-54 6.06 077 1.37 0 00 0 28 0.04 0.18 0 07 0.50 0.47 II II 11 15 11 93 0.26 1.24 0 81 0 48 l.!3 1.16 0.25 0 25 0.01 3 90 018 I 13 0 04 0 04 0.66 21.35 23 09 27 17 25.55 2 25 65 51 65.51 65 51 16.09 16 09 O.Ql 0 01 0.01 0.01 0 01 0 OJ
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M[NDSPACE BUSINESS PARKS REIT RN:lN/REJT/19-20/003 Statement of Consolidated Financial Results (Continued) Notes to Consolidated Financial Results (All amounts in Rs. million unless othetwise stated) 7 Related Party Disclosures (Continued) C. Balances as at the period ended Particulars Bank Balance (Including Escrow and Dividend Account) Axis Bank Limited Overdraft Balance Axis Bank Limited Fixed Deposit Balance Axis Bank Limited Interest Receivable on Fixed Deposit Axis Bank Limited Term Loan /Working capital facility Axis Bank Limited Trade Receivable Meera Rohira Axis Bank Limited Ol K. Raheja Corp Private Limited Non-Fund Based Facilities Axis Bank Limited Counter Guarantee outstanding Ivory Properties Limited K. Raheja Corp Private Limited Borrowings K Raheja Corp Private Limited 0 1 Rental Support fees receivable Sumati Ravi Raheja Jaya Neel Raheja Jyoti Chandru Raheja Capital advances Genext Hardware & Parks Private Limited Note I Includes [nd AS adjustments As at 30 Scptem her 2025 (Unaudited) 4.270 12 2,951 94 1,233 34 57 72 1,634 95 5 77 I.I 20. 73 205 29 322.45 19.61 19.61 9.80 As at 31 March 2025 (Audited) 4,029.59 2,439.07 1,437.46 23 26 1,655,66 0.04 11.81 5.46 804.55 205 29 322 45 209 18 58.83 58,83 29.41 Note 2 Bon-owings from K. Raheja Corp Private Limited on account of acquistion of Sustain Properties Private Limited. Asat 30 September 2024 (Unaudited) 2.586,15 1,696.88 1,148,12 11 80 3.407 JO 0.01 904 42 0.13
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MINDSPACE BUSINESS PARKS REIT RN: IN/REJT / 19-20/003 Statement of Consolidated Fim,ncial Results (Continued) Notes to Consolidated Financial Results (All amounts in Rs. million unless otherwise stated) 8 Additional Disclosures as required by Paragraph 6 of Chapter 4 to lhe Master Circular no. SEBI/HO/DDHS-POD-2/P/CTR/2025/99 dated 11 July 2025 Stntement of Net Borrowings Ratio Sr. No. P;,rticulars As • t 30 September 2025 As al 31 ~larch 2025 As al 30 September 2024 (Unaudited) (Audited) (Un•udited) A Dmn.w.i nyt (Rclef' n le i l>dow) 1,12,729 24 1,01,247.62 77.847-49 a Dcfcrn:d P:,,ymcuts . C Cash ond tas h Equi,mklit (lkl'cr note Ii below) 6,235 82 6,379 .J I 4,967 OJ D Aggrcgale Barr~,wings Md tkfeui=J P:iyrni:.nL'I 0-l:I ot"Cash :1nd C:uh i:.quiv:i.lena (A·~B-C) 1,06,443 42 94,868 31 72,880 46 E Value or REl1 Assea (Refer note iii below) 4,29,040 42 3,82.560 74 J.27.413 16 F Ntl Burro, ing, ltn.1io Cll/.lt} (%1 2~.81%, 24.80% 22.26% C Ntl Dorrnwin!!J H.nf.io (e.idudim? NCI) f"/4 1 2!'.44% 25.37% 22.81% Notes ! Brc::tk•up of Borrowing (including interest accrued on borrowings) as at the respective period ended : (a) AJ NI 30 Scp1<mbor 2025· Particulars Term Lonn Facilitv Overdraft F.1cility "'orkine: Cnpilal Facility A. Borrowings or SPV: (i) Avacado Properties And Trading (India) Private Limited - ICICJ Bank 3.237 12 167 43 (ii) Mindspace Business PArks Private Limiled - Bajaj Housing Finance Limited l,N9 60 . - Bank of Barodc1 2.7!7 17 914 89 . • Bandhan Bank 3,670 30 43 29 150 07 -Axis Bank . 58091 709 63 (iii) lntime Properties Limited - ICICI Bank . 80 55 . (iv) Horizonview Properties Private Limited - B:ijaj Housing: Finance Limited 1,464 64 . (v) Sundew Properlies Limited - IC'ICI Bank 613 69 172 97 • Bajaj Housing Finance Limited 1,593 15 . (vi) K. Rahej• IT Pnrk (Hyderabad) Limiled - UBI Bank 2,l 74 97 • Axis Bank . 1.280 48 . (vii) KRC Jnfrasfrnctnre & Projects Private Limited • HSBC Bank 3.657 90 496 98 . -SB! l. 980 54 220.62 . Flexi Loan Totnl . 3,454 ss . 3,799 GO . 3,642 06 . 3,863 66 . 1.290 53 . 80 55 353 51 1,8 13 15 . 786 66 352 28 1,945 43 . 2,374 97 . 1.280 48 - 4,15488 4,201 16
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MINDSPACE BUSINESS PARKS REIT RN: IN/REIT/I 9-20/003 Shttement of Consolidated Fimmcial Results (Continned) Notes to Consolidated Financial Results (All amounts in Rs. million unless othenvise stated) 8 Additional Disclosures as required by Paragraph 6 or Chapter 4 to the Master Circular no. SEBI/HO/DDHS-POD-2/P/CTR/2025/99 dated 11 July 2025 Break-np of Borrowing (including interest accruet.l on borrowings) as at the respective perioc.l endeLI: (•) As at 30 Senh'mbe, 2025· Particnlars Term Loan Facility Overdraft Facility \Vorl<lnJ! Cn pitoJ Fa cilitv (viii) Gigaplex Estate Private Limited - Axis Bank 1,628 35 3 81.34 - - Bank of Baroda 5,564 60 475 54 • HDFC Bank I ,2J5 59 248.27 (ix) Mack Sort Tech Private Limited • HDFC Bank 33,46 - Subtotal (Al 35,597,62 5,096.73 859,70 B Borrowings or REIT: - Non Convertible Debentures • . - - Commercial Paper • Subtolal (Bl - Total IA+Bl 35,597.62 5,096.73 859.70 Flexi Loan Total - 2,009.69 . 6,040 14 - 1,483.86 - 33 46 705.79 42.259.83 57,850 44 - 12,618 97 70,469.4 1 705.79 1,12,729.24 • Pursuant to the SEBI Master Circular no SEBI/HO/DDHS-PoD-2/P/CTR/2025/99 dated 11 July 2025, the names of lhe lenders are required to be given for borrowings Listed Non-Convertible Debentures (NCDs) and listed Commercial papers (CPs) are actively traded in the secondary market, resulting in frequent changes in ownership and Lherefore, lende1 names for lhese instruments have not been provided
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MINDSPACE BUSINESS PARKS REIT RN: IN/REIT /19-20/003 Statement or Consolidated Financial Results {Continued) Notes to Consolidated Financial Results (All amounts in Rs. million unless otherwise stated) Additional Disclosures as required by Paragraph 6 or Chapter 4 to the Master Circular no. SEBI/HO/DDHS-POD-2/P/CTR/2025/99 dated 11 July 2025 Break-up of Borrowing (including interest accrued on borrowings) as at the respective periud ended: (b) As ul31 Mnr t h 2025· .. Particulau Term Loan Facility Overdraft F11cilil}· Workinl!' Cnpital Facility A. Borrowings of SPV: (i) Avacado 'Properties And Trading (India) Private Limited - ICICI Bank 3,367 85 167 81 (ii) Mindspace Business Parks Private Limited - Bajaj Housing Finance Limited 3,8 II 38 - • Bank ofBaroda 3,293 62 206 73 - Bandhan Bank J, 702 88 . - Kotak Mahindra Bank 0 00 - . - Axis Bank 942 15 (iii) Horizonview Properties Private Limited - Axis Bank . 10.27 - Bajaj Housing Finance Limited 1,475 14 - . (iv) Jntime Properties Limited - ICICI Bank . 224 26 (v) Sundew Properties Limited - ICICI Bank 647 31 314 69 • HSBC Bank . 0 00 - - Bajaj Housing Finance Limited 1,641 18 . (vi) K. Raheja IT Park (Hyderabad) Limited • UBI Bank 2,422 59 . • Axis Bank 1,220 20 . (vii) KRC Inrraslructure & Projects Priv1de Limited -HSBC Bank 3.952 77 53 I 93 - -SB! 4,00 I 96 . (viii) Gigaplex Estate Private Limited -A..'<is Bank 1.648 59 266 45 - - Bank t)f Baroda s,,93 so 6 37 - • HDFC B•nk 1.255 08 - . (ix) Sustnin Properties Private Limited - Punjab National Bank I 0.)62 33 811 94 - K Raheja Corp Private Limited . - lnorbit Malls (India) Private Limited . - K Raheja Corporate Services Limited - - Suhlotal (Al 47.176.1S 4,702.S0 . Flexi Loan Totnl - 3,535 66 - 3,8 I I 38 - 3,500 35 . 3,702 88 . 0 00 . 942 15 - 10 27 445 51 1.920 65 . 224 26 - 96200 . 000 . 1,641 18 . 2,422.59 . 1,220 20 . 4,484 70 . 4,001 96 . 1,915 04 . 5,599 87 . 1,255 08 11,174 27 209 17 1.918 50 . 552 97 445,51 55,005.13
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19 -20/003 Statement or Consolidated Finnncial Results (Continued) Notes to Consolidated Financial Results (All amounts in Rs. million unless othenvise slated) 8 Additional Disclosures u required by ParagrRph 6 of Chapter 4 to the Master Circular no. SEBJ/HO/DDHS-POD-2/P/CIR/2025 /99 dated It July 2015 Break-up or Borrowing (including interest accrued on borrowings) as at the respective period ended: (b) As nl 3 1 M•rrh 2025· Parlicnli:trs Term Lonn Facililv Overdrnrt Facililv \Vorkinl! Capih,I Fncilitv B Borrowings of REIT: - Non Convertible Debentmes• - - Commercial Paper• - Subtotal (ll) - - . Tot•l (A+B} 47,176.18 4.702.80 - Break-up or Borrowing (including interest accrued on borrowings) as at the respective period ended: (c) A1 nt JU 5cot<mbcr 2024· Particnfars Term Loan Fncilitv Overdr,1fr Fadlitv \Vorkine Cnpitnl Facility A. Borrowings or SPV: (i) Avacado Properties And Trading (India) Private Limited - ICICI Bonk 3,441 06 171 27 - (ii) Mindspac~ Business Parks Private Limited - Bank of Baroda 3,359 28 - . • Axis Bank 1,729 17 1,19 1.79 . I iii) Horiwnview Properties Privale Limited - Bajaj Housing Finance Limited 1,484 02 (iv) Jntime Properties Limited - ICICI Bank 147.05 (v) Sundew Properties Limited -JCICI Bank (77 63 306 81 - - Bajaj Housing Finance Limited 1,687 56 - . (vlj K. Raheja IT Park (Hyderabad) Limited • UBI Bonk 2,'69 15 - . - Axis Bank - 253 22 (vii) KRC Infrastructure & Projects Private Limited • HSBC Bank 4,218 91 592 07 - - SBI 4,1135 64 318 55 - (viii) Gigaplex Estate Private Limited -Axis Bank 1,667 86 254 82 - Bank of Baroda l,'l80 63 - • HDFC Bank l,:!72 34 87 74 Sublolnl tAl 28,IJ2J.25 3.323.32 Flexi Lo;iin Total 40,303.04 - 5,939-45 46.242.49 445.51 1,01,247.62 Flexi Lo:-1n Total . 3,612 33 - 3,359 28 . 2,920 96 371 00 1,855 02 . 147 05 - 984 44 . 1,687 56 2,469 IS 253 22 4,810 98 - 4,354 19 . 1,922.68 1,980.63 . 1,360 08 371.00 31.717.57
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Consolidated Financial Results (Continued) Notes to Consolidated Financial Results (All amounts in Rs. million nnless otherwise stated) Additional Disclosures as required by Paragraph 6 or Chapter 4 to the Master Circular no. SEBT/HO/DDHS-POD-2/P/CJR/2025/99 dated 11 July 2025 Break-11p or Borrowing (including interest accrued on borrowings) as at the respective perim.l ended: (c) As nt JO September 2024: Particulars Term Loan Facility Overdrnft Facility \Vorkin~ Capital Facilitv B Borrowings or REIT: - Non Convertible Debentures • - - Commercial Paper * - - Subtotal (B) - Total (A+B) 28,013.25 3,323.32 Flexi Loan Total - 40,300 06 5,829 86 - 46, 129.92 371.00 77.847.49 • Pursuant to the SEBI Master Circular no SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated l l July 2025, the names oFthe lenders are required to be given for borrowings Listed Non-Converlible Debentures (NCDs) c,nd listed Commercial papers (CPs) are actively trnded in the secondary market, resulting in frequent changes in ownership and therefore, lender names for these instruments have not been provided B Iln:.n k-uu of Cash and Cash Etluh •:tlcuts· Pnrticulars As at 30 September 2025 As al 31 ~lnrch 2025 As al 30 September 2024 (Unaudited) (Audited) (Unaudited) (i) Avacado Properties And Trading (India) Private Limited 279 08 322 06 242 23 (ii) Mindspace Business Parks Private Limited 2,14388 1.216 24 947 33 (iii) Horizonview Properties Private Limited 336 86 336 75 146 23 (iv) Tntime Properties Limited 435 63 497 80 443 67 (v) Sundew Properties Limited 1,061 41 1.079 32 917 81 (vi) K Raheja IT Park (Hyderabad) Limited 236 32 884 50 280 85 (vii) KRC Infrastructure & Projects Private Limited 426 54 463.60 734.34 (viii) Gigaplex Estate Private limited 9)8 20 1,276 41 306 68 (ix) Sustain Properties Private Limited 0 238 46 20 88 NA (x) Mack Soft Tech Private Limited• 10 10 NA NA (xi) Mindsoace Business Parks REIT 1g 34 281 75 947 89 Total 6.285.82 6.379.31 4.967.03 •Horizonview Properties Private Limited acquired 100% equity on 23 July 2025, accordingly, Cash and Cash equivalents as at 31 Milit h .'.W::!S and 30 September 2024 is "Not Applicable" (refer note 13A to Consolidated Financial Results) u Mindspace REIT acquired 100% equity on 06 March 2025, accordingly, Cash and Cash equivalents as at 30 Seatember 2014 is "Not Applicable 11 (refer note 138 to Consolidated Financial Results) iii Value or REIT Assets Pnrticulars As at 30 September 2025 As at 31 March 2025 As at 30 Seplember 2024 (Unaudited) (Audited) (Unaudited) (i) Avacado Properties And Trading (India) Private Limited 18,434 52 17,70790 16,607 88 lii) Mindspace Business Parks Private Limited (refer note iv below) 87,535 30 81,226 36 78,813 41 (iii) Horizonview Properties Private Limited 12,841 33 12,115.06 11,698 55 (iv) Inti me Properties Limited 29,319 36 25,227 82 20,354 43 lv) Sundew Properties Limited 82,740 82 71,721.97 65,751 24 (vi) K Raheja IT Park (Hyderabad) Limited 59,17656 49,302 81 40,585 84 (vii) KRC Infrastructure & Projects Private Limited 49,172 23 46,372 58 40,060 68 (viii) Gigaplex Estate Private Limited 60,264 74 56,708 59 53,541 13 (ix) Sustain P1operties Private Limited u 23,678 53 22.177 65 NA (x) Mack Soft Tech Private Limited• 5.877 OJ NA NA Gross Vaine of REIT Assets 4,29,040.42 I 3.82.560.74 3,27.413.16 •HrinzonvtC" ' Prope:rtic:s: Privntc U nutt:t.l acqu1red 100% equity on 23 July 2025, accordmgly, Vt1lue of REJT Assets as at 31 M.irch 201:t and 30 September 2024 1s Not Applicable" (refer note 13A to Consolidated Financial Results) . 0 Mindspace REIT acquired 100% equity on 06 March 2025, accordingly, Value of REIT Assets as at 30 September 2024 is "Not Applicable" (refer note 13B to Consolidated Financial Results)
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/00J Statement or Consolidated Fin..inch,I Results (Conti nued) Notes to Consolidated Financial Resulls (All amounts in Rs. million unless otherwise st:,tell) ln accordance with Listing Regulnfions and ofher requirements as per SEBI Master Circular No. SEBl/HO/DDHS-PoD-2/T'/CTR/202:5/99 daled 11 July 2025, including any guidelines and circulars issued thereunder ("SEBJ Circulars"). for lssmrnce of debt securities by Real Est:1tc Investment Trusts (REIT), REIT has disclosed the following ratios: Sr. No. Ratio For the quarter ended For the quarter ended For the quartrr ended For the half year ended For the hnlfyear ended For the year ended 30 September 2025 30 June 2025 30 September 2024 30 September 2025 JO Seplember 2024 31 March 2025 /Unaudiled) f Unauditrdl (Unaudited) (Umrndi fed ) (Unandil<d) (Andiledl I Security / Asset cover (NCO Series 3) (refer note .i(i)) NA NA 2 33 NA 2 33 NA 2 Security/ Asst!t cover (NCD Series 4) (refer note a(ii)) 3 13 2 79 2 63 J 13 2 63 2 79 J Security / Asset cover {Mindspace REIT Green Bond l) (refer note a(iii)) 2 40 2 40 2 18 2 40 2 18 2 40 4 Security / Asset cover (NCD Series 6) (refer note a(iv)) 2 41 2 40 2 18 2 41 2 18 2 40 5 Security/ Asset cover (NCO Series 7) (refer note a(v)) 2 45 2 44 2 JO 2 4S 2 30 2 44 G Security I Assel cover (NCO Series 8) (reFer note a(vi)) I 93 I 93 I 83 I 93 I 83 I 93 7 Security/ Asset cover (NCO Series 9) (refer note a(vii}) I 93 I 93 I 91 I 93 I 9 1 I 93 8 Security/ Asset cover (NCO Series 10) (refer note a(viii)) 2 23 2 22 I 96 2 23 I 9G 2 22 9 Security/ Asset cover (NCO Series 11) (refer note a(ix)) I 60 I 60 NA I 60 NA I 60 10 Security I Assel cover (NCO Series 12) (refer note a(x)) I GJ I 63 NA I 63 NA NA II Security/ Asset cover (NCO Series 13) (refer nole a(xi)) I 71 NA NA I 71 NA NA 12 Security/ Asset cover (NCO Series 14) (refer nole a(xii)) I 62 NA NA I 62 NA NA 13 Asset cover available (in times) (refer note p) 3 81 371 4 21 J 81 4 21 3 78 14 Debt-equity ratio (in times) (refer note b) 0 79 0 71 0 SJ 0 79 0 53 0 68 IS Debt service coverage ratio (in times) (refer note c) 2 17 2 43 2 98 2 29 J 03 2 91 JG Interest servict! coverage ratio (in times) (refer note cl) J 08 2 95 J 84 3 02 l 84 J 68 17 Outstanding redeemable preference shares (quantity and value)* NA NA NA NA NA NA 18 Capital redemption reserve• NA NA NA NA NA NA 19 Debenture redemption reserve (Amount in Rs million) - - - - 20 Net worth i e Unitholder's Fund (Amount in Rs million) (refer note e) 1.35.823 82 1.38.187 OS 1.38.41061 1.35.823 82 1.38.410 61 1,40.S44 44 21 Net profit after tax (Amount in Rs million) 1.267 90 1.667 95 1.)49 .77 2.935 85 2,72681 5.137 46 22 Earnings per unit- Basic (Rupees/unit) (after net movement in Regulatory Deferral Balances) I 91 2 S7 2 12 4 48 4 28 8 02 23 Earnings per unit- Diluted (Rupees/unit) (after net movement in Regulatory Deferral Balances) I 91 2 57 2 l 2 4 48 4 28 8 02 24 Current Ratio (in times) (refer note f) 0 34 0 3 I 0 47 0 34 0 47 0 46 25 Long term debt to working capital (in times) (refer note h) (2 80) (2 76) (4 52) (2 80) (4 52) (5 91) 26 Bad debts to account receivable ratio (in times) (refer note l) 0 O I 0 01 0 00 0 03 0 00 0 02 27 Current liability ratio (in times) (refer note i) 0 32 0 32 0 27 0 32 027 0 22 28 Total debt lo total assets (in times) (refer note j) 0,40 0 38 0 32 0 40 0 32 0 37 29 Debtors Turnover (in times) (refer note k) SJ SO 49 OJ 26 92 54 OJ 29 JO 30.92 JO Inventory Turnover• NA NA NA NA NA NA 3 I Operating Margin (in%) (rerer note m) 82 11 % 83 27% 78 95¾ 82 68% 7901% 79 38% 32 Net Profit Margin (in%) (refer note n) 16 07¾ 22 13% 20 74¾ 19 03% 21 13¾ 19 30% 33 Distribution per unit (refer note q) 5 83 S 79 S IS 11 62 10 19 21 95 34 Net operating income (Amount in Rs million) (refer note o) 6.)39 00 6.16429 S.OJG SJ 12.SOJ 29 10,000 GO 20.607 09 35 Sector Soecific eaui velent ratio• NA NA NA NA NA NA 'Not Apphcahle (NA)
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MINDSPACE BUSINESS PARKS REIT RN: IN/REIT/19-20 /003 Statement or Consolidated FinanciHI Results (Continued) Notes to Consolidated Financinl Results (All amounts in Rs. million unless otherwise st;ttcd) 9 1n accordance with Listing Rcguh,tions and other requirements as per SEBI Master Circular No. SEBI/HO/DDHS-PoD-2tr/CJR/202 ~i/99 dated l I July 2025, including any guidelines and cir-culnrs issued thereunder ("SEBJ Circulars"), for Issuance or debt securities by Real Estate Investment Trusts (REIT), REIT has disclosed the following ratios: Formulae for computation of ratios are as follows (including non-controlling interest) :- a(i) Security/ Asset cover ratio (NCD Series 3) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principol amount ofNCD Series 3 + Interest accrued thereon) a(ii) Security/ Assel cover ratio (NCD Series 4) = Fair value of the secured assets as computed by independent valuers/ (Outstnnding: principt1I .imount of NCD Series 4 + Interest accn1ed thereon) .i(iii) Security/ Assel cover ratio (Mindspace REJT Green Bond 1) = Fair value of the secured assels as computed by independenl valut!rs I lOutsr~nding principal amount of Mindspa ce REIT Green Bond l + Jnterest accmed thereon) a(iv) Security/ Asset cover ratio (NCD Series 6) = Fair value of the secured assets as computed by independent valuers / (Outstanding principal amou nt ofNCD Series 6 + Interest i\Ccrued thereon) a(v) Security/ Asset cover mtio (NCO Series 7) = Fair value of the secured :issets as compute d by independent valuers / (Outstanding principal ~mount of NCD Series 7 + Interest accmed thereon) a(vi) Security/ Asset cover ratio (NCO Series 8) r::: Fuir value of the secured assets as computed by independent valuers / (Outstanding principal amoun t of NCD Series 8 + lnteresl accrued thereon) a{vii) Security/ Asset cover ratio (NCO Series 9) = Fair value of the secured assets as computed by independent valuers / (Outstanding principal i\mount of NCO Series 9 + Tnterest accrued thereon) a(viii) Security/ Asset cover ratio (NCO Series 10) = Fair v:ilue of the secured assets as computed by independent valuers / (Outstanding principal amount of NCO Series 10 + fnterest accmed lhereon) a{ix) Security / Asset cover ratio (NCO Series 11) = Fair value of the secured assets as computed by independent valuers / (Outstanding principal amount ofNCD Series 11 + Interest accroed thereon) a(x) Security/ Asset cover ratio (NCO Series 12) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCO Series 12 + Interest accn.ied thereon) a(xi) Security/ Asset cover ratio (NCO Series 13) = Fair v<1lue of the secured assets as computed by independent valuers / (Outstanding principal amount of NCO Series 13 + Interest accroecl thereon) a(xii) Security/ Asset cover ra.tio (NCO Series 14) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCO Series 14 + Interest accrued thereon) b{i) Tot<1I Debt= Long term borrowings (Non•current) + Short lenn borrowings (current)+ Lease liabilities {current and non•currcnt) +- Interest 2-.ccrued on deb ls (current and non•current) b(,I) Debt Equity Ratio - Total Debt/Total Equity (including non-controlling inleresl) o) Debt Service Coverage Ratio= Earnings before interest {net of capitalization} . depreciation, exceptional items and tax/ {rnterest expe nses { net of capitalization~ + Principal repayments made during the period which excludes bullet and full repa} ment of borrowings) d) Interest Service Coverage Ratio= Earnings before interest {net of capitalization }, depreciation, exceptional items and tax/ (Interest expense {net of cnpitalisation}) c) Net worth= Corpus+ Unit capital - Distribution {Repayment of capital)+ Other equity fl Current ratio= Current assets/ Current li:ibilities g.J Long term Debt= Long term borrowings (excluding current maturities of long term debt) + Lease liabilities (Non•current) + lnten:st accnted on debts (Non-current) hl Long term debt lo working capital ratio= Long term debt (Non-current)/ working capilal (i e Current assets less curren t liabili lies) I) Current liability ratio= Current liabilitie s/ Total liabilities inc1uding regulatory liabilities J) Total debt to Iota! assets= Total debt/ Total assets including regulatory assets k) Debtors Turnover = Revenue from operations (Annualised)/ Average lrade receivable IJ Bad debts to account receivable ratio= Bad debts (including provision for doubtful debts)/ Average trade receivable rt\) Operating margin= Net Operating income/ Revenue from opera1ions n) Net profit margin= Profit after exceptional items and taxi Total Income o) Net Operating income= Net Operating Jncome calculated as Revenue from operations less: direct opera.ting expenses (which includes Main1enance services expense, property tax, insurance expense, cost of material sold, cost of power pL1rch:ised, and maintenance expenses related to power distribution) adjusted for regulatory income/expense and rent sharing income/expense p) Asset cover available= Gross: Asset value as computed by independent valuer/ Total Borrowings (Long term and Short term borrowings including accrued interest on borrowing s) t1l D1str1butlon pc,r unit= Distribution declared dudng the peiiod / nu1nhe.r of uniu
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20 /003 Statement or Consolidnted Fimmcinl Results (Continued) Notes to Consolid~ted Financial Result! (All amounts in Rs. million unless otherwise stated) IO The above Consolidated Financial Results for the quarter and half year ended 30 September 2025 have been I eviewed by the Audit Comm1ltee of K Raheja Corp Investment Managers Private Limited ("~tan ager") and approved for issue in accordance with the resolution passed by Board of Directors of the Manager in its meeting held on 05 Novtmber 2025 11 The Consolidated Financial Results has been prepared in accordance with lhe requirements of Securities and Exchang e Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended from time lo lime ("the REIT regulo.tions 11 ). including any guidelines and circulars issued thereunder read with SEBI Maste1 Circular No SEBin-lO/DDHS-PoD-2/P/CIR/2025/99 dated I I July 2025 (''SEB T C1rculars 11 ); recognition and measurement p11nciples laid do\VTl in Indian Accounling Standard 34 - Interim Financial Reporting (Ind AS 34), as prescribed in Rule :!( I )(a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended), other accounting principles generally accepted in [ndia, to the extent not inconsistent with the REIT regulati ons ; Regulation 52 and Regulation 54 of the SES! (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended from time lo time ("Listing Regulations 11 ) The accounting policies adopted ancl methods of complltation followed are consistent with lhose of the previous financial year l 2 The Consolidated Financial Results includes the results of the (ollo\\1n!i:!: Subsidiaries( • A'-scl SP Vs"') - - Name of the Asset SPY Shareholdinl! % (i) Avacado Properties And Trading (India) Private Limited ("Avacado") JOO 00% (ii) Mindspace Business Parks Private Limited (' 1 MBPPL") JOO 00% (iii) Horizonview Properties Private Limited ("Horizonview") JOO 00% (iv) Mack Soft Tech Private Limited ("Mack Soft") (Stcpdown JOO 00% Asset SPV acquired in current period through Horizonview) (v) Jntime Properties Limited ( 11 Tntime 11 ) 89 OU¾ (vi) Sundew Properties Limited ("Sundew") 89 00% (vii) K Raheja IT Park (Hyderabad) Limited ("KRJT") 89 00% (viii) KRC Infrastructure & Projects Private Limited ( 11 KRC Infra 11 ) JOO 00% (ix) Gigaplex Estatr: Private Limited ("Gi~aplex") JOO 00% (x) Sustain Properties Private Limited ( 11 Sustain 11 ) JOO OU% 13 (A) Tn the quarter and half year ended 30 September 2025, Horizonview enlered mto share acqu1si1ion agreement wilh ;;h;;ueholders of Mack Soft Tech Private Limited, ("Mack Sotl 11 ) for acquisi tion of 100% ec1uity shareholding of Mack Soft in exchange for cash amounting to Rs 5,118 18 million Horizonview has also incurred directly attributable expenses in relation lo the asset acquisition , amounting to Rs :!39 67 million, resulting in the total acquisition price of Rs, 5,357 85 million (out of which Rs l 72 18 million is payable as at 30 September 2025) The acquisition wJs effected on 23 July 2025 ("Acq uisition Date") making Mack Soft as an Asset SPV of Mindspace REIT and Horizon view as a l-loldCo within Minds pace REIT Accordingly I the figures for the current quarter and half year ended 30 September 2025 are not comparable with the corrosponding quarter and half year ended 30 September 2024 (B) In the quarter and financial year ended 31 March 2025, Mindspace REIT entered into share acquisition agreement wii. h shareholders of Sustain Properties Pri, ·ate Limited, ( 11 Sustain 11 ) for acquisition of 100% equity shareholding of Sustain in cxchtmge for the units of Mindspace RETT The acquisition was effected on 06 March 2025 (''Acquisition Date") As consideration for the assets acquired, Mindspace REIT issued 1,61,65,452 units at unit price of Rs 379 08 per unit totalling to Rs 6,128 00 million Mindspacc REIT has also incurred directly attributable expenses in relation to lhe asset acquisition . amounting to Rs 15 74 million, resulting in the total acqllis1tion price of Rs 6,143 74 million Accordingly, the figures for the current quarter and half year ended 30 September 2025 are not compar.ible with the corresponding quarter and half year ended 30 September 2024 14 (a) The figures for the quarter ended 30 September 2025 are the balancing figures between the figures in respect of the half year ended 30 September 2025 and the figures for the quarter ended 30 June 2025, which are subjected to limited review (b) The figures for the quarter ended 30 September 2024 are the balancing; figures between the figures in respt.!ct of the halfye<'lr ended 30 September 2024 and the figures for the quarte1 ended 30 June '.!024. which were subjected to limited review IS The Net Distributable Cash FloW"S ("NDCF 11 ) of Mindspace REIT are based on the cash flows gent!rated from Mindspace REIT's assets and inveslmenls In terms of the Distribution Policy of M1ndspact: REIT and lhe REIT Regulations, not less than 90% of the NDCF of each of the Asset SPVs/HoldCo are required to be distributed to Mind :;pace REIT. in proportion of Mindspace REIT's shareholding in the Asset SPVs/HoldCo, subject to applicable provisions of the Companies Act 2013 NDCF to be received by Mindspace REIT from the Asset SPVs/HoldCo may be in the form of dividends , interest income, repayment of debt by Asse t SPVs /HoldCo lo REIT , proceeds of any capital reduction or buyback from the Asset SPVs/HoldCo or as specifically permitted under the Trust Deed or in such other form as may be perm1ss1ble under the REIT Regulations Such Assel SPVs/HoldCo Distributio ns shall be declared and made for every quarter of a Financial Year in terms of the Distribution Policy 16 The Unitholders have the right to receive at least 90% of the Net Distributable Cash Flows of the Trust on quarterly b~1sis in accordance with the Distributi on Policy The Board of directors of Manager approves distributions The distribution will be in proportion to the number of Units held by the Unitholders The Trust declares and pays distriblltions 1n Indian Rupees Under the provisions of the REIT Regulations, Mindspace Business Parks RETT is required to distribute to Unitholders 11ot less than 90¾ of the net distributable cash flows to be met for a given financial year on a Cl1mulati,·e periodic basis , Accordingly, a portion of the Unit Capital contains a contractual obligation of the Mindspace Business Parks RETT to pay to its Unitholders cash distributions Hence. the Unit Capital 1s a compound financial instrument which contains equity and liability components in accordance with Ind AS 32 - Financial Instruments: Presentation However, 111 <'!ccordance with SEBJ vide master circular no SEBl/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 (Master Circular), as amended from time to time, issued under the REIT Regulations, the Unitholders' funds have been presented as "Equity" in order to comply with the requirements of Section A of Chapter 4 lo the Master Circular (as amended from time to time), Consequently, consistent with Unit Capital b~ing classified as equily, the distribulicns to Unitholders in the form of dividend 1 interest and other income are presented in Other Equity when the distributions a.re approved by the Board of Directors of Manager
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MINDSPACE BUSINESS PARKS REIT RN:IN /REIT/19-20 /00J Statement of Consolid;-1ted Financial Results (Continued) Notes to Consolidoted Fimmcinl Results {All amounts in Rs. million unless otherwise stated) 17 In accordance with amendment in REIT Regulations vide SEBI Master circular no. SEBI/HO/DDHS-PoD-2/P /CIR.12025/99 dated 11 July 2025, the Group has presented the distribution to its unitholders related to repayment of debt by HokJCo/SPVs to REJT, as a negative amount on the face of the Balance Sheet as a separate line item 'Di stribution - Repayment of Capital' uncler the si1b-heading 'Equity' under the heading 'Equity and Liabilities' for half year ended 30 September 2025 Accordingly, distribution for the year ended 31 March 2025 and half year ended 30 September 2024 have been regrouped in line with the said reqrnremenls 18 A Suit has been filed in the year '.2008 by Nusli Neville Wadia (Plaintiff) againsl Ivory Properties and Hotels Private L1m1ted (Ivory) & Others which i11cludes Avacado as one of the Defendants inte1' alia in respect of lhe land and the 1 Pc1radigm 1 Industrial Park building of Avacado The Plaintiff has prayed against Avacado and the said Ivory restraining them from carrying out further construction or any other activity on the lc1nd (on which the building Paradigm is constructed). demolition and removal of the structures on the said land, appointment of a Court Receiver in respe ct of the said land and Paradigm. building, declar ing the MOUs I Agreements entered into by Avacac.lo with Ivory and the Plaintiff as voidable and having been avoided and rescind ed by the Plaintiff and to be delivered up and cancelled , restraining from alienating, encumbering or pc1rting with possession ofstruclures and restrain ing from dealing with, creating fresh leases / licenses or renewing lease / license in respect of the said Paradigm building and flam receiving 01 recovering any renl / license fee/ compens allon m respect of the said leases / licenses. depositing all the rents in the CoU1l, etc The Couit has not granted any ad-interim relief to the Plaintiff. Avacado has filed its reply to the said Su11 denying the allegations and praying that no interim relief be granted lo the Plaintiff. The notice of motion for interim relief and the Suit are pending for the final hearing before the High Court Based on an advice obtained from an independent legal counsel , the management is confident that Avacado will be able to suitably defend and the impact , if any. on the Ind AS financial statements can be dete rmined on disposal of the above Petition and accordingly, Jnd AS Financial statements of Avacado have been prepmed on a going concern basis Further, the Plaintiff, through his advocates & solicito1s, had addressed letter dated 13 February 2020 including to 1\findspace REIT , the Manager, the Trustee, the Sponsors, Avacndo, Mr Ravi C Raheja, Mr Neel C Raheja, t-.fr Chandru L Raheja, Ivory Properties and K Raheja Corp Pvt Ltd, expressing his objection to the propo sed Offer and any actions concerning the building Paradigm located at Mindspace Malad project , The allegations and averments made by the Plaintiff have been responded and denied by the addressees, through their advocates & solicitors . No further correspondence has been received 19 Gigaplex had tiled a petition under Section 66 read with Section 52 of lhe Companies Act, 2013 and the Rule :-; made thereunder, before lhe Hon 'ble National Company Law Tribunal, Mumbai Bench ('NCL T') seeking confo mation for reduction of its share capital on 11 November 2024 The proposed reduction involved utilizing the balance available in the securities [Jrem,um account to offset the accumulated losses i e, the debit balar,ce in the profit & loss account of Rs 2,226 35 million The said petition was approved by Lhe NCLT vide its order dated 20 March, 2025 ('Order') Subsequenlly , Gigaplex filed the certified true copy of Lhe Order with the Registrar of Companies , Mumbai ('ROC') and the ROC has registered the form of minutes and issued the certificate of registral ion of Order on 22 April '.2025 Accordingly , all sub~tantial condiLions for the reduction of share capital were completed on 22 April 2025 Therefore, the impact of the reduction of share capital is accounted for and given effect in the books of account of G1gaplex for the period ended June 2025 20 During the quarter ended 30 June 2025, MBPPL acquired a unit in a property located at Yarwada, Pune on 18 May 2025 The fair value as determined by an independent valuer at the date of purchase amounted to Rs 82 million 21 Subsequent to the period ended 30 September 2025, KRJT has repaid outstanding secured loans of Rs 2,379 21 million t1J Unio11 Bank of India 22 The Consolidated Financial Results for the quarter and half year ended 30 September 2025 have been reviewed by Statl1tnry Auditors of Mindspace Business Parks REIT and they have issued an unmodified report on the above results 23 The Board of Directors of the Manager, at its meeting held on 29 January 2024 had approved initiation of the process of sale of Mindspace Pocharam, comprising all piece and parcel of land admeasuring appro:i(imately 26 acres along with the structures thereon located at Mindspace Pocharam, Telangana, accordingly the same has been classified as A~set held for sale During the current qt1arter, Group estimated the fair value less costs of disposal of this asset based on the external fair valuation, which was less than the carrying value as on 30 September 2025 Accordingly, the Jsset was recognised at the lower of carrying value •md fair value less cost of disposal resulting into impm1 ment loss of Rs 447 56 million, which was recognised in the statement of profit and loss for the quarter and half year ended 30 September 2025 as an Exceptional Item 24 The figures for the previous periods/year are re-classified/re-m ranged/re-grouped, wherever necessary O 00 represents value less than Rs O 005 m11\ion for and on behalf of the Board of Directors of K Rrihej:1 Corp Investment Mnn:1gers Private Limited (11,:Jin;, "'J'• M•nlt!ll-1' u ~lm<l,pae< Business Pork• Rl:IT) 1Ji:/) 1~·,u~ Rum csl~ Chief Executive Ofticei and Chief Financial Officer Managing Director DIN 092827 12 Place Mumbai Place: Mumbai Date 05 November 2CJ25 Date ; 05 November 2025
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Deloitte Chartered Accountants Commerz 111, 30th & 31st floors International Business Park Oberoi Garden City Haskins & Sells LLP Off. Western Express Highway Goregaon (East) Mumbai-400 063 Maharashtra, India INDEPENDENT AUDITOR'S REPORT ON REVIEW OF UNAUDITED STANDALONE FINANCIAL RESULTS To The Board of Directors, K Raheja Corp Investment Managers Private Limited (formerly known as K Raheja Corp Investment Managers LLP) (The "Manager") (Acting in capacity as the Investment Manager of Mindspace Business Parks REIT) 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of MINDSPACE BUSINESS PARKS REIT ("the REIT") for the quarter and half year ended 30 September 2025 ("the Statement"), being submitted by the Manager pursuant to the requirement of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended (the "REIT Regulations"), and pursuant to requirement of Regulations 52 and 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Manager and approved by the Investment Manager's Board of Directors, has been prepared in accordance with the REIT Regulations, Listing Regulations, recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India ("ICAI"). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of the Manager's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing issued by the ICAI and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, has not been prepared in accordance with the REIT Regulations prevailing over certain Ind AS requirements, as explained in the Emphasis of Matter paragraph 5 below, Listing Regulations and the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, and has not disclosed the information required to be disclosed in terms of the REIT Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Regd. Office: One International Center, Tower 3, 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP 5. We draw attention to Note 12 of the Statement, which describes the presentation of "Unit Capital" as "Equity" to comply with the REIT Regulations. Our conclusion is not modified in respect of this matter. Mumbai, November 05, 2025 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Kedar Raje Partner Membership No. 102637 UDIN: 2Sl02637BNKSR.E7q 3 2..
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J Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Statement of Standalone Financial Results for the Quarter and Half year ended 30 September 2025 (All amounts in Rs. million unless otherwise stated) Other income Interest income Dividend income Miscellaneous income Total income Expenses Other expenses Tata I expenses Particulars Earnings before finance costs and tax Finance casts Profit before tax Less: Tax expense Current tax Deferred tax Total Tax Expenses Profit for the period/year Other comprehensive income Total comprehensive Income for the period/year Earnings per unit (Rs. Per unit) (refer note 2) Basic Diluted • refer note 10 For the quarter ended 30 September 2025 (Unaudited*) 1,281.53 1,884.98 17.15 3,183.66 77.15 77.15 3,106.51 1,226.97 1,879.54 13.19 0.00 13.19 1,866.35 1,866.35 3 06 3.06 For the quarter ended 30June 2025 (Unaudited) 1,098.98 1,794.70 6.96 2,900.64 66.80 66.80 2,833.84 1,002.70 1,831.14 9.24 (0.44) 8.80 1,822.34 1,822.34 2.99 2.99 For the quarter ended 30 September 2024 (Unaudited*) 1,040.92 1,877.00 7.40 2,925.32 62.03 62.03 2,863.29 881.47 1,981.82 3.10 3.10 1,978.72 1,978.72 3.34 3.34 For the half year ended For the half year ended For the year ended 30 September 2025 30 September 2024 31 March 2025 (Unaudited) (Unaudited) (Audited) 2,380.51 2,040.02 4,087.92 3,679.68 1,877.00 5,485.09 24.11 16,63 104.03 6,084.30 3,933.65 9,677.04 143.95 101.28 228.24 143.95 101.28 228.24 5,940.35 3,832.37 9,448.81 2,229.67 1,639.31 3,480.33 3,710.68 2,193.06 5,968.47 22.43 6.98 52.17 (0.44) 0.44 21.99 6.98 52.61 3,688.69 2,186.08 5,915.86 3,688.69 2,186.08 5,915.86 6.06 3.69 9.96 6.06 3,69 9.96
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Mindspace Business Parks REIT 1lli;llij REIT /lHO /ODa Statement of Standalone Financial Results (Continued) Condensed Standalone Statement of Assets and Liabilities (all amounts are in Rs. million unless otherwise stated) Particulars ASSETS Non-current assets Financial assets - Investments - loan s - Other financial assets Non curre nt tax assets ( net) Other non -current assets Total non-current assets Current assets Financial assets - Loans - Cash and cash equivalents - Other Bank Balances - Other financial assets Other current assets Total current assets Total assets EQUITY AND LIABILITIES EQUITY Corpus Unit capital Distribut ion-Repayment of Capital (refer note 13) Other equity Total equity l.!Al\!lJllii Non-current liabilities Financial liabilities - Borrowings - Other financial liabilities Deferred Tax Liabilities (net) Total non-current liabilities Current liabilities Financial liabilities - Borrowings -'Trade payables - total outstanding dues of micro and small enterpris es: and - total outstanding dues of cred itors other than micro and sm all enterprises - Other financial liabilities Other current liabilities Current tax liabilities (net ) Total current liabilities Total liabilities Total equ ity and liabilit ies Asal 30 September 2025 (Unaudited) 162,246. 32 45,933,76 881.26 36 87 209,098.21 23,677 .66 19.34 0 82 287.93 52.44 24,038.19 233,136.4 0 O.ot 168,964.03 {6,767.63) 324.18 162,520.59 47,317.55 67 48 47,385.03 22,967 25 0.38 18.34 236.61 4.66 3.54 23,230 .78 70,615.81 233,136 .40 Asal Asat 31 March 2025 30 September 2024 (Audited) (Unaudited) 162,246 .32 156,102 58 42,729 35 40,43 2.48 823.43 3.13 2.80 28.70 6 04 205,827.80 196,547 .03 6,427 .22 11,200,16 281.75 947.90 125 0.42 93,38 125.46 29 28 3515 6,832.88 12,309.09 212,660 .68 208,8S6.12 0.01 0.01 168,964 .03 162,838 82 {3,142.99) (984.41) 461.16 781 .69 166.282 .21 162,636 .11 40,294.30 35,294.67 65.29 26.06 0.44 40,360.03 35,320.73 5,861.31 10,703 26 2.17 0.45 15.88 22.33 129.27 169.53 8.71 3 71 1.10 6,018.44 10,899.28 46,378.47 46.220 .01 212,660.68 208,856 .12
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Mindspace Business Parks REIT RN:IN/REIT /19 -20/003 Statement of Standalone Financial Results (Continued) Condensed Standalone Statement of Cash Flows (all amounts are in Rs. million unless otherwise stated) Particulars A Cash flows from operating activities Profit before tax Adjustments: Interest income Dividend Income Guarantee commission fees Net gains on fair value of mutual funds measured at FVTPL Gain on redemption of mutual fund units Finance costs Operating cash flows before working capital changes Changes in working capital (Increase) in financial and other assets (Decrease) in financial and other liabilities Increase in Trade payables Cash (used in) from operations Income tax paid (net) Net cash (used in) from operating activities (A) B Cash flows from investing activities Loans repaid by SPV Loans given to SPVs Investment in Equity Shares of SPVs Investment in fixed deposit Investment in Mutual Fund Proceeds from redemption of mutual fund Dividend Received Guarantee commission fees interest received Changes in other bank balance(net) Acquisition Costs for acquistion of an asset SPV Net cash (used in) from investing activities (B) C Cash flows from financing activities Proceeds from issue of Commercial Paper Redemption of Commercial Paper Proceeds from issue of debentures Redemption of debentures Distribution to unit holders Interest paid Expenditure towards units issued for acquistion of an asset SPV Debenture issue expenses Net cash generated from financing activities ( C) Net (decrease) in cash and cash equivalents Adjustments for net gains on fair value of mutual funds measured at FVTPL Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Cash and cash equivalents comprise: Balance with banks - in current accounts Investment in overnight mutual funds Cash and cash equivalents at the end of the period For the half year ended 30 September 202S (Unaudited} 3,710.68 (2,380.51) (3,679.68) 1.03 (25.13) 2,229.68 {143.93) (37.03) (1.10) 3.28 (178.78) (19.98) (198.76) 52,534.30 (72,989.14) (65.82) (17,690.00) 17,715.13 3,679.68 0.35 2,201.06 (0.88) (15.85) (14,631.17) 24,313.64 (17,694.80) 17,500.00 (7,450.25) (2,086.69) (1.37) (1L98) 14,568.55 (261.38} (1.03} 281.75 19.34 19.34 19.34 Forthehattyearended 30 September 2024 (Unaudited) 2,193.06 (2,040.02) (1,877.00) (1.61) (15.02) 1,639.31 (101.28) (22.58) {12.50) 8.16 (128.21} (9.86) (138.07) 31,475.23 (39,289.88) (1,999.81) (6,027.40) 6,042.56 1,877.00 5.02 2,841.41 (5,075.87) 5,707.88 (1,446.12) 11,500.00 (4,500.00) (5,817.51) (2,303.91) (15.76) 3,124.58 (2,089.89} 3,037.81 948.32 258.35 689.97 948.32
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Mindspace Business Parks REIT ,RN: IN /REIT[l 9,20/003 Statement of Standalone Financial Results (Continued) (all amounts are in Rs. Millions unless otherwise stated) A. Corpus Particulars Balance as on 1 April 2024 Add: Changes during the year Balance as on 31 March 2025 Balance as on 1 April 2025 Add : Changes during the period Closing balance as at 30 September 2025 Balance as on 1 April 2024 Add : Changes during the period Closing balance as at 30 September 2024 B. Unit Capital Particulars Balance as on 1 April 2024 Units issued during the year Less: Issue Expenses Balance as on 31 March 2025 Balance as on 1 April 2025 Less: Issue Expenses Closing balance as at 30 September 2025 Balance as on 1 April 2024 Add: Changes during the period Closing balance as at 30 September 2024 C. Distribution-Repayment of Capital Particulars Balance as on 1 April 2024 Less: Distribution to Unit holders for the quarter ended 30 June 2024* Less: Distribution to Unit holders for the quarter ended 30 September 2024 • Less: Distribution to Unit holders for the quarter ended 31 December 2024* Balance as on 31 March 2025 Less: Distribution to Unit holders for the quarter ended 31 March 2025* Less: Distribution to Unit holders for the quarter ended 30June 2025* Closing balance as at 30 September 2025 • Refer note 13 Distribution - Repayment of Capital Balance as at 1 April 2024 Less: Distribution to Unit holders for the quarter ended 30 June 2024* Balance as at 30 September 2024 D. Other equity Particulars Balance as on 1 April 2024 Profit for the year ended 31 March 2025 Other comprehensive income for the year Less: Distribution to Unit holders for the quarter ended 31 March 2024 •• Less: Distribution to Unit holders for the quarter ended 30 June 2024* • Less: Distribution to Unit holders for the quarter ended 30 September 2024** Less: Distribution to Unit holders for the quarter ended 31 December 2024 •• Balance at 31 March 2025 Balance as on 1 April 2025 Profit for the period ended 30 September 2025 Other comprehensive income for the period Less: Distribution to Unit holders for the quarter ended 31 March 2025** Less: Distribution to Unit holders for the quarter ended 30 June 2025** Balance at 30 September 2025 Balance as on 1 April 2024 Profit for the period ended 30 September 2024 Other comprehensive income for the period Less: Distribution to Unit holders for the quarter ended 31 March 2024 •• Less: Distribution to Unit holders for the quarter ended 30 June 2024** Balance at 30 September 2024 Amount 0.01 0.01 0.01 0.01 0.01 O.Ql Amount 162,838.82 6,128.00 (2.79) 168,964.03 168,964 .03 168,964.03 162,838.82 162,838.82 Amount (984.41) (1,043.71) (1,114.87) (3,142.99) (2,119.96) (1.504.68) (6,767.63) Amount (984.41) (984.41) Retained Earnings 3,428.71 5,915.86 (2,828.70) (2,004.40) (2,010.33) (2,039.98) 461.16 461.16 3,688.69 (1,803.17) (2,022.50) 324.18 3,428.71 2,186.08 (2,828.70) (2,004.40) 781.69 **The distributions made by Mindspace REIT to its Unit holders are based on the Net Distributable Cash flows (NDCF) of Minds pace REIT under Regulations and represents distributions other than repayment of debt by SPVto REIT.
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT /19-20/003 Statement of Standalone Financial Results (Continued) {all amounts In Rs. million unless otherwise stated) Statement of Standalone Financial Results (Continued) A) Statement of Net Assets at fair value S.No Particulars A Total Assets B Total Liabilities C Net Assets (A-B) D L ess: Non-Controlling Interest E Net Assets attributable to unitholders (C·D) F No. of units G Net Asset Value (D/E) Notes 1) Measurement of fair values: As at 30 September 2025 (Unaudited) Book Value Fair Value 233,136.40 360,174.33 70,615.81 70,615.81 162,520.57 289,558.52 162,520.57 289,558.S2 609,183,634 609,183,634 266.78 475.32 As at 31 March 2025 (Audited) As at 30 September 2024 [Unaudited) Book Value Fair Value Book Value Fair Value 212,660.68 304,433.71 208,856.12 274,557.39 46,378.47 46,378.47 46,220.01 46,220.01 166,282.21 258,055.24 162,636.11 228,337.38 166,282.21 258,055.24 162,636.11 228,337.38 609,183,634 609,183,634 593,018,182 593,018,182 272.96 423.61 274.25 385.04 The fair values of Investments in SPV are computed basis the fair value of Investment property, Property, plant and equipment, Investment property under construction and Capital work -in-progress which are solely based on an independent valuation performed by an external property valuer ("independent valuer") , having appropriately recognised professional qualificat ion and recent experience in the location and category of the properties being valued. Valuation Technique The fair value measurement for all of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress including Pocharam, which has been classified as held for sale (excluding Pocharam building) has been categorized as a Level 3 fair value based on the inputs to the valuation technique used. The valuer has followed a Discounted Cash Flow meth od, except for valuation of land for future development where the valuer has adopted Comparable Sales Method (under the Market Approach). The Discounted Cash Flow valuation model considers the present value of net cash flows to be generated from the respective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate, and lease incentive costs. The expected net cash flows are discounted using the risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), tenant credit quality, lease term s and investor return expectations from such properti es.The existing buildings in Pocharam are unoccupied. Considering the absence of leasing demand in the near term, and therefore no expected income stream and also since the asset is held for sale, the Valuer has opted for the Cost Approach. Under this method , building and plant & machinery components have been valued using the Depreciated Replacement Cost Method. The same has been categorised as a Level 3 fair value based on the inputs from the valuation technique used. 2) Break up of Net asset value as at 30 September 2025 Particulars Fair Value of Investments in SPVs Add: Other assets• Less: Liabilities Net Assets As at 30 September 2025 (Unaudited) 289,284.25 70,890.08 (70,615.81) 289,558.52 As at 31 March 2025 (Audited) 254,019.36 50,414.35 (46,378.47) 258,055.24 As at 30 September 2024 (Unaudited) 221,805.25 52,752.14 (46,220.01) 228,337 .38 •other assets includes cash and cash equivalents, loans to SPVs, fixed deposits and other working capital balances which are not factored in the discounted cashflow method used in determining the fair value of investment property, investment property under development, property, plant and equipment, capital work-in-progress and intangibles. 3) The Trust holds investment in SPVs which in turn hold the properties. Hence, the breakup of property wise fair values has been disclosed in the Consolidated Financial results. B) Statement of Total Returns at fair value S.No Particulars For the half year ended For the half year ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) A Total Comprehensive Income (As per the Statement of Profit and loss) 3,688.69 2,186.08 B Add/Less: Other Change in Fair Value not recognised in Total Comprehensive Income 35,334 .37 10,797.09 C Total Return (A+B) 39,023.06 12,983.17 Note: Total Return for the purpose of Standalone financial statements has been considered based on the total return of Mindspace REIT on a consolidated basis adjusted for consolidation adjustments.
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Statement of Standalone Financial Results (Continued) (All amounts in Rs. million unless otherwise stated) Statement of Net Distributable Cash Flows (NDCF) of the Trust NDCF pursuant to guidance under Chapter 3, Paragraph 3.19 to SEBI master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99, dated 11 July 2025. Description Cashflows from operating activities of the Trust Add: Cash flows received from SPV's / Investment entities which represent distributions of NDCF computed as per relevant framework 1' 1 & 1' 1 Add: Treasury income/ income from investing activities of the Trust (interest income received from FD, any investment entities as defined in Regulation 18(5), tax refund, any other income in the nature of interest, profit on sale of Mutual funds, investments, assets etc., dividend income etc., excluding any Ind AS adjustments. Further clarified that these amounts will be considered on a cash receipt basis) Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs/Holdcos or Investment Entity adjusted for the following • Applicable capital gains and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs/ Hold cos or Investment Entity not distributed pursuant to an earlier plan to re-invest as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations, if such proceeds are not intended to be invested subsequently Less: Finance cost on Borrowings as per Profit and Loss Account. However, amortization of any transaction costs can be excluded provided such transaction costs have already been deducted while computing NDCF of previous period when such transaction costs were paid121 Less: Debt repayment at Trust level (to include principal repayments as per scheduled EMl's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt in any form or funds raised through issuance of units) Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any: (i). loan agreement entered with financial institution, or (ii). terms and conditions, covenants or any other stipulations applicabie to debt securities issued by 1he Trusi or any of iis SPVs/ HoldCos, or (iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos, or (iv). agreement pursuant to which the Trust operates or owns the real estate asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or (v). statutory, judicial, regulatory, or governmental stipulations; Less: any capital expenditure on existing assets owned / leased by the REIT, to the extent not funded by debt/ equity or from contractual reserves created in the earlier years NDCF at Trust Level Notes: For the quarter ended 30 September 2025 (Unaudited) (101.00) 4,932.29 24.39 (1,210.70) 3,644.98 For the quarter ended 30June 2025 (Unaudited) (97.78) 4,662.84 15.55 (995.61) 3,585.00 For the half year ended 30 September 2025 (Unaudited) (198.78) 9,595.13 39.95 (2,206.31) 7,229.99 1 The Board of Directors of the Manager to the Trust, in their meeting held on 05 November 2025, has declared distribution to unitholders of Rs. 5.83 per unit which aggregates to Rs. 3,551.54 million for the quarter ended 30 September 2025. The distributions of Rs. 5.83 per unit comprises Rs. 3.02 per unit in the form of dividend, Rs. 0.03 per unit in the form of interest payment, Rs. 0.01 per unit in the form of other income and the balance Rs. 2.77 per unit in the form of repayment of debt by SPVto REIT. Along with distribution of Rs. 5.79 per unit for the quarter ended 30 June 2025, the cumulative distribution for the half year ended 30 September 2025 aggregates to Rs. 11.62 per unit. 2 Finance cost on Borrowings includes processing fees paid Rs. 2.04 million, Rs. 9.94 million and Rs. 11.98 million for the quarter ended 30 September 2025, quarter ended 30 June 2025 and half year ended 30 September 2025 respectively. 3 a) Rs. 3,574.98 million has had been received post 30 June 2025, but before finalisation and adoption of financial results by the board of directors and forms part of the NDCF for the quarter ended 30 June 2025. b) Rs. 3,833.56 million has been received post 30 September 2025, but before finalisation and adoption of financial results by the board of directors and forms part of the NDCF for the quarter ended 30 September 2025. 4 Distribution specified in Note no. 1 above includes distribution of surplus cash received from SPVs of Rs. Nil for the quarter ended 30 September 2025, Rs. 169.10 million for the quarter ended 30 June 2025 and Rs. 169.10 million for the half year ended 30 September 2025.
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Mindspace Business Parks REIT RN:IN/REIT/19-20/003 Statement of Standalone Financial Results (Continued) (All amounts in Rs. million unless otherwise stated) Statement of Net Distributable Cash Flows (NDCF) of the Trust NDCF pursuant to guidance under Chapter 3, Paragraph 3.18 to SEBI master circular no. SEBI/HO/DDHS-PoD- 2/P/CIR/2024/43, dated 15 May 2024 Description Cash flows from operating activities of the Trust Add: Cash flows received from SPV's / Investment entities which represent distributions of NDCF computed as per relevant framework l3l&l 4 l Add: Treasury income / income from investing activities of the Trust (interest income received from FD, any investment entities as defined in Regulation 18(5), tax refund, any other income in the nature of interest, profit on sale of Mutual funds, investments, assets etc., dividend income etc., excluding any Ind AS adjustments . Further clarified that these amounts will be considered on a cash receipt basis) Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs/Holdcos or Investment Entity adjusted for the following • Applicable capital gains and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs/ Hold cos or Investment Entity not distributed pursuant to an earlier plan to re-invest as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations, if such proceeds are not intended to be invested subsequently Less: Finance cost on Borrowings, excluding amortization of any transaction costs as per Profit and Loss Account for the trust 121 • 131 Less: Debt repayment at Trust level (to include principal repayments as per scheduled EMl's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt in any form or funds raised through issuance of units) Less: any reserve required to be created under the terms of, or pur;;uar.t to the obligations arising in accordance with, any: (i). loan agreement entered with financial institution, or (ii) terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos, or (iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos, (iv). agreement pursuant to which the Trust operates or owns the real estate asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or (v). statutory, judicial, regulatory, or governmental stipulations; Less: any capital expenditure on existing assets owned/ leased by the REIT, to the extent not funded by debt/ equity or from contractual reserves created in the earlier years NDCF atTrust Level Notes: For the quarter ended 30 September 2024 (Unaudited) (69.88) 4,050 39 8.74 (867.11) 3,122.14 For the half year ended 30 September 2024 (Unaudited) (138.07) 8,687.48 20.04 (2,454.66) 6,114.79 For the year ended 31 March 2025 (Audited) (291 59) 17,685 .34 116.78 (4,296.18) 13,214.35 1 The Board of Directors of the Manager to the Trust, in their meeting held on 25 October 2024, has declared distribution to unitholders of Rs. 5.15 per unit which aggregates to Rs. 3,054.04 million for the quarter ended 30 September 2024. The distributions of Rs. 5.15 per unit comprises Rs. 3.10 per unit in the form of dividend, Rs. 0.28 per unit in the form of interest payment, Rs. 0.01 per unit in the form of other income and the balance Rs. 1.76 per unit in the form of repayment of debt by SPV to REIT. Along with distribution of Rs. 5.04 per unit for the quarter ended 30 June 2024, the cumulative distribution for the half year ended 30 September 2024 aggregates to Rs. 10.19 per unit. The cumulative distribution for the year ended 31 March 2025 aggregates to Rs. 21.95 per unit. 2 Finance cost on Borrowings includes processing fees paid Rs. Nil for the quarter ended 30 September 2024 and Rs. 15. 76 million for the half year ended 30 September 2024 . 3 Rs. 3,091.42 million had been received post 30 September 2024, but before finalisation and adoption of financial statements by the board of directors and forms part of the NDCF for the quarter ended 30 September 2024. 4 Includes distribution out of surplus cash of Rs. 97.90 million for the quarter ended 30 September 2024 and Rs. 206,90 miilion for the half year ended 30 September 2024 received from SPVs.
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Mindspace Business Parks REIT RN:IN/REIT/19-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (All amounts in Rs. million unless otherwise stated) l Management Fees REIT Management Fees Pursuant to the Investment Management Agreement dated 21 November 2019, K Raheja Corp Investment Managers Private l.imited ( 11 Manager") is entitled to fees @ 0.5% of REIT Net Distributable Cash Flows which shall be payable either in cash or in units or a combination of both, at the discretion of the manager. The fees has been determined for undertaking management of the REIT c1nd its investments. The REIT Management fees (including GST) accrued Rs. 21.51 million for the quarter ended 30 September 2025, Rs. 21.15 million for the quarter ended 30 June 2025, Rs. 17 99 million for the quarter ended 30 September 2024, Rs. 42.66 million for the half year ended 30 September 2025, Rs. 35.65 million for the half year ended 30 September 2024 and Rs.77.97 million for the year ended 31 March 2025. There are no changes during the period in the methodology for computation of fees paid to the Manager. 2 Earnings Per Unit (EPU) Basic EPU amounts are calculated by dividing the profit for the period attributable to unit holders of Mindspace REIT by the we:ighted average number of units outstanding during the period. Diluted EPU amounts are calculated by dividing the profit for the period attributable to unit holders of Mindspace REIT by the weighted average number of units outstanding during the period. The following reflects the profit and unit data used in the basic EPU computation Particulars For the quarter ended For the quarter ended For the quarter ended For the half year ended 30 September 2025 30 June 2025 30 September 2024 30 September 2025 (Unaudited) (Unaudited) (Unaudited) [Unaudited) Profit after tax (Rs.in million) 1,866.35 1,822.34 1,978.72 3,688.69 Weighted average number of Units (Nos) 609,183,634 609,183,634 593,018,182 609,183,634 Basic (Rupees/unit) 3.06 2.99 3.34 6 06 Diluted (Runees/unitl• 3.06 2.99 3.34 6,06 •Mindspace REIT does not have any outstanding dilutive units For the half year ended For the year ended 30 September 2024 31 March 2025 (Unaudited) (Audited) 2,186.08 5,915.86 593,018,182 594,169,694 3,69 9,96 3,69 9.96
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Mintlspace Business Parks REIT RN :IN/REIT /19-20/003 Statement of Standalone Financial Resulls (Continued) Notes to Standalone Financial ResuJts (AU amounts in Rs. million unless otherwise stated) 3 Summary of Security for listed debts and its face value as at 30 September 2025 Name of Debt (NCDs/GBs) Secured, listed, senior, taxable, non-cumulative, rated, redeemable non-converti ble debentures (NCO Series 4) Secured, listed, rated, secured, non-cumulative, taxable, transferable, redeemable non-convertible debentures ("Mind space REIT Green Bond l") Security a) First ranking sole and exclusive security intere st by way of an equitable mortgage on carpet area of approximately 779,466 sq ft in building 12 D (identified units in building) along with the common areas, usage and access rights appurtenant to the units mortgaged in Building 120 as mentione d ln the trust deed, situated on a notionally demarcated land admeasuring approximately 17,414 77 square metres (equivalent to 4.30 acres), forming part of a portion of land admeasuring 14.02 hectares equivalent to 34.64 acres or thereabout declared as 'Special Economic Zone' land from and out of the larger piece of land bearing Survey no 64(part), lying, being and situated at Madhapur Village, Serilingampally Mandal, Ranga Reddy District, Hyderabad. b) A charge on the collection account and escrow account has been created, in which receivables of the Mortgaged Properties shall be received payable to Sundew with respect to the mortgaged propertie s c) Corporate guarantee executed by Sundew Properties Limited. a) First and exclusive charge registered by way of equitable mortgage (including receivables arising therefrom) on the aggregate leasable area of approximately 1.067 million square feet or thereabouts in buildings no. SB and 9 of Madhapur Hyderabad (approx. 24S,977 sq ft. in building no. SB and approx, 821,717 building no. 9) together with the proportionate undivided right , title and interest in (i) the notionally demarcated land admeasuring approximately 7,169.90 square metres (equivalent to 1 7717 acres) on which Building 58 is situated, and (ii) the notionally demarcated land admeasuring approximately 16,871.82 square metres {equivalent to 4.17 acres) on which Building 9 is situated. b)A charge on the collection account and escrow account in which receivables of the Mortgaged Properties shall be payable to lntime Properties limited . c) Corporate guarantee executed by lntime Propertie s limited Secured, listed, rated, non-cumulative , ta,cable, transferable , a) First ranking sole and exclusive security interest, by way of a registered simple mortgage on identified redeemable non-convertible debentures (NCO Series 6) units in build ings 6, 7 and 8 of Commerzone Yerwada adding to a cumulative carpet area of approxlmately 0.7msf across these 3 buildings at Commerzone Yerwada, Pune along with the common areas, usage and access rights appurtenant to the units mortgaged in Buildings 6, 7 and 8 as mentioned in the trust deed, situated on a notionally demarcated land admeasuring approximately 26,162 square metres , forming part of a portion of land larger land admeasuring 1,03,919 square metres (after deducting 21 square metres for road from total extent of 1,03,940 square metres) at Village Yerwada, Ta Iuka Haveli, District Pune and within the limit s of Pune Municipal Corporation . b) ) A charge on the collection and escrow account has been created, in which receivables of the Mortgaged Properties shall be received, to Mindspace Business Parks Private limited with respect to the mortgaged properties . c) Corporate guarantee executed by Mindspace Business Parks Private limit ed. Secured, listed. rated, non-cumulative, ta,cable, transferable, a) First ranking sole and exclusive security intere st, by way of an equitable mortgage on identified units redeemable non-convertible debentures (NCD Series 7) in building s 2A, 2B and 10 of Mindspace Madhapur adding to a cumulative carpet area of appro ximately 0 73 msf across these 3 buildings in buildings 2A, 28 and 10 as mentioned in the trust deed, situated on a notlonally demarcated land admeasuring approximately 36,258 square metres, being and situated at Minds pace Madhapur, Madhapur Village, Serilingampally Mandal, Ranga Reddy District, Hyderabad. b) First ranking sole and exclusive security interest by way of a hypothecation over Collection Account and Escrow Account and all amounts standing to the credit of or accrued or accruing on, receivables, movable assets pertaining to Mortgaged Immovable Properties as further specified in transaction documents. c) Corporate guarantee executed by K. Raheja IT Park (Hyderabad) Limited . Secured, listed, rated, non-cumulative , taxable, transferable , a) First ranking sole and exclusive security interest, by way of an equitable mortgage on identified units redeemable non-convertible debentures (NCO Series 8) in building no. 1, 4 and 5 and Amenity building of Commerzone Yerwada adding to a cumulative leasable area of approximately 0.55 msf and carpet area of c.0.43 msf situated on a notionally demarcated land admeasuring approximately 27,826 square metres, being and situated at Village Yerawada, Taluka Haven, District Pune and within the limits of Pune Municipal Corporation . b) First ranking sole and exclusive security inte rest by way of a simple mortgage over Collection Account and Escrow Account and all amounts standing to the credit of or accrued or accruing on, receivables, movable assets pertaining to Mortgaged Immovable Properties as further specified in transaction documents. c) Corporate guarantee executed by Mindspace Business Parks Private Limited. Secured, listed, rated, non-cumulative, taxable, transferable, a) First ranking sole and exclusive security interest, by way of a simple mortgage on 30,700 square redeemable non-convertible debenture s (NCO Series 9) metres of land (referred to as Plot B Land and Plot C Land) together with the commercial and IT building as further described in the trust deed, situated at 7, Ahmednagar Road, Village Vadgaon Sheri, Taluka Haveli, District Pune. Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 10) b} A charge over Collection Account and Escrow Account and all amounts standing to the credit of or accrued or accruing on, receivables, movable assets pertaining to Mortgaged Immovable Properties as furthe r specified in transaction documents . c) Corporate guarantee executed by Minds pace Business Parks Private limited . a) First ranking sole and exclusive security interest, by way of an equitable mortgage on Identified units In buildings 128 and 12C of Minds pace Madhapur adding to a cumulative carpet area of approximately 0.86 msf carpet area (or leasable area - 1.13 msf) across these 2 buildings as mentioned ln the trust deed, situated on a notionally demarcated land admeasuring approximately 29,157.16 square metres , Debt at Face value 5,000 ,00 S,S00.00 S,000 .00 S,000.00 3,400.00 S,000.00 6,S00.00 KIN being and situated at Mindspace Madhapur, Madhapur Village, Serilingampally Mandal, Ranga Reddy - .)..~$ S cf District, Hyderabad, .C NE' , • ~:= I b) first ranking sole and exclusive security interest by way of a hypothecation over Collection Account l <~l•r _ ~ ... ~~\)s8 ~';0~ , • • and Escrow Account and all amounts standing to the credit of or accrued or accruing on, receivables, ~ ,_ movable assets pertaining to Mortgaged Immovable Properties as further specified in transaction G? documents. L ~-~_::::s:Q~~•'.;:::::s~::::t- 2 f">:_ _ _______ _ __ic_)_Co_r_po-ra-te_g_u-ara_n_t_ee_e_x,_c_ut-ed_b_v_s_un_d_ew- Pr_o-pe-rt-ie_s_Lim-ite_d_. _____ _ ____ _j _ _ __ ~~d)~a~~-:;':-' $ - ~ * ►
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Mindspacc Business Parks REIT RN:IN/REIT/19-20/003 Statement of Standalone financial Results (Continued) Notes to Standalone Financial Results (All amoun1!. ln Rs: million unless otherwi .sl' :ilakd) " Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCD Series 11) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 12) Secured, listed, rate~, non-cumulative , taxable1 transferable, redeemable non-convert ible debentures (NCO Series 13) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCD Series 14) a) First ranking sole and exclusive security interest. by way of an equitable mortgage on identified units s.000 .00 in buildings 6 and 9 of Mindspace Madhapur adding to a cumulative carpet area of approximately 503,032 sf carpet area (or leasable area - c,0.67 msf) across these 2 buildings as mentioned in the trust deed, situated on a notionally demarcated land admeasuring approximately 16,871.82 square metres, being and situated at Mindspace Madhapur, Madhapur Village, 5erilingampally Mandal, Ranga Reddy District, Hyderabad. b) First ranking sole and exclusive security interest by way of a hypothecation over Collection Account and all amounts standing to the credit of or accrued or accruing on, receivables, movable assets pertaining to Mortgaged Immovable Properties as further specified in transaction documents . c) Corporate guarantee executed by lntime Properties Limited. a) First ranking sole and exclusive security interest, by way of an equitable mortgage on identified units 6,000 00 in buildings no 3 (Rl) of KRC Infrastructure and Projects Private Limited housing asset - Commerzone Kharadi and in building 3, 4, 6 & 7 of Mindspace Business Parks Private Limited - housing Commerzone Yerwada adding to a cumulative carpet area of approximately 585,413 sf carpet area (or leasable area - c.0.773 msf) across these 5 buildings as mentioned in the trust deed. b} First ranking sole and exclusive security interest exclusive security intere st. by way of a registered simple mortgage in favour of the Debenture Trustee for the benefit of the Debenture Holders c) Corporate guarantee executed by KRC Infrastructure and Projects Private limited and by Mindspace Business Parks Private Limited a) First ranking exclusive mortgage over the rights, title, benefit, and interest of the Asset SPV ~Sustain 5,500.00 Properties Private Limited housing asset Commerzone Raidurg in K Tower adding to a cumulative carpet area of approximately 627,112 sf carpet area jor leasable area - c .0 .. 836 msf) in the building as mentioned in the trust deed. in respect of the Mortgaged Immoveable Properties by way of an equitable mortgage in favour of the Debenture Trustee (for the benefit of the Debenture Holders), over the Mortgaged Immoveable Properties in accordance with the terms of the relevant Mortgage Documents, to secure the Debt; and b) First ranking exclusive hypothecation over the over the rights, title , benefit, and interest of the Asset SPV with respect to the Hypothecated Properties in favour of the Debenture Trustee (for the benefit of the Debenture Holders) in accordance with the terms of the Deed of Hypothecation to secure the Debt. Notwithstanding anything to the contrary stated hereunder, the Issuer undertakes that the Asset SPV - Sustain Properties Private Limited shall continue to be the sole legal and beneficial owner of the Secured Assets held by it, free of any Encumbrance and shall not save and except any Permitted Disposal, sell, transfer, redeem or otherwise dispose off any assets of any member of the Group (REIT) without the prior approval of Debenture Trustee. c) Corporate guarantee executed by Sustain Properties Private Limited NCO Series 14 are secured by each of the following security in favour of the Debenture Trustee (holding 6,000.00 for the benefit of the NCD Holders): a) a sole and exclusive first ranking mortgage and charge over all the rights, tltle , benefit and interest of the Asset SPV - Gigaplex Estate Private Limited housing asset Mindspace Airoli West and in building 2 & 10 adding to a cumulative carpet area of approximately 727,531 sf carpet area (or leasable area - c.0.955 msf) across these 2 buildings as ment ioned in the t rust deed. in respect of the Mortgaged Immoveable Properties; b) a first ranking pari passu mortgage and charge over the Mortgaged Land; and a sole and exclusive first ranking mortgage and charge over all the rights, title, interest and benefit of the Asset SPV - GigapleX Estate Private L1m1ted m respect of the Mortgaged Moveable Properties by way of a registered simple mortgage in favour of the Debenture Trustee for the benefit of the Debenture Holders. c) Corporate guarantee executed by Gigaplex Estate Private limited
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/1!>-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts In Rs, millions unless otherwise stated) 4 Related party disclosures A Partie s to Mindspace REIT as at 30 September 2025 SI. No. Particulars Name of Entities 1 Trustee Axis Trustee Services Limited z Manager K Raheja Corp Investment Managers Private Limited 3 Anbee Constructions LLP >- Sponsors 4 Cape Trading LLP s Mr. Chandru L Raheja ~ Mr, Ravi C Raheia >- 7 Mr, Neel C, Raheja >- • Mrs jyoli C. Raheja - 9 - Ms. Sumatl Raheja 10 Mrs Java N. Raheja we f. 6 March, 2025 - 11 Capstan Trading LLP - 12 Sponsors Group Casa Maria Pmperties LLP - 13 Raghukool Estate Oevelopement LLP >- 14 Palm Shelter Estate Development LLP Promoters/Partners• Directors Axis Bank limited Ms. Oeepa Rath t ill 05 February 2025 Mr Sumit Bali we f 16 January 2024 till 16 August 2024 Mr Prashant Joshi Mr. Parmod Nagpal we r. 03 May 2024 Mr. Arun Mehta w.e.f 03 May 2024 Mr Rahul Choudhary we f 06 February 2025 Mr- Bipin Kumar Saraf w,e.f. 11 April 202S Mr. Ravi C. Raheja Mr Ravi C Raheja Mr. Neel C. Raheja Mr. Neel C. Raheja Mr Deepak Ghaisas re-app ointe d w e.120 November 2024 Mr. Bobby Parikh re-appointed we f 17 December 2024 Ms Manisha Girotra re-appointed w e.f 20 November 2024 Mr. Manish Kejriwal Mr. Akshaykumar Chudasama w.e f. 06 March 2025 Mr. Sandeep Mathrani w.e.f. 04 August 2025 Mr. Vinod Rohira Mr. Ramesh Nair w e.f 30 April 2025 Mr Ravi C Raheja Mr Neel C Raheja Mr. Chandru l Raheja Mrs, Jyoti C. Raheja Ms Sumati Raheja - M r. Ravi C, Raheja Mr. Neel C. Raheja Mr. Chandru L. Raheja Mrs Jyoti C Raheja - Mr Ravi C Raheja Mr Neel c, Raheja Mr Chandru L Raheja Mrs. Jyoti C. Raheja Mr Ravi C Raheja Mr. Neel C. Raheja Mr. Chandru L Raheja Mrs. Jyoti C. Raheja Mr Ravi C Raheja Mr. Neel C. Raheja Mr. Chandru L. Raheja Mrs. Jyoti C. R;giheja Mr Ravi C. Raheja Mr. Neel C. Raheja Mr. Chandru l . Raheja Mrs Jyoti C. Raheja
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/1!1-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts in Rs. millions unless otherwise stated) 4 Related party disclosures A Parties to Mindspace REIT as at 30 September 2025 SI. No. Particulars N.ame of Entities 15 Sponsors Group K Raheja Corp Pvt. Ltd. 16 Ivory Property Trust I--- Sponsors Group 17 Gcr.e~ H.?.rd'.'!.?.!"e & Parh Pr!•!~!:e !..!:d 1 Avacado Propertie s and Trading (India) Private Limited 2 Gigaplex Estate Private limited 3. Hu1iw11vi~w P1uµ~11i~s P1ivat~ Limited 18 Names of Hold Co and SPVs 4 KRC Infrastructure and Projects Private Limited 5. lntime Properties limited 6 Sundew Propert ies Limited 7. K. Raheja IT Park (Hyderabad) limited 8. Mindspace Business Parks Private limited . 9. Sustain Properties Private limited w,eJ 06 March 2025 10. Mack Soft Tech Private limited w e.f. 23 July 2025 Promoters/Partners• Directors Mr. Chandru L Raheja Jointly with Ravi C Raheja Mrs Jyoti C Raheja Neel C Raheja Ramesh Valecha Mrs Jyoti C Raheja Jointly with Ramesh Ranganthan (till 02 December 2024) Mr Chandru L Raheja Sunil Hingorani Mr Anand Chandan w.eJ. 02 December 2024 Mr Ravi C Raheja Jointly with Mr ManoJ Jasrapuria we f 02 December 2024 Mr Chandru l Raheja Jointly with Mrs Jyoti C RaheJa Mr Neel C Raheja Jointly with Mr. Chandru L Raheja Jolntly with Mrs. Jyoti C Raheja Anbee Constructions LLP Cape Trading UP Capstan Trading llP Casa Maria Properties LLP Raghukool Estate Developement LLP Palm Shelter Estate Development LLP Mr. Neel C Raheja (shares transferred from 'Mr. Neel C. Raheja Jointly with Mr Ramesh Valecha' to 'Mr. Neel C Raheja' w e,f. 02 September 2024 ) Chandru L. Raheja Jyoti C. Raheja Ivory Properties & Hotels Pvt ltd Ravi C Raheja Neel C. Raheja (all are trustees) Mr. Ravi C. Raheja Jointly with Mr, Chandru L Ravi C Raheja Raheja Jointly with Mrs Jyoti C Raheja Neel C, Raheja Ramesh Valecha Mr~ Neel C. Raheja Jointly with Mr Chandru Ramesh Ranganthan till 02 December 2024 L Raheja Jointly with Mrs Jyoti C Raheja Mr. Anand Chandan we f. 02 December 2024 Mr. Manoj Jasrapuria w,e,f 02 December 2024 Chandru L Raheja Jointly with Jyoti C Raheja, on behalf of the beneficiaries of Ivory Property Trust till 24 April 2025 (Equity S1-ures held bv Trust have been distributed to Mr Ravi C Raheja and Mr Neel C Raheja equally) Mr Ravi C Raheja we f. 24 April 2025 Mr Neel C Raheja we f. 24 April 2025
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT/19-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts in Rs. millions unless otherwise stated) 4 Related party disclosures A Parties to Mindspace REIT as at 30 September 2025 SI. No. Particulars Name of Entities Board of Directors: Mr. Deepak Ghaisas (Independent Director) Ms Manisha Girotra (Independent Director) Mr. Bobby Parikh (Independent Director) Mr. Manish Kejriwal (Independent Director) Mr Ravi C, Raheja (Non Executive Non Independent Director) Board of Directors and Key Managerial Mr Neel C. Raheja (Non Executive Non Independent Director) Personnel of the Manager IK Raheja Mr. Vined Rohira (Non Executive Non Independent Director) 19 Corp Investment Managers Private Mr Akshaykumar Chudasama (Independent Director) we f. 06 March Limited) 2025 Mr Ramesh Nair, Chief Executive Officer, also appointed as Managing Director effective 30th April 2025 Mr Sandeep Mathrani (Independent Director) w e.f. 04 August 2025 Key Managerial Personnel: Ms Preeti Chheda (Chief Financial Officer) Brookfields Agro & Development Private Limited Grange Hotels And Properties Private Limited Entities controlled/jointly controlled Immense Properties Private Limited 20 bv mt1l 1be!! rs of tht Boilll'd ol Novel Properties Private limited Directors/Key Managerial Personnel of Pact Real Estate Private Limited the Manager Paradigm Logistics & Distribution Private Limited Aqua line Real Estate Private Limited Carin Properties Private limited Asterope Properties Private Limited Content Properties Private Limited till 21 August 2025 Madhurawada Holdings Private Limited w,e_f. 03 April 2024 Gencoval Stretagic Services Private limited Stemade Biotech Private Limited Hariom lnfrafacilities Services Private limited K. Raheja Corp Advisory Services (Cyprus) Private Limited till 26 March 2025. Convex Properties Private Limited M/s Bobby Parikh Associates Curzon Realty LLP w.e.f. 06 March 202S Shard.ul A.rnarchand Manealdas &. Co. w e.f, 06 March 2025 • only when acting collectively Note: Related party disclosures have been included in the Standalone Financial Results on a voluntary basis~ Promoters/Partners• Directors
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Mindspace Business Parks REIT RN:IN/REIT/19-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts are in Rs. millions unless otherwise stated) 4 Related party disclosures B Transaction with related parties during the Period/Year The nature and volume of transactions of the company with the above related parties were as follows: For the quarter ended Particulars 30 September 2025 (Unaudited•\ Unsecured loans given to Avacado Properties & Trading (India) Private Limited 530.00 Gigaplex Estate Private Limited 2,870.00 Horizonview Properties Private Limited 10,883.90 Sundew Properties Limited l,660.00 KRC Infrastructure & Projects Private Limited 3,435.00 Mindspace Business Park Private Limited 7,262.00 K. Raheja IT Park (Hyderabad) Limited 3,316.00 lntime properties Limited 400.00 Sustain Properties Private Limited 16,757.25 Unsecured loans repaid by Avacado Properties & Trading (India) Private Limited 600.00 Gigaplex Estate Private Limited 2,631.00 Horizonview Properties Private Limited 5,300.00 Sundew Properties Limited 1,320.00 KRC Infrastructure & Projects Private Limited 2,552.00 Mindspace Business Park Private Limited 5,887.00 K. Raheja IT Park (Hyderabad) Limited 2,622.00 lntime properties Limited 210.00 Sustain Properties Private Limited 11,527.48 Investment in equity shares Horizonview Properties Private Limited For the quarter ended 30 June 202S (Unaudited) 760.00 5,821.00 1,405.00 860.00 1,441.00 3,130.00 3,005,00 479.00 8,973.99 610.00 7,446.00 1,838.00 1,488.20 1,959.00 3,563.61 2,451.00 429.00 100.00 For the quarter ended For the half year ended For the half year ended For the year ended 30 September 2024 30 September 2025 30 September 2024 31 March 2025 (Unaudited•] (Unaudited) [Unaudited) (Audited) 313.00 1,290.00 3,673.00 4,413.00 917.00 8,691.00 6,837.00 12,457.00 1,490.00 12,288.90 3,505.00 7,800.00 816.70 - 2,520.00 6,486.70 8,067.70 879.00 4,876.00 4,234.00 8,234.00 2,107.05 10,392.00 11,809.18 15,152.79 470.00 6,321.00 2,745.00 5,075.00 879.00 3,109.00 - 25,731,25 150.00 233.00 1,210.00 4,263.00 4,794.00 1,024.60 10,077.00 8,982.60 17,774.60 1,170.00 7,138.00 4,536.81 8,527.31 331.90 2,808.20 2,006.90 3,404.90 295-00 4,511.00 2,550.00 5,149.00 1,374.80 9,450.61 8,065.92 17,193.59 200.00 5,073.00 1,070.00 2,206.50 - 639.00 70.00 . 11,627.48 - 1,999.81 1,999.81
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Mindspace Business Parks REIT RN:IN/REIT/19-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts are in Rs. millions unless otherwise stated) 4 Related party disclosures B Transaction with related parties during the Period/Year The nature and volume of transactions of the company with the above related parties were as follows : Particulars Trustee fee expenses Axis Trustee Services Limited Ban.k Charges Axis Bank Limited Reimburseme nt of Expenses/(lncome) Ramesh Nair Preetl Chheda K Raheja Corp Investment Managers Private Limited Horlzonvlew Properties Private Limited Mlndspace Business Park Private Limited DebentL,re Issue Expenses Axis Bank Limited Shardul Amarchand Mangaldas & Co Legal and Professional Fees Shardul Amarchand Mangaldas & Co Dividend Income AVilc~do Properties & Trading (India) Private Limited Sundew Properties Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited KRC Infrastructure & Projects Private Limited Gigaplex Estate Private Limited Interest Income•* Avacado Properties & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private Limited Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited in Properties Private Limited rest on Fixed Deposits ank Limited For the quarter ended 30 September 2025 Unaudited• 1.19 0.02 0.09 0.26 (2.62) (0.05) 0.71 3.20 133.00 560.70 500.00 138.84 352.44 100.00 100.00 9.82 212.33 209.40 89.81 275.15 54.40 111.75 58.62 245.96 6.91 For the quarter ended 30 June 2025 Unaudited 1.18 0.02 0.17 0.35 9.93 0.71 3.37 200.00 469.92 SOD.OD 320.40 304.38 8.20 218.93 134.64 99.00 279.87 41.62 103.0S 59.42 140.31 6.75 For the quarter ended 30 September 2024 Unaudited• 0.59 0.02 142.80 623.89 599.00 83.57 427.74 3.68 320.85 129.73 98.98 249.Sl 173.29 64.88 For the half year ended 30 September 2025 Unaudited 2.37 0.04 0.26 0.61 (2.62) (0.05) 9.93 1.42 6.57 333.00 1,030.62 1,000.00 459.24 656.82 100.00 100.00 18.02 431.26 344.04 188.81 555.02 96.02 214.80 118.04 386.27 13,66 For the half year ended 30 September 2024 Unaudited 1.18 o.os o.oi 142.80 623.89 599.00 83.57 427.74 23.03 693.53 274.83 114.93 485. 16 327.52 110.92 For the year ended 31 March 2025 Audited 2.36 0,02 0.10 0.02 5.19 413.80 1,732.4 7 1,489.00 477.40 1,112.41 1.60.00 34.03 1,272.45 540.77 336.40 1,021.44 551.79 284.72 24.40 0,10 10.11
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Mindspace Business Parks REIT RN:IN/REIT/19-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts are in Rs. millions unless otherwise stated) 4 Related party disclosures B Transaction with related parties during the Period/Year The nature and volume of transactions of the company with the above related parties were as follows: Particulars Payment made on behalf of SPV Mack Soft Tech Private Limited Investment Management Fees K Raheja Corp Investment Managers Private Limited Legal & Professional Fee M/s Bobby Parikh Associates Sustain acquisition Costs Shardul Amarchand Mangaldas & Co Guarantee commission fees from SPV KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited Guarantee commision fees to SPV Sun dew Properties Limited Mindspace Business Park Private Limited lntime properties Limited KRC Infrastructure & Projects Private Limited Sustain Properties Private Limited Issue of Unit capital (On account of Sustain acquisition) Ms. Jaya N Raheja jointly with Mr. Neel C. Raheja Ms. Sumati R Raheja Ms Jyoti C Raheja jointly with Mr. Chandru L Raheja Fixed Deposits Placed Axis Bank Limited For the quarter ended 30 September 2025 Unaudited* 4.78 21.51 0.25 4.74 For the quarter ended 30June 2025 Unaudited 21.15 0.16 0.59 7.94 5.08 For the quarter ended 30 September 2024 Unaudited* 17.99 0.08 0.67 0.07 0.81 For the half year ended 30 September 2025 Unaudited 4.78 42.66 0.16 0.83 7.94 5.08 4.74 For the half year ended 30 September ZOZ4 Unaudited 35.65 0.16 1.61 0.00 0.07 144 For the year ended 31 March 2025 Audited 77.97 0.24 2,50 2.67 0.00 4.60 34.76 4 48 2,451-20 2,451.20 1,225 60 375.30
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Mindspace Business Parks REIT RN:IN/REIT/19-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial ·Results (all amounts are In Rs. millions unless otherwise stated) 4 Related party disclosures B Transaction with related parties during the Period/Year The nature and volume of transactions of the company with the above related parties were as follows: For the quarter ended Particulars 30 September 2025 (Unaudited•\ Distribution to Sponsors, Sponsors Group, Board of directors and Key Managerial Personnel Anbee Constructions LLP 204.99 Cape Trading LLP 205.19 Ravi Chandru Raheja 19.87 Neel Chandru Raheja 52.17 Chandru Lachmandas Raheja 188.95 Jyoti Chandru Raheja 104.79 Capstan Trading LLP 237.94 Casa Maria Properties LLP 271.09 Palm Shelter Estate Development LLP 237,94 Raghukool Estate Developement LLP 243,21 Gen ext Hardware And Parks Private Ltd 132,51 K Raheja Corp Pvt. Ltd. 211.89 Chandru Lachmandas Raheja (held for and on behalf of Ivory 22.46 Property Trust) Sumati Ravi Raheja 86.26 Jaya Neel Raheja 53.95 Mr. Bobby Kanubhai Parikh 0,19 Mr Manish Kejriwal 0,69 Mr. Vinod Rohira 0.35 Mr Ramesh Nair 0.41 Corporate Guarantee received for debentures issued Sundew Properties Limited - lntime Properties Limited Mindspace Business Parks Private Limited KRC Infrastructure and Projects Private Limited Sustain Properties Private Limited 5,545.8 0 Gigaolex Estate Private Limited 6,000.00 *refer note 10 AS Adjustments For the quarter ended 30June 2025 (Unaudited\ 228.01 228.23 22.10 76.40 210.17 116.56 264.66 301.53 264.66 270.51 147.39 235.68 24.98 95.94 41.64 0,21 0,76 0.38 0.45 . 1,920.38 4,080.80 - For the quarter ended For the half year ended For the half year ended For the year ended 30 September 2024 30 September 2025 30 September 2024 31 March 2025 (Unaudited•) (Unaudited\ /Unaw:litedl /Audited\ 178.44 433.00 347.32 718.01 178.61 433 .42 347.65 718.70 17.29 41.97 33.66 69.60 59.79 128.57 116.38 240.58 164.48 399.12 320.15 661.83 74.92 221.35 145.83 301.48 207.12 502.60 403.15 833.42 235.98 572.62 459.31 949,53 207.12 502.60 403.15 833.42 211.70 513.72 412.06 851.85 115.35 279.90 224.52 464.15 184.45 447. 57 359.01 742.17 19.55 47.44 38,05 78,67 42.49 182,20 82.71 171.00 95.59 - 0,16 0.40 0.32 0.67 0,59 1.45 1.15 2.40 0.30 0,73 0.58 1.21 0.35 0.86 0.68 1.42 - 6,500 .00 6,500.00 - - 5,000.00 1,920.38 5,000.00 5,000.00 4,080.80 C 5,545.80 6,000.00 -
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Mindspace Business Parks REIT RN:IN/ REIT/l!l-20/0Q3 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts are In Rs. millions unless otherwise stated) 4 Related party disclosures C Closing Balances Particulars Unsecured loan receivable (non-current) Avacado Properties & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private Limited Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited Sustain Properties Private Limited Unsecured loan receivable (current) Avacado Properties & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private lim ited Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime propert ies limited Sustain Properties P Ltd Investment In equity share of SPVs Avacado Properties & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private Limited Sundew Properties Limited KRC Infrastructure & Projects Private limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited Sustain properties Private limited Interest receivable (current)* Avacado Propert ies & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private Limited Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited Sustain Properties P Ltd As at As at As at 30 September 2025 31 March 2025 30 September 2024 311.60 33 L 60 302.60 9,348.46 8,827.85 12,596 .53 5,834 04 6,083.10 3.019 .73 4,709 .60 5,210 10 4,707 .10 7,011 .50 13,076.50 11,661 .32 2,817.39 2,101.70 5,189.20 4,451.00 3,909.50 2,956 .00 3,199 00 3,039.00 8,251.17 150 .00 280.00 180.00 . 1,359 30 3,265.91 2,669.25 5,879 .95 48000 3,238 .86 520 00 307.70 627 .70 7,200.00 770.00 784.18 1,009.32 783 61 3,~80.17 1,346 .50 640.00 400 .00 80.00 . 6,002.59 . . 9,482.25 9,482.25 9,482.25 13,121.35 13,121.35 13,121.35 2,999 .72 2,999 .72 2,999.72 33,722.27 33,722.27 33, 722 .27 6,867.84 6,867.84 6,867 .84 48,813 .50 48,813.50 48,813.50 25,617.88 25,617.88 25,617 .88 15,477.77 15,477 77 15,477 .77 6,143.74 6,143.74 121 1.65 16 70 22 55 I~ 6d 86.07 4.22 6.29 14.87 21.97 0.57 15.48 6.85 15.61 6.76 7.16 82.46 32.63 18.37 3.23 3.93 70.81 -
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Mindspace Business Parks REIT l\l! 'IN/REIT/19·20/ 001 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts are in Rs. millions unless otherwise stated) 4 Related party disclosures C Closing Balances Particulars Interest receivable on Fixed Deposits Axis Bank limited Other financial assets (Current) KRC Infrastructure & Projects Private Limited Mindspace Business Parks Private limited Mack Soft Tech Private Limited Horizonview Properties Private limited Advances to KMPs Preeti Chheda Ramesh Nair Other financial liabilities (Non-current) Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mind space Business Park Private Limited K. Raheja IT Park (Hyderabad) Limit ed lntime properties Limited Sustain Properties P Ltd Other financial liabilities (Current) Gigapiex Estate Private Limited Horizonview Properties Private Limited Mindspace Business Park Private Limited lntime properties limited K Raheja Corp Investment Managers Private Limited Shardul Amarchand Mangaldas Co-Sponsor Initial Corpus Anbee Constructions LLP Cape Trading LLP Current Account Axis Bank Limited Unpaid Distribution Account Axis Bank Limited Axed Deposit Balance Axis Bank Limited Corporate guarantees outstanding KRC Infrastructure & Projects Private Limited Corporate guarantee received towards debentures Sundew Properties Limited Mindspace Business Park Private Limited Gigaplex Estate Private Limited lntime Properties Limited K. Raheja IT Park (Hyderabad) Limited KRC Infrastructure & Projects Private Limited Sustain Properties Private Limited •after Ind AS Adjustments As at As at As at 30 September 2025 31 March 2025 30 September 2024 23.78 10.10 0.35 0.66 0.05 0.00 4.78 - 2.61 0.00 0.28 0.04 0.18 9.29 8,53 4.40 4.65 38.66 41,03 10 04 6.44 6.44 6.44 4.10 9.29 5.18 4.34 5.06 - 0.01 0.01 10.57 5.18 - 21.35 26.48 18.19 1.72 2.25 - 0.01 0.01 0.01 0.01 0.01 0.01 4.84 120.46 257.68 0.82 1.25 0.42 375.30 375.30 - 4,395 10 11,500.00 l1,S07.50 11,500 ,00 15,320.00 13,402.89 13,400.00 6,000.00 - 5,000.00 10,500.00 10,502 24 5,500.00 5,000.00 5,001.10 5,000.00 4,080.00 - 5,545.80
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts in Rs. millions unless otherw ise stated) 6 In accordance with SEBI (LODR) Regulation, 2015 and other requirements as per SEBI Master circular (No. SEBI/HO/DDHS/PoD-2/P/CIR/2025/99 dated 11 July 2025) Including any guidelines and circulars issued thereunder ("SEBI CIRCULARS") for issuance of debt securities by Real Estate Investment Trusts (REITs), Mindspace REIT has disclosed the following ratios: For the quarter ended For the half year ended For the year ended Ratios 30 September 2025 30 June 2025 30 September 2024 30 September 2025 30 September 2024 31 March 2025 1 Security/ Asset cover (NCD Series 3) (refer note 1) NA NA 2.33 NA 2.33 NA 2 Security/ Asset cover (NCD Series 4)(refer note 2) 3.13 2.79 2.63 3.13 2.63 2.79 3 Security/ Asset cover (Mindspace REIT Green Bond 1) (refer 2.40 2.40 2.18 2.40 2.18 2.40 note 3) 4 Security/ Asset cover (NCD Series 6) (refer note 4) 2.41 2.40 2.18 2.41 2.18 2.43 5 Security/ Asset cover {NCD Series 7) (refer note S) 2.45 2.44 2.30 2.45 2.30 2.44 6 Security/ Asset cover {NCD Series 8) (refer note 6} 1.93 1.93 1.83 1.93 1.83 1.93 7 Security/ Asset cover (NCD Series 9} (refer note 7) 1.93 1.93 1.91 1.93 1.91 1.93 8 Security/ Asset cover (NCD Series 10) (refer note 8) 2.23 2.22 1.96 2.23 1.96 2.23 9 Security/ Asset cover (NCD Series 11} (refer note 9) 1.60 1.60 NA 1.60 NA 1.60 10 Security/ Asset cover (NCD Series 12) (refer note 10) 1.63 1.63 NA 1.63 NA NA 11 Security/ Asset cover (NCD Series 13) (refer note 11) 1.71 NA NA 1.71 NA NA 12 Security/ Asset cover (NCD Series 14) (refer note 12) 1.62 NA NA 1.62 NA NA 13 Asset cover available (in times) (refer note 26) 6.09 7.06 7.10 6.09 7.10 8.27 14 Debt-equity ratio (in times) (refer note 13(i) and 13(ii)) 0.43 0.33 0.28 0.43 0.28 0.28 15 Debt service coverage ratio (in times) (refer note 14) 2.53 2.83 3.2S 2.66 2.34 2.71 16 Interest service coverage ratio (in times) (refer note 15) 2.53 2.83 3.25 2.66 2.34 2.71 17 Outstanding redeemable preference shares (quantity and NA NA NA NA NA NA value} 18 Capital redemption reserve NA NA NA NA NA NA 19 Debenture redemption reserve (Amount in Rs. millions)* NA NA NA NA NA NA 20 Net worth (Amount in Rs. millions) (refer note 16) 162,520.59 164,181.41 162,636.11 162,520.59 162,636.11 166,282.21 21 Net profit after tax (Amount in Rs. millions) 1,866.35 1,822.34 1,978.72 3,688.69 2,186.08 5,915.86 22 Earnings per unit - Basic 3.06 2.99 3.34 6.06 3.69 9.96 23 Earnings per unit - Diluted 3.06, 2.99 3.34 6.06 3.69 9.96 24 Current Ratio (in times) (refer note 17) 1.03 1.06 1.13 1.03 1.13 1.14 25 Long term debt (non current) to working capital (in times) 58.67 31.77 25.04 58.67 25.04 49.49 (refer note 18 & 19) 26 Bad debts to account receivable ratio (in times) (refer note 23) NA NA NA NA NA NA * 27 Current liability ratio (in times) (refer note 20) 0.33 0.34 0.24 0.33 0.24 0.13 28 Total debt to total assets (in times) (refer note 21) 0.30 0.25 0.22 0.30 0.22 0.22 29 Debtors Turnover (in times) (refer note 22)* NA NA NA NA NA NA 30 Inventory Turnover* NA NA NA - NA NA NA 31 Operating Margin (in %) (refer note 24)* -~ NA NA NA #'c.l<IN~ NA NA NA 32 Net Profit Margin (in %) (refe r note 25) //.,~,~ ~.:s- .,()~ 58.62% 62.83% 67.64% fl.~~ q ,o..'iJ % 55.57% 61.13% 33 Distribution per unit (refer note 27) 'l<Q/ ' :s:>\ 5.83 5.79 5.15 j ~; '1n 2 10.19 21.95 34 Net Operat ing Income* I ':4!( ~ .fn I NA NA NA I !:: ~ ! A NA NA 35 Sector Specific equivalent ratio* I~\ <:... ..,,_ I NA NA NA ~' ' ./ /. ,::_" J A NA NA * NA denotes Not Applicable ·~~~~,, ~ * 'J.. "/1 Q~~ .. ); _z,, -
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Mindspace Business Parks REIT RN:IN/REIT/19-20/003 Statement of Standalone Financial Results {Continued) Notes to Standalone Financial Results (all amounts in Rs. millions unless otherwise stated) Formulae for computation of ratios are as follows :- 1 Security/ Asset cover ratio (NCD Series 3) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 3 + Interest accrued thereon) 2 Security/ Asset cover ratio (NCD Series 4) = Fair value of the secured assets as computed by independent value1·s / (Outstanding principal amount of NCD Series 4 + Interest accrued thereon) 3 Security/ Asset cover ratio (Green Bond 1) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of Minds pace REIT Green Bond 1 + Interest accrued thereon) 4 Security/ Asset cover ratio (NCD Series 6) = Fair value of the secured assets as computed by independent valuers / (Outstanding principal amount of NCD Series 6 + Interest accrued thereon) 5 Security/ Asset cover ratio (NCD Series 7) = Fair value of the secured assets as computed by independent value1·s / (Outstanding principal amount of NCD Series 7 + Interest accrued thereon) 6 Security/ Asset cover ratio (NCD Series 8) = Fair value ofthe secured assets as computed by independent value1·s / (Outstanding principal amount of NCD Series 8 + Interest accrued thereon) 7 Security/ Asset cover ratio (NCD Series 9) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 9 + Interest accrued thereon) 8 Security/ Asset cover ratio (NCD Series 10) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 10 + Interest accrued thereon) 9 Security/ Asset cover ratio (NCD Series 11) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 11 + Interest accrued thereon) 10 Security/ Asset cover ratio (NCO Series 12) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 12 + Interest accrued thereon) 11 Security/ Asset cover ratio (NCO Series 13) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 13 + Interest accrued thereon) 12 Security/ Asset cover ratio (NCD Series 14) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 14 + Interest accrued thereon) 13(i) Total Debt= Long term borrowings+ Short term borrowings+ Interest accrued on debts (current and non-current) 13(ii) Debt Equity Ratio= Total Debt/Total Equity 14 Debt Service Coverage Ratio= Earnings before interest {net of capitalization}, depreciation and amortisation exceptional items and tax/ (Interest expenses {net of capitalization}+ Principal repayments made during the period which excludes bullet and full repayment of external borrowings) 15 Interest Service Coverage Ratio= Earnings before interest {net of capitalization} , depreciation and amortisation exceptional items and tax/ (Interest expense {net of capitalisation}) 16 Net worth =Corpus+ Unit capital+ Other equity 17 Current ratio= Current assets/ Current liabilities 18 Long term Debt = Long term borrowings { excluding current maturities of long term debt) and interest accrued thereon . 19 Long term debt to working capital ratio= Long term debt/ working capital (i.e. Current assets less current liabilities) 20 Current liability ratio= Current liabilities/ Total liabilities 21 Total debt to total assets= Total debt/ Total assets 22 Debtors Turnover= Revenue from operations (Annualised)/ Average trade receivable 23 Bad debts to account receivable ratio= Bad debts (including provision for doubtful debts)/ Average trade receivable 24 Mindspace REIT's income is earned from its investment in asset SPVs and classified as income from investment activity and therefore, operating margin ratio is not applicable and not disclosed 25 Net profit margin = Profit after exceptional items and tax/ Total Income 26 Asset cover available= Gross Asset value of the subsidiaries of the trust as computed by independent valuer/ Total Borrowings (Long term and Short term borowings + Accrued interest on borrowings) 27 Distribution per unit= Distribution declared during the period/ Total No. of units
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Statement of Standalone Financial Results (Continued) Notes to Standalone Financial Results (all amounts in Rs. millions unless otherwise stated) 7 The above Standalone Financial Results of Mindspace REIT for the quarter and half year ended 30 September 2025 have been reviewed by the Audit Committee of K Raheja Corp Investment Managers Private Limited ("Manager") and approved for issue in accordance with the resolution passed by the Board of Directors of the manager in its meeting held on OS Novemeber 2025. 8 The Standalone Financial Results have been prepared in accordance with the requirements of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended from time to time ("the REIT regulations"), including any guidelines and circulars issued thereunder read with SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 ("SEBI Circulars"); recognition and measurement principles laid down in Indian Accounting Standard 34 -Interim Financial Reporting (Ind AS 34), as prescribed in Rule 2(l)(a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended) , other accounting principles generally accepted in India, to the extent not inconsistent with the REIT regulations; Regulation 52 and Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended from time to time ("Listing Regulations"). The accounting policies adopted and methods of computation followed are consistent with those of the previous financial year. 9 During the quarter and financial year ended 31 March 2025, Mindspace REIT entered into share acquisition agreement with shareholders of Sustain Properties Private Limited, Asset SPV for acquisition of 100% equity shareholding of the Asset SPV in exchange for the units of Minds pace REIT. The acquisition was effected on 6th March 2025 ("Acquisition Date"). As consideration for the assets acquired, Mindspace REIT issued 1,61,65,452 units at unit price of Rs. 379.08 per unit totalling to Rs. 6,128.00 million. Mindspace REIT has also incurred directly attributable expenses in relation to the asset acquisition, amounting to Rs. 15.74 million, resulting in the total transaction price of Rs. 6,143.74 million. 10 a) The figures for the quarter ended 30 September 2025 are the derived figures between the figures in respect of the half year ended 30 September 2025 and the figures for the quarter ended 30 June 2025, which are subjected to limited review. b) The figures for the quarter ended 30 September 2024 are the derived figures between the figures in respect of the half year ended 30 September 2024 and the figures for the quarter ended 30 June 2024, which were subjected to limited review. 11 The Net Distributable Cash Flows of Mindspace REIT are based on the cash flows generated from Mindspace REIT's assets and investments . In terms of the Distribution Policy of Mindspace REIT and the REIT Regulations, not less than 90% of the NDCF of each of the Asset SPVs is required to be distributed to Mindspace REIT, in proportion of Mindspace REIT's shareholding in the Asset SPV, subject to applicable provisions of the Companies Act 2013. NDCF to be received by Minds pace REIT from the Asset SPVs may be in the form of dividends, interest income, repayment of debt by SPVs to REIT, proceeds of any capital reduction or buyback from the Asset SPVs or as specifically permitted under the Trust Deed or in such other form as may be permissible under the REIT Regulations. Such SPV Distributions shall be declared and made for every quarter of a Financial Year in terms of the Distribution Policy. 12 The Unitholders have the right to receive at least 90% of the Net Distributable Cash Flows of the Trust on quarterly basis in accordance with the Distribution Policy. The Board of directors of Manager approves distributions. The distribution will be in proportion to the number of Units held by the Unitholders. The Trust declares and pays distributions in Indian Rupees. Under the provisions of the REIT Regulations, Minds pace Business Parks REIT is required to distribute to Unitholders not less than 90% of the net distributable cash flows to be met for a given financial year on a cumulative periodic basis. Accordingly, a portion of the Unit Capital contains a contractual obligation of the Minds pace Business Parks REIT to pay to its Unitholders cash distributions . Hence, the Unit Capital is a compound financial instrument which contains equity and liability components in accordance with Ind AS 32 - Financial Instruments : Presentation . However, in accordance with SEBI vide master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 (Master Circular), as amended from time to time , issued under the REIT Regulations, the Unitholders' funds have been presented as "Equity" in order to comply with the requirement s of Section A of Chapter 4 to the Master Circular (as amended from time to time) . Consequently, consistent with Unit Capital being classified as equity, the distributions to Unitholders in the form of dividend, interest and other income are presented in Other Equity when the distributions are approved by the Board of Directors of Manager. 13 In accordance with amendment in REIT Regulations vide SEBI Master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025, the Entity has presented the distribution to its unitholders related to repayment of debt by Hold Co/SPV to REIT, as a negative amount on the face of the Balance Sheet as a separate line item 'Distribution - RP.paymP.nt nf Capital' under the sub-headine 'Equity' under the headine 'Equity and Liabilities' for half year ended 30 September 2025. Accordingly, distribution for the year ended 31 March 2025 and half year ended 30 September 2024 have been regrouped in line with the said requirements. 14 Mindspace REIT does not have any reportable operating segments and hence, disclosure under Ind AS 108, operating segments has not been provided in the Standalone Financial Results. 15 The Standalone financial results for the quarter and half year ended 30 September 2025 have been subjected to review by Statutory Auditors of Mindspace REIT and they have issued an unmodified report on the above results. 16 The figures for the previous periods/year are re-classified/re-arranged/re-grouped, wherever necessary. "0.00" represents value less than Rs. 0.005 million. For and on behalf of the Board of Directors of K Raheja Corp Investment Managers Private Limited (acting as the Manager to Mindspace Business Parks REIT) ~~\ RameshN~ - Chief Executive officer and Managing Director DIN: 09282712 Place: Mumbai Date : 05 November 2025 ~ -/J ~ Preeti N. Chheda Chief Financial Officer Place: Mumbai Date : 05 November 2025
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Deloitte Chartered Accountants Commerz Ill, 30th & 31st floors International Business Park Oberoi Garden City Haskins & Sells LLP Off. Western Express Highway Goregaon (East) Mumbai-400 063 Maharashtra, India INDEPENDENT AUDITOR'S REPORT ON REVIEW OF CONDENSED STANDALONE FINANCIAL STATEMENTS To The Board of Directors, K Raheja Corp Investment Managers Private Limited (formerly known as K Raheja Corp Investment Managers LLP) (The "Manager") (Acting in capacity as the Investment Manager of Mindspace Business Parks REIT) Introduction 1. We have reviewed the accompanying unaudited Condensed Standalone Financial Statements of Mindspace Business Parks REIT (the "REIT"), ("the Condensed Standalone Financial Statements") which comprise of the following: the unaudited Condensed Standalone Balance Sheet as at 30 September 2025; the unaudited Condensed Standalone Statement of Profit and Loss (including other comprehensive income) for the quarter and half year ended 30 September 2025; • the unaudited Condensed Standalone Statement of Cash flow for the quarter and half year ended 30 September 2025; the unaudited Condensed Standalone Statement of Changes in Unitholders' Equity for the half year ended 30 September 2025; the unaudited Statement of Net Assets at Fair Value as at 30 September 2025; the unaudited Statement of Total Returns at Fair Value for the half year ended 30 September 2025; the unaudited Statement of Net Distributable Cash Flow for the quarter and half year ended 30 September 2025; and select explanatory notes. These Condensed Standalone Financial Statements are being submitted by the Manager pursuant to the requirements of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended (the "REIT Regulations"), and pursuant to requirement of Regulations 52 and 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. The Condensed Standalone Financial Statements, which is the responsibility of Manager and approved by the Manager's Board of Directors, have been prepared in accordance with the requirements of the REIT Regulations, Listing Regulations, the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Condensed Standalone Financial Statements based on our review. Scope of Review 3. We conducted our review of the Condensed Standalone Financial Statements in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Manager's personnel responsible for financial and accounting matters, and applying analytical and other review ~ sKINs r:f proce_dures. A review is -substantially less in scope than an audit conducted in accordance with 1./J~ ta ndards on Auditing issued by ICAI and consequently does not enable us to obtain assurance that t: t,U f1l e would become aware of all significant matters that might be identified in an audit. Accordingly, we o -, r r;:: o:, o not express an audit opinion. ~ ~ 0 * <> Regd. Office: One International Center, Tower 3, 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 Page 1 of 2
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Deloitte Haskins & Sells LLP Conclusion 4. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, has not been prepared in accordance with the REIT Regulations which prevails over certain Ind AS requirements, as explained in the Emphasis of Matter paragraph 5 below, Listing Regulations and also in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, or has not disclosed the information required to be disclosed in terms of REIT Regulat ions, including the manner in which it is to be disclosed, or that it contains any material misstatement. Emphasis of Matter 5. We draw attention to Note 15(a)(i) of the Condensed Standalone Financial Statements, which describes the presentation of "Unit Capital" as "Equity" to comply with REIT Regulations. Our conclusion is not modified in respect of this matter. Mumbai, November 05, 2025 f'<'~S KI I- ~ ::Yo * c /I For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Kedar Raje Partner Membership No. 102637 UDIN: 2 5 l 02 f/37BNk: gRCJ O 3 3 Page 2 of 2
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Mindspace Business Parks RElT .8.ftlli/REIT /19-20/003 Condensed Standalone Statement of Assets and Liabilities (all amounts are in Rs. million unless otherwise stated) Particulars ASSETS Non-current assets Finanr:ial assets - Investments - Loans - Other financial assets Non current tax assets ( net) Other non-current assets Total non-current assets Current assets Financial assets - Loans - Cash and cash equivalents - Other Bank Balances - Other financial assets Other current assets Total current assets Total assets £QUID AND UABIUllB EQUITY Corpus Unit capital Distribution-Repayment of Capital other equity Total equity 1!Ml.l.!.I© Non-current liabilities Financial liabilities - Borrowings - Other financial liabilities Deferred Tax liabilities (net) Total non-current liabilities c,,rrent liabilities Financial liabilities - Borrowings -'Trade payables - total outstanding dues ot micro and small enterprrses: and - total outstanding dues of creditors other than micro and small enterprises - Other financial liabilities Other current liabilities Current tax liabilities (net) Total current liabilities Total liabilities Total equity and liabilities Material accounting policies See the accompanying notes to the Condensed standalone financial statements As per our report of even date attached . For Deloitte Haskins & Sells LLP Chartered Accountants Firm's registration number: 117366W/W-100018 Kedar Raje Partner Membership number: 102637 Place: Mumbai Date : OS November 2025 Note 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 4-40 For and on behalf of the Board of Directors of K Raheja Corp Investment Managers Private Limited As at 30 September 2025 (Unaudite d) 1,62,246 32 45,933 .76 881.26 36 87 2,09JD98.21 23,677 66 19 34 0 82 287,93 52 44 !4,038.19 2,:n 413e,a9 0 01 1,68,964 03 (6,767 .63) 324 .18 1,62,520.59 47,317 55 67 48 47.385.03 22,967.25 0 38 18 34 236 61 4 66 3.54 23,230.78 70,615.81 2,33,136.40 (acting as the Manager to Mindspace Business Parks REIT) i~ Chief Executive officer and Managing Director DIN: 09282712 Place: Mumbai Date : OS November 2025 Preeti N. Chheda Chief Financial Officer Place: Mumbai Date : OS November 2025 As at As at 31 March 2025 30 September 2024 (Au~rtod Ur1auditedl 1,62,246 32 1,56,102 58 42,729 . 35 40,432 48 823.43 313 2 80 28.70 6 04 tos,Bl7 .ao I,96,S47,D3 6,427 22 11,200 16 281 75 947 90 1 25 0 42 93 38 125 46 29 28 35 15 6,83l.88 12,309.09 2.17.,660,68 2,08,556 .12 0.01 0.01 1,68,964 03 1,62,838 .82 (3,142 . 99) (984-41) 461.16 78169 1,66,282.21 1,62,636.11 40,294.30 35,294 67 65 29 26,06 0.44 40,360.03 35,320.73 5,861.31 10,703 ,26 2 17 0 45 15 88 22 33 129 27 169 53 8 71 3,71 110 6,018.44 10,899.28 46,378.47 46,220.01 2,12,660.68 2,08,856.ll
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Mindspace Business Parks REIT RN:IN/REIT/19-20/003 Condensed Standalone Statement of Profit and Loss (All amounts ore in Rs. million unless otherwise stated) Particulars I Other income II Total income Ill Expenses Other expenses Total expenses (Ill) IV Earnings before finance costs and tax (11-111) V Finance costs VI Profit before tax (IV-V) VII Less: Tax expense Current tax Deferred tax Total Tax Expenses (VII) VIII Profit for the period (VI-VII) IX Other comprehensive income X Total comprehensive income for the period (Vl+VII) Earnings per unit Basic Diluted Note 25 27 26 28 29 Material accounting policies 3 See the accompanying notes to the Condensed standalone 4 -40 financial statements. *refer note 36 As per our report of even date attached. For Deloitte Haskins & Sells LLP Chartered Accountants '"'WT"'" U'366W/w-rnoo,s Kedar Raje Partner Membership number: 102637 Place: Mumbai Date : 05 November 2025 For the quarter ended For the quarter ended 30 September 2025 30 September 2024 (Unaudited*) (Unaudited*) 3,183.66 2,925.32 3,183.66 2,925.32 77.15 62.03 77.15 62.03 3,106.51 2,863.29 1,226.97 881.47 1,879.54 1,981.82 13.19 3.10 0.00 13.19 3.10 1,866.35 1,978.72 1,866.35 1,978.72 3.06 3.34 3.06 3.34 For and on behalf of the Board of Directors of K Raheja Corp Investment Managers Private Limited (acting as the Manager to Mindspace Business Parks REIT) Chief Executive officer and Managing Director DIN: 09282712 Place: Mumbai Date : 05 November 2025 Preeti N. Chheda Chief Financial Officer Place: Mumbai Date: 05 November 2025 For the half year ended For the half year ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) 6,084.30 3,933.65 6,084.30 3,933.65 143.95 101.28 143.95 101.28 5,940.35 3,832.37 2,229.67 1,639.31 3,710.68 2,193.06 22.43 6.98 (0.44) 21.99 6.98 3,688.69 2,186.08 3,688.69 2,186.08 6.06 3.69 6.06 3.69
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Mindspace Business Parks REIT RN:IN/REIT / 19-20/0 03 Condensed Standalone Statement of Cash Flows (all amounts are in Rs. million unless otherwise stated) Particulars A Cash flows from operating activities Profit before tax Adjustments: Interest income Dividend Income Guarantee commission fees Net gains on fair value of mutual funds measured at FVTPL Gain on redemption of mutual fund units Finance costs Operating cash flows before working capital changes Changes in working capital (Increase) in financial and other assets (Decrease) in financial and other liabilities Increase in Trade payables Cash (used in) operations Income tax paid (net) Net cash (used in) operating activities (A) B Cash flows from investing activities Loans repaid by SPV Loans given to SPVs Investment in Equity Shares of SPVs Investment in fixed deposit Investment in Mutual Fund Proceeds from redemption of mutual fund Dividend Received Guarantee commission fees Interest received Changes in other bank balance(net) Acquisition Costs for acquistion of an asset SPV Net cash (used in) from investing activities (B) C Cash flows from financing activities Proceeds from issue of C:nmmercL:=11 Priper Redemption of Commercial Paper Proceeds from issue of debentures Redemption of debentures Distribution to unit holders Interest paid Expenditure towards units issued for acquistion of an asset SPV Debenture issue expenses Net cash generated from financing activities ( C) Net (decrease) in cash and cash equivalents Adjustments for net gains on fair value of mutual funds measured at FVTPL Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Cash and cash equivalents comprise: Balance with banks - in current accounts Investment in overnight mutual funds Cash and cash equivalents at the end of the period (refer note 10) Material accounting policies 3 See the accompanying notes to the Condensed standalone financial statements. 4 -40 As per our report of even date attached. For Deloitte Haskins & Sells LLP Chartered Accountants Kedar Raje Partner on ~ umber: 117366W/W-100018 Membership number: 102637 Place: Mumbai Date : 05 November 2025 For the half year ended 30 September 2025 (Unaudited) 3,710.68 (2,380.51) (3,679.68) 1.03 (25.13) 2,229.68 {143.93) (37.03) (1.10) 3.28 {178.78) (19.98) {198.76) 52,534.30 (72,989.14) (65.82) (17,690.00) 17,715.13 3,679.68 0.35 2,201.06 (0.88) (15.85) {14,631.17) ?4,31364 (17,694.80) 17,500.00 (7,450.25) (2,086.69) (1.37) (1198) 14,568.55 (261.38) (1.03) 281.75 19.34 19.34 19.34 For the half year ended 30 September 2024 (Unaudited) 2,193.06 (2,040.02) (1,877.00) (1.61) (15.02) 1,639.31 (101.28) (22.58) (12.50) 8.16 (128.21) (9.86) (138.07) 31,475.23 (39,289.88) (1,999.81) (6,027.40) 6,042.56 1,877.00 5.02 2,841.41 (5,075.87) S,707 88 (1,446.12) 11,500.00 (4,500.00) (5,817.51) (2,303.91) (15.76 ) 3,124.58 (2,089.89) 3,037.81 948.32 258.35 689.97 948.32 For and on behalf of the Board of Directors of K Raheja Corp Investment Managers Private Limited (acting as the Manager to Minds pace Business Parks REIT) Chief Executive officer ond Managing Director DIN: 09282712 Place: Mumbai Date : 05 November 2025 Preeti N. Chheda Chief Financial Officer Place: Mumbai Date : 05 November 2025
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Mindspa ce Business Parks REIT KN1IN/ PlEIT {l!Vi:O/ Q!H Condensed Standalone Statement of changes in Unitholder's Equity (all amounts are in Rs. Millions unless otherwise stated) A. Corpus Particulars Balance as on 1 April 2024 Add : Changes during the year Balance as on 31 March 2025 Balance as on 1 April 2025 Add : Changes during lhe period Closing balance as at 30 September 2025 Balance as on 1 April 2024 Add : Changes during the period B Unit Ca ital Particulars Balance as on 1 Apr'11 2D24 Add: Units issued during the year {refer note 15) less: Issue Expenses Balance as on 31 March 2025 Balance as on 1 April 2025 Less: Issue Expenses Closing balance as at 30 September 2025 Balance as on 1 April 2024 Add : Ch.ani;es dmjrr, the perlot.l dc~ln .1: bill.lnc.t! as at 3d 5ept!!mbe.r 20.24 C. Distribution-Re payment of Capital Paniculars Balance as on 1 April 2024 Less: Distribution to Unit holders for the quarter ended 30 June 2024.t Less: Distribution to Unit holders for the quarter ended 30 September 2024.t Less: Distribution to Unit holders for the quarter ended 31 December 2024 • Balance as on 31 March 2025 Less: Distribution to Unit holders for the quarter ended 31 March 2025"' Less: Distribution to Unit holders for the quarter ended 30 June 2025 • •(Refer note 16) Distribution - Repayment of Capital Balance as at 1 April 2024 Less: Distribution to Unit holders for the quarter ended 30 June 2024"' D. Other e uit Particulars Balance as an 1 April 2024 Profit for the year ended 31 March 2025 Other comprehensive income for the year Less: Distribution to Unit holders for the quarter ended 31 March 2024"'"' Less: Distribution to Unit holders for the quarter ended 30 June 2024 .. Less: Distribution to Unit holders for the quarter ended 30 September 2024 • • Less: Distribution to Unit holders for the quarter ended 31 December 2024•• Balance at 31 March 2025 8alanca as on iAprn 2025 Profit for the period ended 30 September 202S Other comprehensive income for the period Less: Distribution to Unit holders for the quarter ended 31 March 2025•• Less: Distribution to Unit holders for the quarter ended 30 June 2025 .. Balance at 30 September 2025 Balance as on 1 April 2024 Profit for the period ended 30 September 2024 other comprehensive income for the period Less: Distribution to Unit holders for the quarter ended 31 March 2024 .. Less: Distribution to Unit holders for the quarter ended 30 June 2024 ° Balance at 30 September 2024 Amount 0 01 0 01 0.01 0 01 0 01 Amount 162,838 82 6,128 00 2 79 168,964.03 168,964.03 168,964.03 162,838.82 162,838~82 Amount (984 41) (1,043 .71) (1,114.87) (3,142.99) (2,119 96) (1,504 6B) 16,767 ,63] Amount (984 41) (984. 41\ Retained Earnings 3,428.71 5,915_86 (2,828 70) (2,004 40) (2,010 33) (2,039 98) 461.16 461 .16 3,688_69 (1,803 17] (2,022 SO] 324.18 3,428.71 2,186 08 (2,828 70] (2,004 40) 781.69 • •The distributions made by Mindspace REIT to its Unit holders are based on the Net Distributable Cash flows {NDCF) of Mindspace REIT under the REIT Regulations and represents distributions other than repayment of debt by SPV to REIT Material accounting policies See the accompanying notes to the Condensed standalone financial statements , As per our report of even date attached , For Deloitte Haskins & Sells LLP Chartered Accountants i!l(,a n number: 117366W/W-100018 Kedar Raje Partner g Membership number: 102637 Place: Mumbai Date : 05 November 2025 4-40 For and on behalf of the Board of Directors of K Raheja Corp Investment Managers Private Limited {{r··-:x .. ···"~";,::: µ ~ ~ ~.J Preeti N. Chheda Chief Executive officer and Managi11g Director DIN: 09282712 Place: Mumbai Date: OS November 2025 Chief Financial Officer Place: Mumbai Date : OS November 2025
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT /19-20/003 Statement of Net Assets at fair value (all amounts In Rs. million unless otherwise stated) Disclosure pursuant to guidance under Chapter 3, Paragraph 3.4.7 to SEBI Master Clrcular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 A) Statcmcntc:if Net As.s.ets.at fair value S.No Particulars A B ,: a E ' G Notes Total Assets Total Liabilities Net Assets (A-B) Less: Non-Controlling Interest Net Assets attributable to unitholders (C-0) No. of unit s NAV pet unit [EIF) 1) Measurement of fair values: As ilt 30 September 2025 tunauditedl Book Value Fair Value 2,33,136 .40 3,60,174 33 70,615 .81 1,62,520,57 1,62,520.57 60,91.83,634 266.78 70,615 81 2,89,558.52 2,89,558.52 6D,91,B3.o!4 475.32 Asat31 March 202S (Audited) AsJlt 30 September 2024 (Unaudited) Book Value fgffVlllUt! Book Value Falt Value 2,12,660.68 3,04,433 71 2,08,8S6 12 2,74,5S7.39 46,378_47 46 378.47 46.220.01 46_220 01 1,56,282.21 2,58,055,24 1,62,636.11 2,28,337.38 1,06,282.21 2,58,055.24 1,62,636.11 2,28,337.38 60,)1,8.3,634 GOJU ,sl,634 5:J.,30, 18,182 ~9,30,18,! Bl 272.96 423161 274.25 311£04 The fair values of Investments in SPV are computed basis the fair value of Investment property , Property, plant and equipment, Investment property under construction and Capital work-in-progress which are solely based on an indepe ndent valuation performed by an external property valuer ("independent valuer"), having appropriately recognised professional qualification and recent experience in the locatlon and category of the properties being valued Valuation Technique The fair value measurement for all of the Investment property, Property, plant and equipment, Investment property under construction and Capital work-in-progress including Pocharam, which has been classified as held for sale (excluding Pocharam building) has been categorized as a Leve l 3 fair value based on the inputs to the valuation technique used The valuer has followed a Discounted Cash Flow method, except for valuation of land for future development where the val Lier has adopted Comparable Sales Method (under the Market Approach). The Discounted Cash Flow valuation model considers the present value of net cash flows to be generated from the respective properties, taking into account the expected rental growth rate, vacancy period, occupancy rate , and lease incentive costs The expected net cash flows are discounted using the risk adjusted discount rates Arnone other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), tenant credit quality, lease terms and investor return expectations from such propertie s.The existing buildings in Pocharam are unoccupied Considering the absence of leasing demand in the near term, and therefore no expected income stream and also since the asset is held for sale, the Valuer has opte d for lhe Cost Approach. Under this method, building and plant & machinery components have been valued using the Depreciated Replacement Cost Method . The same has been catego rised as a level 3 fair value based on the inputs from the valuation techniqu~ used. 2) Break up of Neta~el velue as ilt305eptembc.r2025 Panrculars As at 30 September 2025 (Unaudited) As at 31 March 2025 (Audited) As at 30 September 2024 (Unaudited) Fair Value of Investmen ts in SPVs 2,89,284 25 2,54,019.36 2,21,805 25 Add: other assets• 70,890 08 :;0,414 35 52,752 14 less: liabilities (70,615.81) (.l6,378.'17) (46,220 01) Net;, s.seu 2,ag,s5s.s2 .?..58.055.24 212s,317.38 •other assets includes cash and cash equivalents, loans to SPVs, fixed deposits and other working capital balances which are not factored in the discounted cashflow method used In determining the fair value of Investment property, investment property under development, property, plant and equipment, capital work-in-progre ss and intangibles. 3) The Trust holds lnvestment in SPVs which in turn hold the propertie s. Hence, the breakup of property wise fair values has been disclosed in the Condensed Consolidated financial statemen ts. B) su1e·mei,t of Total l\t tur ns at fafr Villue S.No Partlculars For the half year ended For the half year ended 30 September 2025 30 September 2024 (Unaudited) (Unaudltecll A Total Comprehensive Income (As per the Statement of Profit and loss) 3,688.69 2,186.08 B Add/Less: Other Change in Fair Value not recognised in Total Comprehensive Income 35,334.37 L0,797,09 C Total Return lA+BI 39,023.06 t2.9ll3,17 Note: Total Return for the purpose of Standalone financial statement s has been considered based on the total return of Mindspac.e REIT on a consolidated basis adjusted for consol!dation adjustments . Material accounting policies See the accompan ying notes to the Condensed standalone financial statements , As per our report of even date attached For Deloitte Haskins & Sells LLP Chartered Accountants F;rrn' boo ll73 66W/W•l00 018 Kedar Raje Partner Membership number: 102637 Place: Mumbai Date : 05 November 2025 For and on behalf of the Board of Directo rs of K Raheja Corp Investment Managers Private Limited ~J; tJ: ~••"'-•M,Om, ~~t Chief Executive offici:r ond Manoqinq Dire, tor DIN: 09282712 Place: Mumbai Date: 05 November 2025 1~- /J ~ Preeti N. Chheda Chief Financial Officer Place: Mumbai Date: 05 November 2025
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 (All amounts in Rs. million unless otherwise stated) Statement of Net Distributable Cash Flows (NDCF) of the Trust NDCF pursuant to guidance under Chapter 3, Pnragraph 3.19 lo SEBI masler circular no. SEBI/HO/DDHS-roD-2/P/CIR/2025/99, dated 11 July 2025. Description Cashflows from operating activities of the Trust Add: Cash flows received from SPV's / Investment entities which represent distributions of NDCF computed as per relevant framework ! 3 l & (4) Add: Treasury income / income from investing activities of the Trust (interest income received from FD, any investment entities as defined in Regulation 18(5), tax refund, any other income in the nature of interest, profit on sale of Mutual funds, investments, assets etc., dividend income etc., excluding any Ind AS adjustments . Further clarified that these amounts will be considered on a cash receipt basis) Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs/Holdcos or Investment Entity adjusted for the following • Applicable capital gains and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs/ Hold cos or Investment Entity not distributed pursuant to an earlier plan to re-invest as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations, if such proceeds are not intended to be invested subsequently Less: Finance cost on Borrowings as per Profit and Loss Account. However, amortization of any transaction costs can be excluded provided such transaction costs have already been deducted while computing NDCF of previous period when such transaction costs were paid(Z) Less: Debt repayment at Trust level (to include principal repayments as per scheduled EMl's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments/ debt refinanced through new debt in any form or funds raised through issuance of units) Less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any: (i). loan agreement entered with financial institution, or (ii). terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos, or (iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos, or (iv). agreement pursuant to which the Trust operates or owns the real estate asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or (v). statutory, judicial, regulatory, or governmental stipulations; Less: any capital expenditure on existing assets owned/ leased by the REIT, to the extent not funded by debt/ equity or from contractual re5,=,rv,=,s r.r,=,aterl in the e;:irlier ye;:irs NDCF at Trust Level Notes: For the quarter ended 30 September 2025 (Unaudited) (101.00) 4,932 29 24,39 (1,210.70) 3,644.98 For the half year ended 30 September 2025 (Unaudited) (198-78) 9,595.13 39.95 (2,206 31) 7,229.99 I 1 The Board of Directors of the Manager to the Trust, in their meeting held on OS November 2025, has declared distribution to unitholders of Rs. 5.83 per unit which aggregates to Rs. 3,551.54 million for the quarter ended 30 September 2025. The distributions of Rs. 5.83 per unit comprises Rs, 3.02 per unit in the form of dividend, Rs. 0.03 per unit in the form of interest payment, Rs. 0.01 per unit in the form of other income and the balance Rs. 2.77 per unit in the form of repayment of debt by SPV to REIT. Along with distribution of Rs. 5.79 per unit for the quarter ended 30 June 2025, the cumulative distribution for the half year ended 30 September 2025 aggregates to Rs. 11.62 per unit. 2 Finance cost on Borrowings includes processing fees paid of Rs. 2.03 million for the quarter ended 30 September 2025 and Rs. 11.98 million for the half year ended 30 September 2025. 3 Rs. 3,833.56 million has been received post 30 September 2025, but before finalisation and adoption of financial results by the board of directors and forms part of the NDCF for the quarter ended 30 September 2025. 4 Distribution specified in Note no. 1 above includes distribution of surplus cash received from SPV of Rs. Nil for the quarter ended 30 September 2025 and Rs. 169.10 million for the half year ended 30 September 2025. As per our report of even date attached. For Deloitte Haskins & Sells LLP Chartered Accountants ,,~ mr maesw;w-,=u Kedar Raje Partner Membership number: 102637 Place: Mumbai Date : 05 November 2025 For and on behalf of the Board of Directors of K Raheja Corp Investment Managers Private Limited (acting as the Manager to Mindspace Business Parks REIT) Ji~) 1~AJ~ Ramesh Nair Chief Executive officer and Managing Director DIN: 09282712 Place: Mumbai Date: OS November 2025 Preeti N. Chheda Chief Financial Officer Place: Mumbai Date : OS November 2025
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Mindspace Business Parks REIT RN :IN/REIT /19-20/003 (All amounts in Rs. million unless otherwise stated) Statement of Net Distributable Cash Flows (NDCF) of the Trust NDCF pursuant to guidance under Chapter 3, Paragraph 3.18 to SEBI master circular no. SEBI/HO/DDHS-PoD- 2/P/CIR/2024/43, dated 15 May 2024 Description Cashflows from operating activities of the Trust Add: Cash flows received from SPV's / Investment entities which represent distributions of NDCF computed as per relevant framework (3)&(4) Add: Treasury income / income from investing activities of the Trust (interest income received from FD, any investment entities as defined in Regulation 18(5), tax refund, any other income in the nature of interest, profit on sale of Mutual funds, investments, assets etc., dividend income etc., excluding any Ind AS adjustments. Further clarified that these amounts will be considered on a cash receipt basis) Add: Proceeds from sale of real estate investments, real estate assets or shares of SPVs/Holdcos or Investment Entity adjusted for the following • Applicable capital gains and other taxes • Related debts settled or due to be settled from sale proceeds • Directly attributable transaction costs • Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations Add: Proceeds from sale of real estate investments, real estate assets or sale of shares of SPVs/ Hold cos or Investment Entity not distributed pursuant to an earlier plan to re-invest as per Regulation 18(16)(d) of REIT Regulations or any other relevant provisions of the REIT Regulations, if such proceeds are not intended to be invested subsequently less: Finance cost on Borrowings, excluding amortization of any transaction costs as per Profit and loss Account for the trust! 2 l & 131 Less: Debt repayment at Trust level (to include principal repayments as per scheduled EMl's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt in any form or funds raised through issuance of units) less: any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with, any: (i), loan agreement entered with financial institution, or (ii). terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos, or (iii). terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos, (iv). agreement pursuant to which the Trust operates or owns the real estate asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or (v). statutory, judicial, regulatory, or governmental stipulations; Less: any capital expenditure on existing assets owned / leased by the REIT, to the extent not funded by debt / equity or from contractual reserves created in the earlier years NDCF at Trust Level Notes: For the quarter ended 30 September 2024 (Unaudited) (69.88) 4,050.39 8.74 (867.11) 3,122.14 For the half year ended 30 September 2024 (Unaudited) (138.07) 8,687.48 20.04 (2,454.66) 6,114.79 1 The Board of Directors of the Manager to the Trust, in their meeting held on 25 October 2024, has declared distribution to unitholders of Rs. 5,15 per unit which aggregates to Rs , 3,054,04 million for the quarter ended 30 September 2024, The distributions of Rs. 5.15 per unit comprises Rs. 3.10 per unit in the form of dividend, Rs. 0.28 per unit in the form of interest payment, Rs . 0.01 per unit in the form of other income and the balance Rs. 1.76 per unit in the form of repayment of debt by SPV to REIT. Along with distribution of Rs. 5.04 per unit for the quarter ended 30 June 2024, the cumulative distribution for the half year ended 30 September 2024 aggregates to Rs. 10.19 per unit. 2 Finance cost on Borrowings includes processing fees paid Rs. Nil for the quarter ended 30 September 2024 and Rs. 15.76 million for the half year ended 30 September 2024 . 3 Rs. 3,091.42 million had been received post 30 September 2024, but before finalisation and adoption of financial statements by the board of directors and forms part of the NDCF for the quarter ended 30 September 2024. 4 Includes distribution out of surplus cash of Rs. 97.90 million for the quarter ended 30 September 2024 and Rs. 206.90 miilion for the half year ended 30 September 2024 received from SPVs. As per our report of even date attached. For Deloitte Haskins & Sells LLP Chartered Accountants Firm's registration number: 117366W/W-100018 (1) P Kedar Raje Partner Membership number: 102637 Place: Mumbai Date : OS November 2025 For and on behalf of the Board of Directors of K Raheja Corp Investment Managers Private Limited (acting as the Manager to Minds pace Business Parks REIT) Chief Executive officer and Managing Director DIN: 09282712 Place: Mumbai Date : OS November 2025 ~-u ~ Preeti N. Chheda Chief Financial Officer Place: Mumbai Date: 05 November 2025
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT /19-,0/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts in Rs. million unless otherwise stated) 1 Mindspace REIT Information Mindspace Business Parks REIT ('Mindspace REIT' or 'Trust') was set up on 18 November 2019 at Mumbai, Maharashtra, India as a contributory , determinate and irrevocable trust under the provisions of the Indian Trusts Act, 1882, pursuant to a trust deed dated 18 November 2019. Mindspace REIT was registered with Securities and Exchange Board of India ('SEBI') on 10 December 2019, at Mumbai as a Real Estate Investment Trust ('REIT') pursuant to the SEBI (Real Estate Investme nt Trusts) Regulations, 2014 as amended from time to time including guidelines and circulars issued thereunder ('REIT Regulation s') having registration number IN/REIT/19-20/0 003. The Trust's principal place of business address is at Raheja Tower, Level 8, Block 'G', C-30, Sandra Kurla Complex, Mumbai - 400 051. An bee Constructions LLP (ACL) and Cape Trading LLP ('CTL') are the sponsors of Minds pace REIT. The Truste e to Mindspace REIT is Axis Trustee Services Limited (the 'Trustee') and the Manager for Mindspace REIT is K Raheja Corp Investment Managers Private Limited (the 'Manage r') . The objectives and principal activity of Mindspace REIT is to carry on the activity of a real estate investment trust, as perm issible under the REIT Regulations, to raise funds through the REIT, to make investme nts in accordance with the REIT Regulations and the investment strategy and to carry on the activities as may be required for operating the REIT, including incidental and ancillary matters thereto , The units of the Trust were listed on the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) on 7 August 2020. The brief activities and shareholding pattern of the Special Purpose Vehicles ('SPVs') a re provided below: Name of the SPV/Subsidiary Mindspace Business Parks Private Limited (MBPPL) Gigaplex Estate Private timited (Gieaplex) Activities Equity Shareholding (in percentage) as at 30 September 2025 The SPV is engaged in real estate development projects Mindspace REIT: 100% such as Special Economic Zone (SEZ), Info rmation Technology Parks and other commercial assets. The SPV has its projects in Airoli (Navi Mumbai), Pune and Pocharam (Hyderabad). The SPV is a deemed distribution licensee pursuant to which it can distribute power to the SEZ tenants within the Park. It commenced distribution of electricity in its project at Airoli, Navi Mumbai from 9 April 2015 The SPV is engaged in real estate development projects Mindspace REIT : 100% sLJch as Sperial Economic Zone (SF?), Informat ion Technology Parks and other commercial assets. The SPV has its projects in Airoli (Navi Mumbai). The SPV is a deemed distribution licensee pursuant to which it can distribute power to the SEZ tenants within the Park. It commenced distribution of electricity in its project at Airoli, Navi Mumbai from 19 April 2016. Equity Shareholding (in percentage) as at 31 March 2025 Mindspace REIT: 100% Mindspace REIT: 100%
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MINDSPACE BUSINESS PARKS REIT RN:IN/ REIT/19-20/00 1 Notes to the Condensed Standalone Financial Statements (continued) (all amounts in Rs. million unless otherwise stated) Name of the SPV/Subsidiary Activities Sundew Properties Limited The SPV is engaged in development (Sun dew) leasing/licensing of Information Technology (IT) SEZ to different customers in Hyderabad . lntime Properties Limited The SPV is engaged in development Equity Shareholding (in percentage) as at 30 September 2025 and Mindspace REIT: 89% park, Telangana State Industrial Infrastructure Corporation Limited (11%) and Mindspace REIT: 89% (lntime) leasing/licensing of IT park to different customers in Telangana State Industrial Hyderabad. Infrastructure Corporation Limited (11%) K. Raheja IT Park (Hyderabad) The SPV is engaged in development and Mindspace REIT : 89% Limited (KRIT) leasing/licensing of IT park to different customers in Telangana State Industrial Hyderabad. Infrastructure Corporation Limited (11%) KRC Infrastructure And The SPV is engaged in real estate development projects Mindspace REIT: 100% Projects Private Limited (KRC such as Special Economic Zone (SEZ) and Information Infra) Technology Parks. The SPV has its project in Kharadi Pune. The SPV is a deemed distribution licensee pursuant to which it can distribute power to the SEZ tenants within the Park. It commenced distribution of electricity in its project at Kharadi, Pune from 1 June 2019. The SPV is also engaged in Facility Management services. Horizonview Properties The SPV is engaged in development and Mindspace REIT: 100% Private Limited (Horizonview) leasing/licensing of IT park to different customers in Chennai. Avacado Properties and The SPV has developed an Industrial park for the Mindspace REIT: 100% Trading (India) Private Limited purpose of letting out to different customers in (Ava ca do) Paradigm building at Malad-Mumbai and is being maintained and operated by the SPV. The SPV also has a commercial project in Bandra Kurla Complex, Mumbai. Sustain Properties Private The SPV is engaged in development and Mindspace REIT: 100% Limited (Sustain)(w.e.f. March leasing/licensing of IT park to different customers in 06, 2025) (Refer Note 35) Hyderabad. Equity Shareholding (in percentage) as at 31 March 202S Mindspace REIT : 89% Telangana State Industrial Infrastructure Corporation Limited (11%) Mindspace REIT: 89% Telangana State Industrial Infrastructure Corporation Limited (11%) Mindspace REIT: 89% Telangana State Industrial Infrastructure Corporation Limited (11%) Mindspace REIT: 100% Mindspace REIT: 100% Mindspace REIT: 100% Mindspace REIT: 100%
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MINDSPACE BUSINESS PARKS REIT RN:IN/REJT/19 -20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts in Rs. million unless otherwise stated) 2 Basis of Preparation The Condensed Standalone Financial Statements of Mindspace Business Parks REIT comprises the Condensed Standalone Balance Sheet as at 30 September, 2025, the Condensed Standalone Statement of Profit and Loss, including other comprehensive income for the quarter and half year ended 30 September, 2025 , the Condensed Standalone Statement of Cash Flow for the half year ended September 30, 2025, the Condensed Standalone Statement of Changes in Unitholders Equity for the half year ended September 30, 2025, the Statement of Net Assets at Fair Value as at 30 September, 2025, the Statement of Total Returns at Fair Value for the half year ended 30 September, 2025 and the Statement of Net Distributable Cashflows of Mindspace Business Parks REIT for the quarter and half year ended 30 September, 2025 and a summary of the significant accounting policies and select explanatory information and other additional financial disclosures. The Condensed Standalone Financial Statements have been prepared in accordance with the requirements of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended from time to time including guidelines and circulars issued thereunder read with SEBI vide master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 as amended from time to time ("the REIT regulations"); Regulation 52 and Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended from time to time ("Listing Regulations"); Indian Accounting Standard (Ind AS) 34 "Interim Financial Reporting", as prescribed in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other accounting principles generally accepted in India, to the extent not inconsistent with the REIT regulations . (refer note 15 on presentation of "Unit Capital" as "Equity" instead of compound instruments under Ind AS 32 - Financial Instruments: Presentation). The accounting policies adopted and methods of computation followed are consistent with those of the previous financial year. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. These Condensed Standalone Financial Statements were authorised for issue in accordance with the resolution passed by the Board of Directors of the Manager on OS November, 2025. Statement of compliance to Ind-AS These Condensed Standalone Financial Statements for the quarter and half year ended 30 September 2025 have been prepared in accordance with Indian Accounting Standard (Ind AS) 34 "Interim Financial Reporting",as prescribed in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended) to the extent not inconsistent with the REIT regulations as more fully described above and Note 15 to the condensed standalone financial statements. 3 Material accounting policies a) Functional and Presentation Currency The Condensed Standalone Financial Statements are presented in Indian Rupees, which is also Mindspace REIT functional currency in which Mindspace REIT operates. All financial information presented in Indian Rupees has been rounded off to the nearest million except otherwise stated. b) Basis of measurement These Condensed Standalone Financial Statements are prepared on the historical cost basis, except for certain financial assets and liabilities (refer accounting policy regarding financial instrument) measured at fair values. c) Use of judgments and estimates The preparation of the Condensed Standalone Financial Statements in conformity with generally accepted accounting principles in India (Ind AS) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on a periodic basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most material effect on the amounts recognised in the Condensed Standalone Financial Statements is included in the following notes: (i) Presentation of "Unit Capital" as "Equity" in accordance with the SEBI REIT Regulations instead of compound instrument (Note no 15) (ii) Impairment and Fair valuation of Investments in SPVs and impairment of loans to SPVs. (Note 4 and S) (iii) Recognition and measurement of provisions for contingencies and disclosure of contingent liabilities (Note 32 (a)) d) Current versus non-current classification Mindspace REIT presents assets and liabilities in the Balance Sheet based on current/ non-current classification: An asset is treated as current when it is: • Expected to be realised or intended to be sold or consumed in normal operating cycle; - Held primarily for the purpose of trading; - Expected to be realised within twelve months after the reporting date; or - Cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date.
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT /19-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts in Rs. million unless otherwise stated) All other assets are classified as non-current. A liability is current when: - It is expected to be settled in normal operating cycle; - It is held primarily for the purpose of trading; - It is due to be settled within twelve months after the reporting date; or -There is no right at end of the reporting period to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current Deferred tax assets and liabilities are classified as non-current assets and liabilities. The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. Mindspace REIT has identified twelve months as its operating cycle. e) Measurement of fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Trust takes into account the characteristics of the asset or liability and how market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Mindspace REIT accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities . Minds pace REIT has an established control framework with respect to the measurement of fair values. Mindspace REIT regularly reviews significant unobservable inputs and valuation adjustments . If third party information is used to measure fair values then the finance team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which such valuations should be classified. When measuring the fair value of an asset or a liability, Mindspace REIT uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that entity can access on measurement date. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. 3.1 Foreign currency transactions Transactions denominated in foreign currencies are initially recorded at the functional currency spot rate at the date of the transactions first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies, are translated at the functional currency spot rate at the reporting date. Non monetary foreign currency items that are measured in terms of historical cost are translated using functional currency spot rates at the dates of initial transactions . Exchange differences arising on settlement or translation of monetary items are recognised in statement of profit or loss. 3.2 Embedded derivatives Derivatives embedded in a host contract that is an asset within the scope of Ind AS 109 are not separated. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Embedded derivatives closely related to the host contracts are not separated . Derivatives embedded in all other host contract are separated only if the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host and are measured at fair value through profit or loss. 3.3 Tax expense Income tax expense comprises current tax and deferred tax charge or credit. It is recognised in the Condensed Standalone Statement of Profit and Loss except to the extent that it relates to an item recognised directly in equity or in other comprehensive income in which case, the current and deferred tax are also recognised in equity and other comprehensive income respectively. a) Current tax Current tax comprises the expected tax payable or receivable on the taxable income for the period and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount expected to be paid after considering the uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or substantively enacted by end of reporting period . Current tax assets and liabilities are offset only if there is a legally enforceable right to set off the recognised amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously. Section 115UA of the Income Tax Act, 1961 governs special provisions relating to taxation of Business Trusts. The said section read with 10l23FC) of the Act provides for exemption of dividend income and interest income received from Special Purpose Vehicles (SPVs) in the hands of Business Trusts. Applying the provisions of the said sections, the dividend income and interest income received or receivable by MREIT from its SPVs are exempt from tax.
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MINDSPACE BUSINESS PARKS REIT RN:IN/REIT / l!J-Z0/ 00~ Notes to the Condensed Standalone Financial Statements (continued) (all amounts in Rs. million unless otherwise stated) b) Deferred tax Deferred tax asset/ liability is recognized on temporary differences between the carrying amounts of assets and liabilities in the Condensed Standalone Financial Statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets and liabilities are measured that are expected to apply to the period when the asset is realised or the liability is settled, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which Mindspace REIT expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. 3.4 Provisions and contingent liabilities Provisions are recognised when Mindspace REIT has a present legal or constructive obligation as a result of a past event, it is probable that the Trust will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration net of recoveries if any, required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation . Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability . The unwinding of the discount is recognised as finance cost. Contingent liabilities are disclosed when there is a possible obligation or a present obligation that may, but will probably not, require an outflow of resources. When there is a possible obligation of a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Provisions and Contingent Liabilities are reviewed at each reporting date and adjusted to reflect the current best estimates. 3.5 Investment in SPVs The Trust has elected to recognize its investments in SPVs at cost in accordance with the option available in Ind AS 27, 'Separate Financial Statements'. The details of such investments are given in Note 4. Assets representing investments in SPVs are reviewed for impairment, whenever events or changes in circumstances indicate that carrying amount may not be recoverable. Such circumstances include, though are not limited to, significant or sustained decline in revenues or earnings and material adverse changes in the economic environment. 3.6 Financial instruments a) 1 Initial recognition and measurement 2 Financial assets and/or financial liabilities are recognised when Mindspace REIT becomes party to a contract embodying the related financial instruments. All financial assets, financial liabilities are initially measured at fair value. Transaction costs that are attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from as the case may be, the fair value of such assets or liabilities, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss (FVTPL) are recognised immediately in the Condensed Standalone Statement of Profit and Loss. Financial assets: Classification of financial assets: (i) Mindspace REIT classifies its financial assets in the following measurement categories: - those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit and Loss), and - those measured at amortised cost. (ii) The classification is done depending upon Mindspace REIT business model for managing the financial assets and the contractual terms of the cash flows. (iii) For investments in debt instruments, this will depend on the business model in which the investment is held. (iv) Mindspace REIT reclassifies debt investments when and only when its business model for managing those assets changes.
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MINDSPACE BUSINESS PARKS REIT RN: IN/ REIT/ 19 - lO/ □ Ol Notes to the Condensed Standalone Financial Statements {continued) {all amounts in Rs. million unless otherwise stated) b) Subsequent Measurement {i) Investment in Debt instruments: Subsequent measurement of debt instruments depends on Mindspace REIT business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Trust classifies its debt instruments: Financial assets at amortised cost Financial assets are subsequently measured at amortised cost if these financial assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at fair value through other comprehensive income {FVTOCI) Financial assets are subsequently measured at fair value through other comprehensive income if these financial assets are held within a business whose objective is achieved by both collecting contractual cash flows that give rise on specified dates to solely payments of principal and interest on the principal amount outstanding and by selling financial assets. Financial assets at fair value through the Statement of Profit and Loss {FVTPL) Financial assets are subsequently measured at fair value through the Statement of Profit and Loss unless it is measured at amortised cost or fair value through other comprehensive income on initial recognition . The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit or loss are immediately recognised in the Statement of Profit and Loss. c) Impairment of financial assets: The Mindspace REIT applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, other contractual rights to receive cash or other financial asset . This expected credit loss allowance is computed based on a provision matrix which takes into account historical credit loss experience and adjusted for forward-looking information. d) Derecognition of financial assets: A financial asset is primarily derecognised when: (i) the right to receive cash flows from the asset has expired, or (ii) Mindspace REIT has transferred its rights to receive cash flows from the asset; and Mindspace REIT has transferred substantially all the risks and rewards of the asset, or Mindspace REIT has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. On derecognition of a financial asset in its entirety {other than investments in equity instruments at FVTOCI), the differences between the carrying amounts measured at the date of derecognition and the consideration received is recognised in Statement of Profit and Loss. Any inleresl in l1ansfe11ed financial asset, ihal is creaied or reiained by iviindspace REIT is recognised as a separaie assei or liabiliiy. 3.7 Financial liabilities and equity instruments (a) Classification as debt or equity Financial liabilities and equity instruments issued by Mindspace REIT are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. Financial Liabilities Recognition, measurement and classification Financial liabilities are classified as either held at a) fair value through the Statement of Profit and Loss, or b) at amortised cost. Management determines the classification of its financial liabilities at the time of initial recognition or, where applicable, at the time of reclassification. Mindspace REIT financial liabilities include trade and other payables, loans and borrowings and derivative financial instruments. Subsequent measurement of financial liabilities depends on their classification as fair value through the Statement of Profit and Loss or at amortised cost. All changes in fair value of financial liabilities classified as FVTPL are recognised in the Statement of Profit and Loss. Amortised cost category is applicable to loans and borrowings, trade and other payables. After initial recognition the financial liabilities are measured at amortised cost using the Effective Interest Rate method. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Gains and losses are recognised in the Statement of Profit and Loss when the liabilities are derecognised. Offsetting of financial instruments Financial assets and financial liabilities are offset and presented on net basis in the Balance Sheet when there is a currently enforceable legal right to offset the recognised amounts and there is an intention either to settle on a net basis or to realise the assets and settle the liabilities simultaneously.
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MINDSPACE BUSINESS PARKS REIT RN: I N/REn/19 -20/003 Notes to the Condensed Standalone Financial Statements {continued) (all amounts in Rs. million unless otherwise stated) 3.8 Financial guarantee contracts A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument. Financial guarantee contract are measured initially at the fair value and in accordance with Ind AS 109 unless on a case to case basis Mindspace REIT elects to account for financial guarantee as Insurance Contracts. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less, when appropriate, the cumulative amount of income recognised in accordance with the principles of Ind AS 115. 3.9 Revenue Recognition Revenue is measured at the fair value of the consideration received or receivable. This inter alia involves discounting of the consideration due to the present value if payment extends beyond normal credit terms. Revenue is recognised when recovery of the consideration is probable and the amount of revenue can be measured reliably. Recognition of dividend income, interest income Dividend income is recognised in profit or loss on the date on which Mindspace REIT's right to receive payment is established. Interest income is recognised using the effect ive interest method. The 'effective interest rate' is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the gross carrying amount of the financial asset. In calculating interest income, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired). However, for financial assets that have become credit-impaired subsequent to init ial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. 3.10 Borrowing costs Borrowing costs are interest and other costs (including exchange differences relating to foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs) incurred in connection with the borrowing of funds. Borrowing costs are recognised as an expense in the period in which they are incurred. Interest expense is recognised using the effective interest method . The 'effective interest rate' is the rate that exactly discounts estimated future cash payments through the expected life of the financial instrument to the amortised cost of the financial liability. In calculating interest expense, the effective interest rate is applied to the amortised cost of the liability . 3.11 Cash and cash equivalents Cash and cash equivalents comprises of cash at bank and on hand, demand deposits, investment in overnight mutual funds, other short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in val11~ 3.12 Distribution to unit holders Mindspace REIT recognises a liability to make distributions to Unitholders when the distribution is authorised and a legal obligation has been created. As per the REIT Regulations, a distribution is authorised when it is approved by the Board of Directors of the Manager. A corresponding amount is recognised directly in equity. 3.13 Statement of Cash flows Cash flow is reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of Mindspace REIT a re segregated. For the purpose of the Statement of Cash Flow, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Mindspace REIT's cash management. 3.14 Subsequent events If the Trust receives information after the reporting period, but prior to the date of approved for issue, about conditions that existed at the end of the reporting period, it will assess whether the information affects the amounts that it recognises in its Financial Statements . The Trust will adjust the amounts recognised in its Financial Statements to reflect any adjusting events after the reporting period and update the disclosures that relate to those conditions in light of the new information . For non-adjusting events after the reporting period, the Trust will not change the amounts recognised in its Financial Statements, but will disclose the nature of the non-adjusting event and an estimate of its financial effect, or a statement that such an estimate cannot be made, if applicable. 3.15 Earnings per unit The basic earnings per unit is computed by dividing the net profit/ (loss) attributable to the unit holders of the REIT by the weighted average number of units outstanding during the reporting period. The number of units used in computing diluted earnings/ (loss) per unit comprises the weighted average units considered for deriving basic earnings/ (loss) per unit and also the weighted average number of units which could have been issued on the conversion of all dilutive potential units.
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MINOSPACE BUSINESS PARKS REIT RN:IN/REJT /19 -20/003 Notes to the Condensed Standalone Financial Statements {continued) (all amounts in Rs. million unless otherwise stated) 3.16 Earnings before finance costs and tax Mindspace REIT has elected to present earnings before finance cost and tax as a separate line item on the face of the Condensed Standalone Statement of Profit and Loss. Minds pace REIT measures earnings before finance cost and tax on the basis of profit/ (loss) from continuing operations. In its measurement, Minds pace REIT does not include finance costs and tax expense. 3.17 Errors and estimates Mindspace Business Parks REIT revises its accounting policies if the change is required due to a change in Ind AS or if the change will provide more relevant and reliable information to the users of the Condensed Standalone financial statement. Changes in accounting policies are applied retrospectively. A change in an accounting estimate that results in changes in the carrying amounts of recognised assets or liabilities or to profit or loss is applied prospectively in the period(s) of change. 3.18 Distribution Policy The Net Distributable Cash Flows of Mindspace REIT are based on the cash flows generated from Mindspace REIT's assets and investments. In terms of the Distribution Policy of Mindspace REIT and the REIT Regulations, not less than 90% of the NDCF of each of the Asset SPVs is required to be distributed to Mindspace REIT, in proportion of Mindspace REIT's shareholding in the Asset SPV, subject to applicable provisions of the Companies Act 2013. NDCF to be received by Mindspace REIT from the Asset SPVs may be in the form of dividends, interest income, principal loan repayment, proceeds of any capital reduction or buyback from the Asset SPVs or as specifically permitted under the Trust Deed or in such other form as may be permissible under the REIT Regulations. Such SPV Distributions shall be declared and made for every quarter of a Financial Year in terms of the Distribution Policy. 3.19 Recent Pronouncements Ministry of Corporate Affairs ("MCA" ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time . A New and amended standards: The accounting policies adopted and methods of computation followed are consistent with those of the previous financial year, except for items disclosed below: Ind AS 21- The Effects of Changes in Foreign Exchange Rates On 07 May 2025, the Ministry of Corporate Affairs issued amendment to Ind AS 21 to address situations where currency lacks exchangeability . The amendement specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being EAchangeable into th~ othe1 cui,ency dffecb,, or i~ exµ~cled lo affeci, i.he entity's financial performance, financial position and cash flows. When applying the amendment, an entity is not required to restate comparative information. The amendment is not relevant or do not have an impact on the Condensed Standalone Financial Statements of the Entity. On 13 August 2025, the Ministry of Corporate Affairs has issued amendments to the following standards: Ind AS 1- Presentation of Financial Statements MCA issued amendments to paragraphs 69 to 76 of Ind AS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement • That a right to defer must exist at the end of the reporting period • That classification is unaffected by the likelihood that an entity will exercise its deferral right • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity's right to defer settlement is contingent on compliance with future covenants within twelve months. The amendment does not have an impact on the Condensed Standalone Financial Statements of the Entity. Ind AS 7 - Statement of Cash Flows and Ind AS 107 Financial Instruments: Disclosures The amendments clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements . The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk. The amendment does not have an impact on the Condensed Standalone Financial Statements of the Entity. Ind AS 12 - Income Taxes The amendment introduces a mandatory exception from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. When applying the amendment, an entity is required to restate comparative information . The amendment is not relevant or do not have an impact on the Condensed Standalone Financial Statements of the Entity. e Standards issued not yet effective In addition to the above amendment to Ind AS 1, the amendment also require that if a covenant breach is rectified after the reporting date, it will be treated as a non-adjusting event. mendment will be applicable from annual reporting periods beginning on or after the 1 April 2026. USIN [ M~ I .. ~
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Mindspace Business Parks REIT RN :IN/ REIT/ 19· 20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 4 Non-current investments Particulars Unquoted Investments in SPVs (at cost) (refer note below) - 39,75,000 (31 March 2025: 39,75,000, 30 September 2024: 39,75,000) equity shares of Avacado Properties and Trading (India) Private Limited of Rs.10 each, fully paid up • 29,99,72,205 (31 March 2025: 29,99,72,205, 30 September 2024: 29,99,72,205) equity shares of Horizonview Properties Private limited of Rs 10 each, fully paid up • 5,88,235 (31 March 2025: 5,88,235,30 September 2024: 5,88,235) equity shares of KRC Infrastructure and Projects Private Limited of Rs,10 each, fully paid up • 1,96,01,403 (31 March 2025: 1,96,01,403, 30 September 2024: 1,96,01,403) equity shares of Gigaplex Estate Private Limited of Rs.l each, fully paid up • 2,50,71,875 (31 March 2024: 2,50,71,875, 30 September 2024: 2,50,71,875) equity shares of Sundew Properties Limited of Rs.lo each, fully paid up • 12,03,033 (31 March 2025: 12,03,033, 30 September 2024: 12,03,033) equity shares of lntime Properties Limited of Rs.10 each, fully paid up -1,78,00,000 (31 March 2025: 1,78,00,000, 30 September 2024 : 1,78,00,000) equity shares of K. Raheja IT Park (Hyderabad) Limited of Rs.10 each, fully paid up • 81,513 (31 March 2025: 81,513, 30 September 2024: 81,513) equity shares of Mindspace Business Parks Private Limited of Rs.10 each, fully paid up • 50,000 (31 March 2025: 50,000, 30 September 2024: Nil ) equity shares of Sustain Properties Private Limited of Rs 10 each, fully paid up• Total Aggregate amount of Unquoted Investments Aggregate amount of impairment in value of investments Investment measured at amortised cost As at 30 September 2025 9,482,25 2,999 72 6,867 84 13,121.35 33,722 27 15,477.77 25,617.88 48,813 50 6,143 74 162,246 .32 162,246.32 162,246.32 As at 31 March 2025 9,482 25 2,999 72 6,867 84 13,121.35 33,722 ,27 15,477 77 25,617.88 48,813.50 6,143 .74 162,246 .32 162,246.32 162,246.32 As at 30 September 2024 9,482 25 2,999 72 6,867 84 13,121.35 33,722 .27 15,477.77 25,617,88 48,813.50 156,102 .58 156,102 .58 156,102.58 Note: At the time of initial public offer, the Trust has issued units as consideration to acquire these investments wherein the tradable REIT Unit has been issued at Rs 275 each. •on 06 March 2025, Mindspace REIT acquired controlling stake by acquiring 100% of the equity interest of Sustain Properties Private Limited as described in more detail in Note 1- Organization structure; for a total consideration Rs. 6,128 00 million. Mindspace REIT has also incurred directly attributable expenses in relation to this asset acquisition, amounting to 15.74 million, resulting in the total acquisition cost of Rs 6,143.74 million (the "Purchase consideration") . Refer Note 1 for details of% shareholding in the SPVs held by Mindspace REIT.
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 5 Loans (Non current) Particulars As at As at As at 30 September 2025 31 March 2025 30 September 2024 Unsecured, considered good - at amortised cost Loan to SPVs- (Refer note 31) Total 45,933 .76 45,933.76 42,729.35 40,432.48 42,729.35 40,432.48 Interest: 8.15 % per annum for the half year ended 30 September 2025 (31 March 2025 - 8.34% per annum, 30 September 2024- 8.32% per annum) in accordance with interest rate policy adopted by Mindspace REIT. Terms of repayment: a) Bullet repayment of Rs. 2,640.68 million on date falling 15 years from the first disbursement date or such other date as may be mutually agreed between the Lender and the Borrower in writing. (31 March 2025 - Rs. 4,109.68 million, 30 September 2024- Rs. 5,576 .76 million) out of which Rs. 938.50 million has been classified as current as the same is expected to be realised within twelve months (31 March 2025 - Rs. 565.91 million, 30 September 2024- Rs. 527.28 million) (refer note 9) b) Bullet repayment of Rs. 4,974.50 million is due on 27 July 2027. (31 March 2025 - Rs. 4,974.50 million, 30 September 2024- Rs. 4,974.50 million) c) Bullet repayment of Rs. 5,500.00 million is due on 13 April 2026 and accordingly the same is classified as current as on 30th September 2025 (31 March 2025 - Rs. 5,500.00 million, 30 September 2024- Rs. 5,500 .00 million) (refer note 9) d) Bullet repayment of Rs. 4,759.00 million is due on 30 June 2026 and accordingly the same is classified as current as on 30th September 2025. {31 March 2025 - Rs. 5,000.00 million, 30 September 2024- Rs. 5,000.00 million) e) Bullet repayment of Rs. 5,004.05 million is due on 10 December 2026. (31 March 2025 - Rs. 5,004.00 million, 30 September 2024- Rs. 5,004.00 million) f) Bullet repayment of Rs. 3,403.81 million is due on 20 March 2027. (31 March 2025 - Rs. 3,403.81 million, 30 September 2024-Rs. 3,404.00 million) g) Bullet repayment of Rs. 2,454.00 million is due on 11 May 2029. (31 March 2025 - Rs. 4,093.00 million, 30 September 2024-Rs. 5,000.00 million) h) Bullet repayment of Rs. 6,185.00 million is due on 24 June 2031. {31 March 2025 - Rs. 6,500.00 million, 30 September 2024-Rs. 6,500 million) i) Bullet repayment of Rs. 947 .70 million was made on 06 June 2025 and accordingly the same was classified as current as on 31 M~rch 2025. {31 March 2025 - Rs.947.70 million, 30 September 2024-Rs. 947.70 million) j) Bullet repayment of Rs. 4,710.00 million is due on 18 February 2028. (31 March 2025 - Rs. 4,710.00 million, 30 September 2024· Rs. Nil) k) Bullet repayment of Rs. 4,913.61 million was made on 16 May 2025 and accordingly the same was classified as current on 31 March 2025. (31 March 2025 - Rs. 4,913.61 million, 30 September 2024- Rs. Nil) I) Bullet repayment of Rs. 5,873.99 million was made on 22 August 2025. (31 March 2025 - Rs. Nil, 30 September 2024- Rs. Nil) m) Bullet repayment of Rs. 6,000.00 million is due on 10 May 2030. (31 March 2025 - Rs. Nil, 30 September 2024- Rs. Nil) n) Bullet repayment of Rs. 1,946.50 million is due on 28 November 2025 and accordingly the same is classified as current as on 30 September 2025 (31 March 2025 - Rs. Nil, 30 September 2024- Rs. Nil) (refer note 9) o) Bullet repayment of Rs. 5,123.90 million is due on 15 May 2026 and accordingly the same is classified as current as on 30 September 2025 {31 March 2025 - Rs. Nil, 30 September 2024- Rs. Nil) (refer note 9) p) Bullet repayment of Rs. 5,959.50 million was made on 15 September 2025. (31 March 2025 - Rs. Nil, 30 September 2024- Rs. Nil) q) Bullet repayment of Rs. 5,409.76 million is due on 09 March 2026 and accordingly the same is classified as current as on 30 September 2025 (31 March 2025 - Rs. Nil, 30 September 2024- Rs. Nil) (refer note 9) r) Bullet repayment of Rs. 5,500.00 million is due on 19 August 2033. (31 March 2025 - Rs. Nil, 30 September 2024- Rs. Nil) s) Bullet repayment of Rs. 6,000 million is due on 14 September 2027. (31 March 2025 - Rs. Nil, 30 September 2024- Rs. Nil) t) Bullet repayment of Rs. 4,470.00 million was made on 17 May 2024 during the half year ended 30 September 2024. u) Bullet repayment of Rs. 4,965.00 million was due on 31 December 2024 and accordingly the same had been classified as current as on 30 September 2024. (refer note 9) v) Bullet repayment of Rs. 1,446.12 million was made on 06 June 2024 during the half year ended 30 September 2024. w) Bullet repayment of Rs. 3,287.13 million was due on 25 February 2025 and accordingly the same had been classified as current as on 30 September 2024. (refer note 9) x) Bullet repayment of Rs. 1473.05 million was due on 20 November 2024 and accordingly the same had been classified as current as on 30 September 2024. (refer note 9)
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Mindspace Business Parks REIT RN:IN/RE IT /19-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 6 Other financial assets (Non-current) Particulars Unsecured, considered good - at amortised cost Deposits Fixed deposits with bank* Total * Includes Fixed Deposits with related parties (Refer Note 31) 7 Non current tax assets Particulars Advance Tax ( Net of provisions : Rs. Nil ( 31 March 2025 : Rs. Nil, 30 September 2024: Rs. Nil)) Total 8 Other non-current assets Particulars Prepaid expenses Total 9 Loans (Current) Particulars Unsecured, considered good - at amortised cost Loan to SPVs- (Refer Note 5 and 31) Total 10 Cash and cash equivalents Particulars Balances with banks - in current accounts* Investment in overnight mutual funds Total As at 30 Se11tember 2025 3.13 878.13 881.26 As at 30 September 2025 As at 30 September 2025 36.87 36.87 As at 30 September 2025 23,677.66 23,677.66 As at 30 September 2025 19.34 19.34 * Includes current account balances with related parties (Refer Note 31) 11 Other Bank Balances Particulars As at 30 September 2025 Unpaid Distributions (Refer note 31) 0.82 Total 0.82 12 Other financial assets (Current) Particulars As at 30 September 2025 Unsecured, considered good - at amortised cost Interest receivable on loan to SPVs (Refer note 31) 248.46 Interest receivable on fixed deposit with banks* 24.03 Other receivables from related parties (Refer note 31) 7.45 Fixed de12osits with bank 7.99 Total 287.93 *Includes interest receivable on fixed deposits with related parties (Refer Note 31) 13 Other current assets Particulars Unsecured, considered good - at amortised cost Advance to vendors* Prepaid expenses Balances with governme nt authorities Total es Advances to Related Parties (Refer Note 31) As at 30 September 2025 9.47 42.20 0.77 52.44 As at 31 March 2025 3.13 820.30 823 43 As at 31 March 2025 As at 31 March 2025 28.70 28.70 As at 31 March 2025 6,427.22 6,427.22 As at 31 March 2025 126.98 154.77 281 .75 As at 31 March 2025 1.25 1.25 As at 31 March 2025 82.77 10.26 0.35 93.38 As at 31 March 2025 6.02 20.89 As at 30 Se(!tember 2024 3.13 3.13 As at 30 Septembe r 2024 2.80 2.80 As at 30 September 2024 6.04 6.04 As at 30 September 2024 11,200 .16 11,200.16 As at 30 September 2024 257.93 689.97 947.90 As at 30 September 2024 0.42 0.42 As at 30 September 2024 124.80 0.66 125.46 As at 30 September 2024 3.49
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Mindspace Business Parks REIT RN:IN/REIT/19 ·20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 14 Corpus Particulars As at 1 April 2024 Additions durin the ear As at 31 March 2025 As at 1 April 2025 Additions during the period Closing balance as at 30 September 2025 Car us As at 1 April 2024 Additions durin g the period Closing balance as at 30 September 2024 Amount 0.01 0 01 O.Dl 0.01 0.01 0.01 15 Unit Capital Particulars No. Amount As at 1 April 2024 Units issued during the year - in exchange for equity interest in SPVs (refer note a(ii) below) Less: Issue expenses As at 31 March 2025 As at 1 April 2025 Less: Issue expenses Closing Balance as at 30 September 2025 As at 1 April 2024 Additions during the period Less: Issue ex enses Closing balance as at 30 September 2024 593,018,182 162,838.82 16,165,452 6,128 00 (2.79) 609,183,634 168,964.03 609,183,634 168,964.03 609,183,634 168,964.03 593,018,182 162,838.82 593,018,182 162,838.82 Note: Issue expenses pertaining to the Right of First Offer and listing of the units on NSE and BSE have been reduced from the Unitholders Capital in accordance with Ind AS 32 Financial Instruments: Presentation (a) Terms/rights attached to units and other disclosures (ii The Trust has only one class of Units. Each Unit represents an undivided beneficial interest in the Trust . Each holder of Units is entitled to one vote per unit . The Unitholders have the right to receive at least 90% of the Net Distributable Cash Flows of the Trust & SPV's on quarterly basis in accordance with Distribution Policy. The BoarU or c.foeclors of lnveslmenl fvlanager approves distributions The distribution will be in proportion to the number of Units held by the Unitholders. The Trust declares and pays distributions in Indian Rupees. Under the provisions of the REIT Regulations, Mindspace Business Parks REIT is required to distribute to Unitholders not less than 90% of the net distributable cash flows to be met for a given financial year on a cumulative periodic basis. Accordingly, a portion of the Unit Capital contains a contractual obligation of the Minds pace Business Parks REIT to pay to its Unitholders cash distributions. Hence, the Unit Capital is a compound financial instrument which contains equity and liability components in accordance with Ind AS 32 • Financial Instruments: Presentation. However , in accordance with SEBI vide master circular no. SEBI/HO/DDHS-PoD-Z/P/CIR/2025/99 dated 11 July 2025 (Master Circular), as amended from time to time, issued under the REIT Regulations, the Unitholders' funds have been presented as "Equity" in order to comply with the requirements of Section A of Chapter 4 to the Master Circular (as amended from time to time) , Consequently, consistent with Unit Capital being classified as equity, the distributions to Unitholders in the form of dividend, interest and other income are presented in Other Equity when the distributions are approved by the Board of Directors of Manager. (ii) During the previous year, Mindspace REIT acquired controlling stake in Sustain Properties Private Limited by acquiring 100% equity interest from erstwhile shareholders which includes certain members of Sponsor Group on 06 March 2025. The purchase consideration for acquiring 100% stake in Sustain Properties Private Limited was discharged by allotting 1,61,65,452 number of Units at 379.08 per Unit, aggregating to Rs.6,128.00 million (Refer Note 35) Name Number of units allotted for acquiring all the equity interest held in the SPVs Sumati Ravi Ra11eja 64,66,181 Jaya Neel Raheja 64.66.181 Jyoti Chand111 Raheja 32.33,090 Total number of units issued 1.61.65.452 uSIN .';[ U ». 8 ·, ,,. 13/ ..
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Notes to the Condensed Standalone Financial Statements (continued} (all amounts are in Rs. millions unless otherwise stated) (b) Unit holders holding more than 5 pcrc enl Units In Mlndspace REIT Name of the unit holder As at 30 September 2025 As at 31 March 2025 As at 30 September 2024 No of Units % holding No of Units % holding No of Units % holding Casa Maria Properties LLP 46,820,719 7.69% 46,820,719 7.69% 46,820,719 7.90% Raghukool Estate Development LLP 42,004,546 6 90% 42,004,546 6.90% 42,004,546 7.08% Capstan Trading LLP 41,095,719 6 75% 41,095,719 6.75% 41,095,719 6.93% Palm Shelter Estate Development LLP 41,095,719 6 75% 41,095,719 6.75% 41,095,719 693% K Raheja Corp Private Limited 36,596,296 6.01% 36,596,296 6.01% 36,596,296 6,17% Chandru Lachmandas Raheja• 32,634,433 5.36% 32,634,433 5 36% 32,634,433 5 50% Cape Trading LLP 35,438,895 5.82% 35,438,895 5.82% 35,438,895 5.98% Anbee Constructions LLP 35.404,890 5.81% 35,404,890 5.81% 35,404,890 5.97% Platinum Illumination A 2018 Trust 54,375,000 9.17% • Excludes holding in for and on behalf of beneficiaries of Ivory Property Trust. (c) The Trust has not allotted any fully paid-up units by way of bonus units nor has it bought back any class of units from the date of registration till the balance sheet date. 16 17 18 Further , the Trust had issued an aggregate of 36,363,600 Units for cash at Rs. 275 per unit and 556,654,582 Units at a price of Rs. 275 per unit for considerat ion other than cash during the period of five years immediately preceding the balance sheet date. Further, during the previous year, Mindspace REIT acquired Sustain Properties Private limited by acquiring all the equity interest held by the Sponsors in the SPV on 06 March 2025 In exchange for these equity interests, the above shareholders have been allotted 1,61,65,452 units of Mindspace REIT on 06 March 2025 which were issued at Rs. 379.08 each. Distribution-Repayment of Capital Particulars As at Asat As at 30 September 31 March 2025 30 September l025 2024 Olstribu tron to Unit holders • {6,167.63) (3,142.99) (984 .41) Total (6,767.63) (3,142.99) (984.41} •Refer Condensed Standalone Statement of Changes in Unit holder 's Equity for detailed movement in Distribution -Repayment of .Capital balances. In accordance with amendment in REIT Regulations vide SEBI Master circular no. 5EBI/HO/ODHS-PoD-2/P/CIR/2025/99 dated 11 July 2025, the Entity has presented the distribution to its unitholders related to repayment of debt by Hold Co/SPV to REIT, as a negative amount on the face of the Balance Sheet as a separate line item 'Distribution - Repayment of Capital' under the sub-heading 'Equity' under the heading 'Equity and Liabilities' for half year ended 30 September 2025. Accordingl y, distribution for the year ended 31 March 2025 and half year ended 30 September 2024 have been regro uped in line with the said requirements . Other Equity Particulars As at As at 30 September 31 March 2025 2025 Reserves and Surplus Retained e2rnin"!:* 324.lS .. ,lb Total 324 .18 461 .16 'Refer Condensed Standalone Statement of Changes in Unit holder's Equity for deta11ed movement in other equity balances. Retained earnings As at 30 September 2024 781.69 781.69 The cumulative gain or loss arising from the operations which is retained and is recognized and accumulated under the heading of retained earnings. At the end of the period, the profit after tax is transferred from the statement of profit and loss to the retained earnings account. Borrowings [Non-current) Particulars - At Amortised cost Secured, listed, senior, taxable, non•cumulative, rated, redeemable non-convertible debentures (NCO Series 4) (net of issue expenses) (refer Note 1) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures ("Mindspace REIT Green Bond 1") (net of issue expenses) (refer Note 2) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 6) (net of issue expenses, at amortised cost) (refer Note 3) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 7) (net of issue expenses) (refer Note 4) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 8) (net of issue expenses) (refer Note 5) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 9) (net of issue expenses) (refer Note 6) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 10) (net of issue expenses) (refer Note 7) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 11) (net of issue expenses) (refer Note 8) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 12) (net of issue expenses) (refer Note 9) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 13) (net of issue expenses) (refer Note 10) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCO Series 14) (net of issue expenses) (refer Note 11) As at 30 September 2025 4,986 .87 4,994 .98 3,397.16 4,988.66 6,498 42 4,976 .13 5,989.16 5,492 ,94 5,993.23 47 ,317.55 As at 31 March 2025 4,982.23 5,485.67 4,987.29 4,991 ,23 3,394.54 4,986.11 6,496 81 4,970 .42 40,294.30 As at 30 September 2024 4,978.82 5,479.18 4,982.36 4,988.61 3,393.72 4,983.25 6,488.73 35.294.67
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Mlndspace Business Parks REIT RN:IN/REH /19-20/003 Notes to the Condensed Standalone Financial Statements {continued) (all amounts are in Rs. millions unless otherwise stated) Note 1 In July 2022, Mindspace Business Parks REIT issued 5,000 senior, listed, rated, secured, non-cumulative, taxable, transferrable, redeemable, non-convertible debentures of face value of Rs. 1,000,000 (Indian Rupees One Million) per Debenture for aggregate princ ipal amount of Rs 5,000.00 millions (Indian Rupees Five Thousand Million Only) with a coupon 1ate of 7,95% pa Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day, be prorated on an actual/ actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The first Coupon payment Date is 30 September 2022, with last coupon payment on the scheduled redemption date i.e 27 July 2027, The tenure of the said NCO Series 4 is 60 months This NCO Series 4 was listed on BSE Limited on 29 July 2022 Security terms NCO Series 4 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCO Holders): a) First ranking sole and exclusive security interest by way of an equitable mortgage on carpet area of approximately 779,466 sq ft in building 12 D (identified units in building) along with the common areas, usage and access rights appurtenant to the units mortgaged in Building 120 as mentioned in the trust deed, situated on a notional ly demarcated land ad measuring approximately 17,414.77 square metres (equivalent to 4.30 acres), forming part of a portion of land ad measuring 14,02 hectares equivalent to 34.64 acres or thereabout declared as 'Special Economic Zone' land from and out of the larger piece of land bearing Survey no. 64(part), lying, being and situated at Madhapur Village, Serilingampally Manda I, Ranga Reddy District, Hyderabad. b) A charge on the escrow account has been created, in which receivables of the Mortgaged Properties shall be received, save and except any common area maintenance charges payable to Sundew with respect to the maintenance of the mortgaged properties , c) Corporate guarantee executed by Sun dew. Redemption terms: a) NCO Series 4 are redeemable by way of bullet repayment at the end of 60 months from the date of allotment, i e. 27 July, 2027. b) Int erest is payable on the last day of each financial quarter in a year (starting from 30 September 2022) until the scheduled redemption date. c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency. In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade. d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 (thirty) business days' notice to the Issuer require the Issuer to redeem in full , all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture. Note 2 On 15 March 2023, Mindspace Business Parks REIT issued 55,000 Green Debt Securities in the form of listed, rated, secured, non-cumulative, taxable, transferable, redeemable non-convertible debentures ("Mindspace REIT Green Bond 1") having nominal value of Rs. 1,00,000 (Rupees One lakh only) each, amounting to Rs. 5,500.00 millions (Rupees Five thousand five hundred millions only) with a coupon rate of 8.02% p.a. payable quarterly beginn ing from the end of first quarter from the date of allotment i.e. 15 March 2023, with last coupon payment on the scheduled redemption date i.e, 13 April 2026. The tenure of the said Mindspace REIT Green Bond 1 is 3 year and 30 days from 15 March 2023, being date of allotment. The date of payment of first coupon is 31 March 2023. Mindspace REIT Green Bond 1 was listed on BSE Limited on 16 March 2023. Security terms Mindspace REIT Green Bond 1 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCO Holders) as more particularly described in the transaction documents, summarized as followc;: a) First and exclusive charge registered by way of equitable mortgage (including receivables arising therefrom) on the aggregate leasable area of approximately 1.067 million square feet or thereabouts in buildings no. SB and 9 of Madhapur Hyderabad (approx . 245,977 sq. ft. in building no. SB and approx. 821,717 building no. 9) together with the proportionate undiv ided right , title and interest in (i) the notionally demarcated land ad measuring appro ximately 7,169 .90 square metres (equivalent to 1.7717 acres) on which Building SB is situated, and (ii) the notionally demarcated land admeasuring approximately 16,871.82 square metres (equivalent to 4.17 acres) on which Building 9 is situated , b) A charge on the escrow account in which receivables of the Mortgaged Properties shall be payable to lntime Properties Limited c) Corporate guarantee executed by lntime Redemption terms : a) Mindspace REIT Green Bond 1 are redeemable by way of bullet repayment at the end of 3 years and 30 days from the date of allotment (date of allotment being 15 March 2023 and date of redemption being 13 April 2026). b) Interest is payable on the last day of each financial quarter in a year (starting from 31 March 2023) until the scheduled redemption date and on the scheduled redemption date, c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade. d) Upon occurrence of a mandatory redemption event, the Debenture Truste e may, by issuing not less than 30 {thirty) busine ss days' notice to the Issuer require the Issuer to redeem in full, all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture . Note 3 In June 2023, Mindspace Business Parks REIT issued 50,000 listed, rated, secured, non-cumulative, taxable, transferrable, redeemable, non-convertible debentures of face value of Rs. 1,00,000 (Indian Rupees One Lakh only) per Debenture for aggregate principal amount of Rs. 5,000.00 millions (Rupees Five Thousand Million Only) with a coupon rate of 7 75% p.a. payable quarterly. Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day, be prorated on an actual/ actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The first Coupon payment Date is 30 June 2023, with last coupon payment on the scheduled redemption date i.e. 30 June 2026. The tenure of the said NCO Series 6 is 3 year and 29 days. This NCO Series 6 was listed on BSE Limited on 06 June 2023. Security terms NCO Series 6 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCO Holders): a) first ranking sole and exclusive security interest, by way of a registered simple mortgage on identified units in buildings 6, 7 and B of Commer2one Yerwada adding to a cumulative carpet area of approximately 0.7msf across these 3 buildings at Commerzone Yerwada, Pune along with the common areas, usage and access rights appurtenant to the units mortgaged in Buildings 6, 7 and 8 as mentioned in the trust deed, situated on a notionally demarcated land ad measuring approximately 26,162 square metres , forming part of a portion of land larger land admeasuring 1,03,919 square metres (after deducting 21 square metres for road from total extent of 1,03,940 square metre s) at Village Yerwada, Taluka Haveli, District Pune and within the limits of Pune Municipal Corporation b) A charge on the escrow account has been created, in which receivables of the Mortgaged Properties shall be received1 save and except any common area maintenance charges payable to Sundew with respect to the maintenance of the mortgaged properties.
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Mindspace Business Parks REIT RN:IN/RITT /JE -20/003 Notes to the Condensed Standalone Financial Statements (continued} {all amounts are in Rs. millions unless otherwise stated) Redemption terms: a) NCD Series 6 are redeemabl e by way or bullet repayment at the end of 3 year and 29 days from the date of allotment i.e. 30 June 2026. b) Interest is payable on the last day of each financial quarter in a year (starting from 30 June 2023) until the scheduled redemption date c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade. d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 (thirty) business days' notice to the Issuer require the Issuer to redeem in full, all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture Note 4 In September 2023 , Mindspace Business Parks REIT issued 50,000 listed, rated, secured, non-cumulat ive, taxable, transferrable, redeemable, non-convertible debentures of face value of Rs 1,00,000 (Indian Rupees One Lakh only) per Debenture for aggregate principal amount of Rs. 5,000.00 millions (Rupees Five Thousand Million Only) with a coupon rate of 8 03% pa payable quarterly. Coupon on the outstanding Nominal value of each debenture shall be applicabl e and computed from day to day, be prorated on an actual/ actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register or Beneficial Owners as on the Record Date. The first Coupon Payment Date is 30 September 2023, with last coupon payment on the scheduled redemption date i.e. 10 December 2026. The tenure of the said NCD Series 7 is 3 years and 3 months . This NCO Series 7 was listed on BSE Limited on 13 September 2023 Security terms NCD Series 7 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCD Holders): a) first ranking sole and exclusive security interest, by way of an equitable mortgage on identified units in buildings 2A, 2B and 10 of Mindspace Madhapur adding to a cumulative carpet area of approximately 0.73 msf across these 3 buildings in buildings 2A, 28 and 10 as mentioned in the trust deed, situated on a notionally demarcated land admeasuring appro ximately 36,258 square metres, being and situated at Mindspace Madhapur, Madhapur Village, Serilingampally Mandal, Ranga Reddy District, Hyderabad . b} first ranking sole and exclusive security interest by way of a hypothecation over Collection Account and Escrow Account and all amounts standing to the credit of or accrued or accruing on, receivables, movable assets pertaining to Mortgag ed Immovable Properties as further specified in transaction documents. c) Corporate guarantee executed by KRrr. Redemption terms: a) NCD Series 7 are redeemable by way of bullet repayment at the end or 3 year and 3 months from the date of allotment i.e. 10 December 2026. b) Interest is payable on the last day of each financial quarter in a year (starting from 30 September 2023) until the scheduled redemption date with last payment falling on the scheduled redemption date. c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency. In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade. d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 (thirty) business days' notice to the Issuer require the Issuer to redeem in full, all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture Note 5 In March 2024, Mindspace Business Parks REIT issued 34,000 listed, rated, secured, non-cumulative, taxable, transferrable , redeemable , non-convertible debenture s of face value of Rs. 1,00,000 (Indian Rupees One Lakh only) per Debenture for aggregate principal amount of Rs. 3,400 00 millions (Rupees Three Thousand Four Hundred Million Only) with a coupon rate of7 .93% p.a. payable quarterl y. Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day, be prorated on an actual/ actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The first Coupon Payment Date is 31 March 2024 , with last coupon payment on the scheduled redemption date i.e. 20 March 2027. The tenure of the said NCD Series 8 is 3 years. This NCD Series 8 was listed on BSE Limited on 22 March 2024 Security terms NCD Series 8 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCD Holders): a} first ranking sole and exclusive security interest, by way of an equitable mortgage on identified units in building no. 1, 4 and 5 and Amenity building of Commerzone Yerwada adding to a cumulative leasable area of approximately 0.55 msf and carpet area of c,OA3 msf situated on a notionally demarcated land admeasuring approximately 27,826 square metres, being and situated at Village Yerawada, Taluka Haveli, District Pune and within the limits of Pune Municipal Corporation. b) first ranking sole and exclusive security interest by way of a simple mortgage over Collection Account and Escrow Account and all amounts standing to the credit of or accrued or accruing on, receivables, movable assets pertaining to Mortgaged Immovable Properties as further specified in transaction documents. c) Corporate guarantee executed by MB PPL Redemption terms: a) NCD Series 8 are redeemable by way of bullet repayment at the end of 3 year from the date of allotment i.e. 20 March 2027. b) Interest is payable on the last day of each financial quarter in a year (starting from 31 March 2024) until the scheduled redemption date with last payment falling on the scheduled redemption date . c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency. In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade . d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 (thirty) business days' notice to the Issuer require the Issuer to redeem in full, all the debenture s then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture . Note 6 In May 2024, Mindspace Business Parks REIT issued 50,000 listed, rated, secured, non-cumulative, taxable, transferrable, redeemable , non-convertible debentures of face value of Rs. 1,00,000 (Indian Rupees One Lakh only) per Debenture for aggregate principal amount of Rs. 5,000.00 millions (Rupees five thousand million Only) with a coupon rate of 7.96% p.a. payable quarterly. Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day, be prorated on an actual/ actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The first Coupon Payment Date is 30 June 2024, with last coupon payment on the scheduled redemption date i.e . 11 May 2029. The tenure of the said NCD Series 9 is 4 years and 364 days. This NCO Series 9 was listed on BSE Limited on 14 May 2024.
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Mlnd~pace Business Parks REIT RN :IN /RE IT/19 -20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) Security terms NCD Series 9 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCD Holders): a) first ranking sole and exclusive security interest, by way of a simple mortgage on 30,700 square metres of land (referred to as Plot Bland and Plot C Land) together with the commercial and IT building as further described in the trust deed, situated at 7, Ahmednagar Road, Village Vadgaon Sheri, Taluka Haveli, District Pune b) A charge over Collection Account and Escrow Account and all amounts standing to the credit of or accrued or accruing on, receivables, movable assets pertaining to Mortgaged Immovable Properties as further specified in transaction documents. c) Corporate guarantee executed by MBPPL. Redemption terms: a) NCD Series 9 are redeemable by way of bullet repayment at the end of 4 years and 362 days from the date of allotment i,e 11 May 2029 b) Interest is payable on the last day of each financial quarter in a year (starting from 13 May 2024) until the scheduled redemption date with last payment falling on the scheduled redemption date_ c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency, In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade. d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 (thirty) business days' notice to the Issuer require the Issuer to redeem in full1 all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture . Note 7 In June 2024, Mindspace Business Parks REIT issued 651 000 listed, rated, secured1 non-cumulative, taxable, transferrable, redeemable, non-convertible debentures of face value of Rs. 1,00,000 (Indian Rupees One Lakh only) per Debenture for aggregate principal amount of Rs.6,500.00 millions (Rupees six thousand five hundred million Only) with a coupon rate of 7.94% p.a. payable quarterly. Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day, be prorated on an actual/ actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The first Coupon Payment Date is 30 June 2024, with last coupon payment on the scheduled redemption date i.e. 24 June 2031. The tenure of the said NCD Series 10 is 7 years. The debenture issued was sustainability linked debenture with provisions for step down of coupon basis achievement of targets. The debenture also has a Early Redemption Date as further described in the respective transaction documents. This NCD Series 10 was listed on BSE Limited on 26 June 2024. Security terms NCD Series 10 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCD Holders): a) first ranking sole and exclusive security interest, by way of an equitable mortgage on identified units in buildings 12B and 12C of Mindspace Madhapur adding to a cumulative carpet area of approximately 0,86 msf carpet area (or leasable area - 1.13 msf) across these 2 buildings as mentioned in the trust deed, situated on a notionally demarcated land admeasuring approximately 29,157.16 square metres, being and situated at Mindspace Madhapur, Madhapur Village, Serilingampally Manda!, Ranga Reddy District, Hyderabad. b) first ranking sole and exclusive security interest by way of a hypothecation over Collection Account and Escrow Account and all amounts standing to the credit of or accrued or accruing on, receivables, movable assets pertaining to Mortgaged Immovable Properties as further specified in transaction documents. c) Corporate guarantee executed by Sundew. Redemption terms: a) NCD Series 10 are redeemable by way of bullet repayment at the end of 7 years from the date of allotment i e. 24 June 2031 b) Interest is payable on the last day of each financial quarter in a year (starting from 25 June 2024) until the scheduled redemption date with last payment falling on the scheduled redemption date. c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade. d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 (thirty) business days' notice to the Issuer require the Issuer to redeem in full, all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture. e) The debenture issued was sustainability linked debenture with provisions for step down of coupon basis achievement of identified ESG targets. The debenture also has an Early Redemption Date on 31 December 2028 as further described in the respective transaction documents. Note 8 In November 2024, Mindspace Business Parks REIT issued 50,000 listed, rated, secured, non-cumulative, taxable, transferrable, redeemable, non-convertible debentures of face value of Rs. 1,00,000 (Indian Rupees One Lakh only) per Debenture for aggregate principal amount of upto Rs, 5,000.00 millions (Rupees five thousand million only) with a coupon rate of 7.70% p.a. payable quarterly , Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day, be prorated on an actual/actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The first Coupon Payment Date is 30 December 2024, with last coupon payment on the scheduled redemption date i.e. 18 February 2028. The tenure of the said NCD Series 11 is 3 years 2 months and 24 days This NCD Series 11 was listed on BSE Limited on 26 November 2024. Securitv terms NCD Series 11 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCD Holders): a) first ranking sole and exclusive security interest, by way of an equitable mortgage on identified units in buildings 6 and 9 of Mindspace Madhapur adding to a cumulative carpet area of approximately 503,032 sf carpet area (or leasable area - c.0.67 msf) across these 2 buildings as mentioned in the trust deed, situated on a notionally demarcated land admeasuring approximately 16,871.82 square metres, being and situated at Mindspace Madhapur, Madhapur Village, Serilingampally Manda I, Ranga Reddy District, Hyderabad. b) first ranking sole and exclusive security interest by way of a hypothecation over Collection Account and all amounts standing to the credit of or accrued or accruing on, receivables, movable assets pertaining to Mortgaged Immovable Properties as further specified in transaction documents. c) Corporate guarantee executed by lntime Properties Limited. Redemption terms: a) NCD Series 11 are redeemable by way of bullet repayment at the end of 3 years 2 months and 24 days from the date of allotment i.e. 26 November 2024. b) Interest is payable on the last day of each financial quarter in a year (starting from 26 November 2024) until the scheduled redemption date with last payment falling on the scheduled redemption date. c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade. d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 {thirty) business days' notice to the Issuer require the __,..;:;::::;::;;:;;:::~ ls:_:>uer to redeem in full, all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture.
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Mindspace Business Parks REIT RN:I N/REIT/l!l-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated} Note 9 In May 2025, Mindspace Business Parks REIT issued 60,000 listed, rated, secured, non-cumulative, taxable, transferrable, redeemable, non-convertible debentures of face value of Rs 1,00,000 (Indian Rupees One Lakh only) per Debenture for aggregate principal amount of upto Rs. 6,000.00 millions (Rupees six thousand million only) with a coupon rate of 7 20% p.a. payable quarterly . Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day, be prorated on an actual/actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The first Coupon Payment Date is 30 June 2025, with last coupon payment on the scheduled redemption date i,e. 10 May 2030. The tenure of the said NCO Series 12 is 4 years 362 days. This NCO Series 12 was listed on BSE Limited on 13 May 2025. Security terms NCO Series 12 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCO Holders): a) first ranking sole and exclusive security interest, by way of an equitable mortgage on identified units in buildings no 3 (Rl) of Asset SPV 1 - KRC Infrastructure and Projects Private Limited housing asset - Commerzone Kharadi and in building 3, 4, 6 & 7 of Asset SPV 2 - Mindspace Business Parks Private Limited - housing Commerzone Yerwada adding to a cumulative carpet area of approximately 585,413 sf carpet area (or leasable area - c O 773 msf) across these 5 buildings as mentioned in the trust deed. b) first ranking sole and exclusive security interest exclusive security interest, by way of a registered simple mortgage in favour of the Debenture Trustee for the benefit of the Debenture Holders c) corporate guarantee executed by KRC Infrastructure and Projects Private limited as Asset SPV -1 and by Mindspace Business Parks Private Limited as Asset SPV - 2 Redemption terms: a) NCO Series 12 are redeemable by way of bullet repayment at the end of 4 years 362 days from the date of allotment i.e. 13 May 2025. b) Interest is payable on the last day of each financial quarter in a year (starting from 13 May 2025) until the scheduled redemption date with last payment falling on the scheduled redemption date . c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency. In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade. d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 (thirty) business days' notice to the Issuer require the Issuer to redeem in full, all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture Note 10 In August 2025, Mindspace Business Park REIT issued 55,000 listed, rated, secured, non-cumulative, taxable, transferrable, redeemable, non-convertible debentures of face value of INR 1,00,000 (Indian Rupees One Lakh only) per Debenture for aggregate principal amount of upto INR 5,500.00 million (Rupees five thousand five hundred million Only) with a coupon rate of 7.41% p.a. payable semi-annually. Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day, be prorated on an actual/ actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The first Coupon Payment Date is 31 December 2025, with last coupon payment on the scheduled redemption date i.e , 19 August 2033 The tenure of the said NCO Series 13 is 8 years. The debenture issued was sustainability linked debenture with provisions for step down of coupon basis achievement of targets. This NCO Series 13 was listed on BSE Limited on 21 August 2025. Security terms NCO Series 13 are secured by each of the following security in favour of the Debenture Trustee (holding for the benefit of the NCO Holders): a) first ranking exclusive mortgage over the rights, title, benefit, and interest of the Asset SPV -Sustain Properties Private Limited housing asset Commerzone Raidurg in K Tower adding to a cumulative carpet area of approximately 627,112 sf carpet area (or leasable area - c.0,836 msf) in the building as mentioned in the trust deed , in respect of the Mortgaged Immoveable Properties by way of an equitable mortgage in favour of the Debenture Trustee (for the benefit of the Debenture Holders), over the Mortgaged Immoveable Properties in accordance with the terms of the relevant Mortgage Documents, to secure the Debt; and b) a first ranking exclusive hypothecation over the over the rights, title, benefit, and interest of the Asset SPV with respect to the Hypothecated Properties in favour of the Debenture Trustee (for the benefit of the Debenture Holders) in accordance with the terms of the Deed of Hypothecation to secure the Debt Notwithstanding anything to the contrary stated hereunder, the Issuer undertakes that the Asset SPV - Sustain Properties Private Limited shall continue to be the sole legal and beneficial owner of the Secured Assets held by it, free of any Encumbrance and shall not save and except any Permitted Disposal, sell, transfer, redeem or otherwise dispose off any assets of any member of the Group (REIT) without the prior approval of Debenture Trustee . c) Corporate guarantee executed by Sustain Properties Private Limited. Redemption terms: a) NCO Series 13 are redeemable by way of bullet repayment at the end of 8 years from the date of allotment i.e. 20 August 2025. b) Interest is payable on the last day of June and December each year (starting from 20 August 2025) until the scheduled redemption date with last payment falling on the scheduled redemption date. c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency. In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade, d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 jthirty) business days' notice to the Issuer require the Issuer to redeem in full, all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture . e) The debenture issued was sustainability linked debenture with provisions for step down of coupon basis achievement of identified ESG targets. Note 11 In September 2025, Mindspace Business Park REIT issued 60,000 listed, rated, secured, non-cumulative, taxable, transferrable, redeemable, non-convertible debentures of face value of INR 1,00,000 (Indian Rupees One Lakh only) per Debenture for aggregate principal amount of upto INR 6,000 ,00 millions (Rupees six thousand million Only) with a coupon rate of7.00% p.a. payable quarterly . Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day, be prorated on an actual/ actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The first Coupon Payment Date is 30 September 2025, with last coupon payment on the scheduled redemption date i.e. 14 Sep 2027. The tenure of the said NCO Series 14 is 2 years. This NCO Series 14 was listed on BSE limited on 16 September 2025. This NCO Series 14 was listed on BSE Limited on 16 September 2025 ,
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Mindspace Business Parks REJT RN:IN/R°ErT/1.9-10/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) Security terms NCD Series 14 are secured by each of the following security in favour of the Debenture Trustee !holding for the benefit of the NCD Holders): a) a sole and exclusive first ranking mortgage and charge over all the rights, title, benefit and interest of the Asset SPV - Gigaplex Estate Private Limited housing asset Mindspace Airoli West and in building 2 & 10 adding to a cumulative carpet area of approximately 727,531 sf carpet area (or leasable area - c.0,955 msf) across these 2 buildings as mentioned in the trust deed. in respect of the Mortgaged Immoveable Properties; b) a first ranking pari passu mortgage and charge over the Mortgaged Land; and a sole and exclusive first ranking mortgage and charge over all the rights, title 1 interest and benefit of the Asset SPV - Gigaplex Estate Private Limited in respect of the Mortgaged Moveable Properties by way of a registered simple mortgage in favour of the Debenture Trustee for the benefit of the Debenture Holders. c) Corporate guarantee executed by Gigaplex Estate Private Limited_ Redemption terms: a) NCD Series 14 are redeemable by way of bullet repayment at the end of 2 years from the date of allotment i.e. 15 September 2025. b) Interest is payable on the last day of each financial quarter in a year !starting from 15 September 2025) until the scheduled redemption date with last payment falling on the scheduled redemption date . c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency, In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade. d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may, by issuing not less than 30 (thirty) business days' notice to the Issuer require the Issuer to redeem in full, all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture . Refer note 40 for Ratio disclosure 19 Other financial liabilities (Non-current} 20 Particulars - At Amortised cost other payables to related party !refer Note 31) Total Borrowings (Current} Particulars - At Amortised cost Secured, listed1 senior, taxable, non-cumulative 1 rated, redeemable non-convertible debentures INCD Series 3) !net of issue expenses) !refer Note 1 below) Unsecured Commercial Paper (Series -3) (refer Noie 2 below} Unsecured Commercial Paper !Series -4) !refer Note 3 below) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures l"Mindspace REIT Green Bond 1") !net of issue expenses) !refer Note 1812)) Secured, listed, rated, non-cumulative, taxable, transferable, redeemable non-convertible debentures (NCD Series 6) !net of issue expenses) !refer Note 18(3)) Unsecured Commercial Paper (Series -5) !refer Note 4 below) Unsecured Commercial Paper (Series -6) !refer Note 5 below) Unsecured Commercial Paper !Series -7) !refer Note 6 below} Unsecured Commercial Paper !Series -8) !refer Note 7 below} Unsecured Commercial Paper !Series -9) !refer Note 8 below) Unsecured Commercial Paper !Series -10) !refer Note 9 below) Unsecured Commercial Paper (Series -11) !refer Note 10 below) Total As at As at As at 30 September 31 March 2025 30 September 2025 2024 67.48 65.29 26.06 67.48 65.29 26.06 As at As at As at 30 September 31 March 2025 30 September 2025 2024 4,995.38 :1,L8/.lj 1,473.05 5,493.78 4,993.31 947 70 947.70 4,913.61 1,946.50 5,123.90 5 409.76 22,967.25 5 86131 10,703.26 Note 1 In February 2022, Mindspace Business Parks REIT issued 5,000 senior, listed, rated, secured, non-cumulative, taxable, transferable, redeemable, non-convertible debentures l"NCD Series 3") having face value of Rs. 10,00,000 (Rupees ten lakhs only) each, amounting to Rs. 5,000.00 millions !Indian Rupees five thousand millions only) with a coupon rate of 6.35% p.a. Coupon on the outstanding Nominal value of each debenture shall be applicable and computed from day to day ,be prorated on an actual/ actual basis for the actual number of days in the Coupon Period and be payable in arrears on the relevant Coupon Payment date to the Debenture Holder whose name is appearing on the Register of Beneficial Owners as on the Record Date. The Issuer hereby a knowledges and agrees that there shall be no moratorium period for the payment of Coupon.The first Coupon payment Date is 31 March 2022, with last coupon payment on the scheduled redemption date i.e. 31 December 2024. The tenure of the said NCD Series 3 is 35 months from 1 February 2022, being date of allotment. This NCD Series 3 was listed on BSE Limited on 04 February 2022. Security terms NCD Series 3 are secured by each of the following security in favour of the Debenture Trustee !holding for the benefit of the NCD Holders): a) First and exclusive charge being registered by way of simple mortgage on the carpet area of approximately 5,52,974 Sq. Ft. I save and except entire 2nd floor admeasuring 11,883 Sq. Ft. carpet area in building no. 2) (the building no. 2) situated on the Mortgage land along with proportionate covered and open parking spaces, in Building 2 together with all the beneficial rights, title and interest of the Assets SPV in appurtenant to Building 2 and all erections. The Building 2 is situated on a portion of the Mortgage Land admeasuring 8.04 Hectares, which portion is notified as a Special Economic Zone & first and exclusive charge being registered by way of simple mortgage on the identified units with aggregating to carpet area of approximately 4,61,527 Sq. Ft. !identified units of building no. 3 ) situated on the Mortgage land along with proportionate covered and open parking spaces, in Building 3 together with all the beneficial rights, title and interest of the Assets SPV in appurtenant to Building 3 and all erections !"Mortgaged Properties"} of NCD Series 3 as further detailed in transaction documents. b) A charge on the escrow account has been created, in which receivables of the Mortgaged Properties shall be received, save and except any common area maintenance charges payable to Gigaplex with respect to the maintenance of the mortgaged properties. c) Corporate guarantee executed by Gigaplex. \-~~ ,i *
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Mindspace Business Parks REIT RN:IN/REIT /l.9 -l0/003 Notes to the Condensed Standalone Financial Statements (continued} (all amounts are in Rs. millions unless otherwise stated) Redemption terms: a) NCO Series 3 are redeemable by way of bullet repayment at the end of 35 months from the date of allotment, i.e. 31 December, 2024 and accordingly the same has been classified as current maturities of long term borrowings as on 30 September 2024. b) Interest is payable on the last day of each financial quarter in a year (starting from 31 March, 2022) until the scheduled redemption date. c) The Coupon shall be increased by 25 bps for every notch downgrade in the rating by the Credit Rating Agency. In case rating is upgraded after any rating downgrade, the Coupon shall be decreased by 25 bps for each upgrade , d) Upon occurrence of a mandatory redemption event, the Debenture Trustee may1 by issuing not less than 30 (thirty) business days' notice to the Issuer require the Issuer to redeem in full, all the debentures then outstanding by paying an amount equal to the total mandatory redemption amount in respect of each debenture ~ Note 2 On 26 April 2024, Mindspace Business Parks REIT issued 7,000 Commercial Papers with a face value of Rs 5,00,000 (Rupees five lakhs only) each, at a discount of 7 75% per annum to the face value. The discounted amount raised by the REIT through MREIT CP Series 3 is Rs. 3,287 .13 millions (Rupees three thousand two hundred eighty seven million one hundred twenty six thousand five hundred only) and the value payable on maturity is Rs 3,500.00 millions (Rupees three thousand five hundred million only) Discount on Commercial papers is amortized over the tenor of the underlying instrument . The commercial papers were listed on BSE and will mature on 25 February 2025, Note 3 On 22 August 2024, Mindspace Business Parks REIT issued 3,000 Commercial Papers with a face value of Rs. 5,00,000 (Rupees five lakhs only) each, at a discount of 7.42% per annum to the face value. The discounted amount raised by the REIT through MREIT CP Series 4 is Rs. 1,473 ,50 millions (Rupees one thousand four hundred seventy three million forty nine thousand five hundred only) and the value payable on maturity is Rs. 1,500.00 millions (Rupees One thousand five hundred million only) . Discount an Commercial papers is amortized over the tenor of the underlying instrument. The commercial papers were listed on BSE and will mature on 20 November 2024. Note 4 On 25 September 2024, Mindspace Business Parks REIT issued 2,000 Commercial Papers with a face value of Rs. 5,00,000 (Rupees five lakhs only) each, at a discount of 7.93% per annum to the face value. The discounted amount raised by the REIT through MREIT CP Series 5 was Rs 947 70 millions (Rupees nine hundred forty seven million seven hundred two thousand only) and the value payable on maturity is Rs. 1,000.00 millions (Rupees one thousand million only) . Discount on commercial papers is amortized over the tenor of the underlying instrument . The commercial papers were listed on BSE and were repaid on 6 June 2025. Note 5 On 20 February 2025, Mindspace Business Parks REIT issued 10,000 Commercial Papers with a face value of Rs. 5,00,000 (Rupees five lakhs only) each, at a discount of 7.55% per annum to the face value The discounted amount raised by the REIT through MREIT CP Series 6 was Rs, 4,913.61 millions (Rupees four thousand nine hundred thirteen million six hundred ten thousand only) and the value payable on maturity is Rs. 5,000 .00 millions (Rupees five thousand million only) . Discount on Commercial papers is amortized over the tenor of the underlying instrument . The commercial papers were listed on BSE and were repaid on 16 May 2025 , Note 6 On 28 Apr 2025, Mindspace Business Parks REIT issued 12,000 Commercial Papers with a face value of Rs. 5,00,000 (Rupees five lakhs only) each, at a discount of 6.75% per annum to the face value. The discounted amount raised by the REIT through MREIT CP Series 7 was Rs. 5,873.99 million (Rupees Five thousand eight hundred seventy three million nine thousand nine hundred only) and the value payable on maturity is Rs. 6,000 .00 million (Rupees Six thousand million only), Discount on Commercial papers is amortized over the tenor of the underlying instrument. The commercial papers were listed on BSE and were repaid on 22 August 2025. Note 7 On 23 June 2025, Mindspace Business Parks REIT issued 4,000 Commercial Papers with a face value of Rs. 5,00,000 (Rupees five lakhs only) each, at a discount of 6.35% per annum to the face value, The discounted amount raised by the REIT through MREIT CP Series 8 was Rs. 1,946.50 million (Rupees one thousand nine hundred forty six million fifty thousand only) and the value payable on maturity is Rs. 2,000.00 million (Rupees two thousand million only) . Discount on Commercial papers is amortized over the tenor of the underlying instrument . The commercial papers were listed on BSE and will mature on 28 November 2025. Note 8 On 21 July 2025, Mindspace Business Parks REIT issued 10,800 Commercial Papers with a face value of Rs. 5,00,000 (Rupees five lakhs only) each, at a discount of 6.41% per annum to the face value. The discounted amount raised by the REIT through MREIT CP Series 9 was Rs. 5,123 ,90 million (Rupees five thousand one hundred twenty three million ninety thousand only) and the value payable on maturity is Rs 5,400.00 million (Rupees five thousand four hundred million only) . Discount on Commercial papers is amortized over the tenor of the underlying instrument. The commercial papers were listed on BSE and will mature on 15 May 2026. Note 9 On 05 August 2025, Mindspace Business Parks REIT issued 12,000 Commercial Papers with a face value of ~5,00,000 (Rupees five lakhs only) each, at a yield of 5.89% per annum to the face value. The discounted amount raised by the REIT through MREIT CP Series 10 was Rs 5,959.50 million (Rupees five thousand nine hundred fifty-nine million fifty thousand only) and the value payable on maturity is Rs 6,000.00 million (Rupees six thousand million only) . Discount on Commercial Papers is amortized over the tenor of the underlying instrument. The Commercial Papers were listed on BSE and were repaid on 15 September 2025 . Note 10 On 22 August 2025, Mindspace Business Parks REIT issued 11,200 Commercial Papers with a face value of ~5,00,000 (Rupees five lakhs only) each, at a yield of 6.45% per annum to the face value. The discounted amount raised by the REIT through MREIT CP Series 11 was Rs 5,409_76 million (Rupees five thousand four hundred nine million seven thousand six hundred only) and the value payable on maturity is Rs 5,600 .00 million (Rupees five thousand six hundred million only) . Discount on Commercial Papers is amortized over the tenor of the underlying instrument. The Commercial Papers were listed on BSE and will mature on 09 March 2026 . 21 Trade payables Particulars As at As at As at 30 September 31 March 2025 30 September 2025 2024 Trade payables -Total outstanding dues to micro and small enterprises 0.38 2,17 0.45 - Total outstanding dues other than micro and small enterprises 18.34 15,88 22.33 Total 18.72 18.05 22.78
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Mlndspace Busin RN:IN/RE.IT/19-20/0:;s Parks REIT Notes to the Condensed St (all amounts are in Rs. milliandalone Financial Statements ( • ans unless othe . continued) 22 23 24 rwrse stated) Other financial liabilities (C Particulars urrentl Interest accrued b t n erest accrued and n e entures /bond I t u not due o d b Unpaid Distrib 1· due on others s /commercial papers u ions ( refer Other liabilities note 31) - to related - to others party (refer Note 31) Total Other current liabilities Particulars dues Current tax liabilities Particulars Provision for Income T million, 30 Se t ax (Net of Advance Tax. R Total P ember 2024: Rs. 2 80 million) • s . 9.64 million (31 March 2025· R · s. 5L16 As at As at As at 30 September 31 March 2025 30 September 2025 2024 184.60 86 88 132.00 0.07 0.05 0,05 0.82 1.25 0.42 38.82 28.74 23.26 12.29 12.35 13.80 236.61 129_27 169.53 As at As at As at 30 September 31 March 2025 30 September 2025 2024 4.66 8 71 3.71 4.66 8.71 3.71 As at As at As at 30 September 31 March 2025 30 September 2025 2024 3.54 1.10 3.54 1.10
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Mindspace Business Parks REIT RN: IN /REIT/ 19-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated} 25 Oth e..-·lncome Particulars Interest income - on fixed deposits* - on loans given to SPVs (refer Note 31) Dividend I Refer Note 38) Guarantee commission fees (refer Note 31) Gain on redemption/marked to market of mutual fund units liabilit ies no longer required written back Total For the quarter ended 30 September 2025 (Unaudited*) 14.29 1,267 .24 1,884 .98 17.15 3,183 .66 - Includes interest on Fixed Deposits from related parties (Refer Note 31} 26 Finance costs Particulars Interest expense on external debt s (refer Note 18 and 20) Interest expense on loans taken from SPV Guarantee commission charges Total 27 Other ex enses Particulars Valuation expenses Audit fees !Refer Note 37) Insurance expenses Management fees (Refer Note 30) Trustee fees Legal and professional fees Bank charges Filing and stamping fees Travelling and conveyance Printing and stationery Marketing and advert iseme nt expen ses Membership & subscription charges Foreign Exchange loss Miscellaneous exoenses Total 28 Tax ex ense Particulars Current tax Deferred tax char e Total 29 Earnings Per Unit (EPU) For the quarter ended 30 September 2025 (Unaudited*) 1,222 24 4.73 1,226.97 For the quarter ended 30 September 2025 /Unaudited•) 1,86 1,81 0.13 21.51 1.19 34,53 0.05 4.77 1,52 0,02 2 30 4.58 0.02 2.86 77.15 For the quarter ended 30 September 2025 (Unaudited*) 13.19 13.19 For the quarter ended 30 September 2024 (Unaudited•) 1,040 .92 1,877 .00 0.67 6 73 2,925.32 For the quarter ended 30 September 2024 (Unaudited*) 879 20 2.27 881.47 For the quarter ended 30 September 2024 (Unaudited*) 2 01 2.08 0,13 17.99 0.59 19.16 0.03 4.80 0 61 4 68 8.84 0.04 1.07 62.03 For the quarter ended 30 September 2024 (Unaudited*) 3.10 3.10 For the half year ended 30 September 2025 (Unaudited) 28,23 2,352 .28 3,679 ,68 0-01 24.10 6,084.30 For the half year ended 30 September 2025 (Unaudited) 2,220 62 9,05 2,229.67 For the half year ended 30 September 2025 (Unaudited) 1,86 3.87 0.26 42 .66 2,37 59.86 0.07 9.18 5.25 0 03 3 96 8 52 0.03 6.03 143 .95 For the half year ended 30 September 2025 (Unaudited) 22.43 10441 21.99 For the half year ended 30 September 2024 (Unaudited) 2,040 02 1,877 .00 1-61 15,02 3,933.65 For the half year ended 30 September 2024 (Unaudited) 1,635 32 3.99 1,639 .31 For the half year ended 30 September 2024 (Unaudited) 2 14 5.03 0,26 35.65 118 27.83 0.07 9,15 1 75 6 78 9.35 0.04 2.05 101.28 For the half year ended 30 September 2024 (Unaudited) 6.98 6.98 Basic EPU amounts are calculated by dividing the profit for the period attributable to unit holders by the weighted average number of units outstanding during the period The foltowing reflects the profit and unit data used in the basic EPU computation Particulars For the quarter ended Profit after tax (Rs.in million) Weighted average number of Units !Nos) Basic (Rupees/unit) Diluted (Ruoees/unit)• *Mindspace REIT does not have any outstanding dilutive units 30 Management Fees REIT Management Fees 30 September 2025 (Unaudited•) 1,866 .35 609,183,634 3.06 3.06 For the quarter ended 30 September 2024 (Unaudited*) 1,978.72 593,018,182 334 3.34 For the half year ended For the half year ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) 3,688.69 2,186.08 609,183,634 593,018,182 6.06 3.69 6.06 3.69 Pursuant to the Investment Management Agreement dated 21 November 2019, the Manager is entitled to fees @ 0.5% of REIT Net Distributable Cash Flows which shall be payable either in cash or in units or a combinat ion of both, at the discretion of the Manager . The fees has been determined for undertaking management of the REIT and its investments. The REIT Management fees (including GST) accrued for the quarter and half year ended 30 September 2025 amounts to Rs. 21.51 million and Rs. 42.66 million and for the quarter and half year ended 30 September 2024 amounts to Rs. 17.99 million and Rs. 35.65 million and respectively There are no changes during the period in the methodology for computation of fees paid to the Manager . •refer note 36
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MINDSPACE BUSINESS PARKS REIT RN:IN/R~ IT / 19-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts in Rs. millions unless otherwise stated) 31 Related party disclosures A Parties to Mindspace REIT as at 30 September 2025 SI. No. Particulars Name of Entities 1 Trustee Axis Trustee Services Limited 2 Manager K Raheja Corp Investment Managers Private limited 3 Anbee Constructions LLP 1-- Sponsors 4 Cape Trading LLP 5 Mr. Chandru L. Raheja 1-- ~ Mr. Ravi C. Raheja 7 Mr. Neel C Raheja 1-- ,_!_ Mrs. Jvoti C. Raheja ,-2.._ Ms. Sumati Raheja ~ Mrs Java N. Raheja w,e.f. 6 March. 2025 11 Capst;:in Tradinc LLP 1-- Sponsors Group 12 Casa Maria Properties LLP - 13 Raghukool Estate Oevelopement LLP ,_ 14 Palm Shelter Estate Development LLP Promoters/Partners* Directors Axis Bank limited Ms. Deepa Rath till OS February 2025 Mr Sumit Bali w ,e.f 16 January 2024 till 16 August 2024 Mr Prashant Joshi Mr Parmod Nagpal w e,t 03 May 2024 Mr. Arun Mehta w.e.f. 03 May 2024 Mr Rahul Choudhary w e.f. 06 February 2025 Mr Bipin Kumar Sarafw .e.f. 11 April 2025 Mr. Ravi C. Raheja Mr. Ravi C. Raheja Mr. Neel C Raheja Mr Neel C. Raheja Mr Deepak Ghaisas re-appointed w .e.f 20 November 2024 Mr Bobby Parikh re-appointed w e.f 17 December 2024 fv1s Manisha Girotra re-appointed w e ,f 20 November 2024 Mr Manish Kejriwal Mr. Akshaykumar Chudasama w.e.f. 06 March 2025 Mr, Sandeep Mathrani w,e,f. 04 August 2025 Mr Vined Rohira Mr. Ramesh Nairw.e.f 30 April 2025 Mr, Ravi C. Raheja Mr. Neel C. Raheja Mr Chandru L Raheja Mrs. Jyoti C. Raheja Ms. Sumati Raheja Mr. Ravi C. Raheja Mr1 Neel C, Raheja Mr_ Chandru L. Raheja Mrs Jyoti C Raheja - - - Mr. Ravi C. Raheja Mr. Neel C Raheja Mr. Chandru L, Raheja Mrs Jyoti C. Raheja Mr, Ravi C Raheja Mr, Neel C Raheja Mr. Chandru L. Raheja Mrs, Jyoti c. Raheja - Mr. Ravi C Raheja Mr. Neel C, Raheja Mr. Chandru L. Raheja Mrs. Jyoti C. Raheja - Mr. Ravi C. Raheja Mr. Neel C. Raheja Mr. Chandru L. Raheja Mrs . Jyoti C. Raheja -
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MINDSPACE BUSINESS PARKS REIT R~:IN/REIT/19·2 0/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts in Rs. millions unless otherwise stated) 15 Sponsors Group K. Raheja Corp Pvt, Ltd 16 Ivory Property Trust c-- Sponsors Group 17 Genext Hardware & Parks Private Ltd. 1. Avacado Properties and Trading (India) Private Limited 2. Gigaplex Estate Private Limited 3. Horizonview Properties Private Limited 4. KRC Infrastructure and Projects Private 18 Names of Hold Co and SPVs Limited 5. lntime Properties Limited 6. Sundew Properties Limited 7, K. Raheja IT Park (Hyderabad) Limited 8. Mindspace Business Parks Private Limited. 9, Sustain Properties Private Limited w.e.f 06 March 2025 10. Mack Soft Tech Private Limited w.e.f. 23 July 2025 Mr. Chandru L. Raheja Jointly with Ravi C. Raheja Mrs Jyoti C, Raheja Neel C Raheja Ramesh Valecha Mrs Jyoti C Raheja Jointly with Ramesh Ranganthan (till 02 December 2024) Mr. Chandru L Raheja Sunil Hingorani Mr. Anand Chandan w.e f. 02 December 2024 Mr, Ravi C. Raheja Jointly with Mr Manoj Jasrapuria we f 02 December 2024 Mr. Chandru L Raheja Jointly with Mrs. Jyoti C. Raheja Mr. Neel C. Raheja Jointly with Mr. Chandru L Raheja Jointly with Mrs . Jyoti C. Raheja Anbee Constructions LLP Cape Trading LLP Capstan Trading LLP Casa Maria Properties LLP Raghukool Estate Developement LLP Palm Shelter Estate Development LLP Mr. Neel C, Raheja (shares transferred from 'Mr. Neel C, Raheja Jointly with Mr. Ramesh Valecha' to 'Mr Neel C, Raheja' w.e.f. 02 September 2024) Chandru L, Raheja Jyoti C, Raheja Ivory Properties & Hotels Pvt Ltd Ravi C. Raheja Neel C. Raheja (all are trustees) Mr. Ravi C. Raheja Jointly with Mr Chandru L Ravi C Raheja Raheja Jointly with Mrs. Jyoti C, Raheja Neel C. Raheja Ramesh Valecha Mr. Neel C, Raheja Jointly with Mr. Chandru L. Ramesh Ranganthan till 02 December 2024 Raheja Jointly with Mrs, Jyoti C. Raheja Mr Anand Chandan w.e.f. 02 December 2024 Mr4 Manoj Jasrapuria w.e.f. 02 December 2024 Chandru L. Raheja Jointly with Jyoti C Raheja, on behalf of the beneficiaries of Ivory Property Trust till 24 April 2025 (Equity Shares held by Trust have been distributed to Mr, Ravi C. Raheja and Mr. Neel C. Raheja equally) Mr. Ravi C. Raheja w~e.f. 24 April 2025 Mr. Neel C. Raheja w.e.f, 24 April 2025
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MINDSPACE BUSINESS PARKS REIT RN:IN/REJT/12:20/003 Note s to the Condensed Standalone Financial Statements (continued) (all amounts in Rs. millions unless otherwise stated) 19 20 Board of Directors: Mr. Deepak Ghaisas (Independent Director) Ms. Manisha Girotra (Independent Director) Mr. Bobby Parikh (Independent Director) Mr, Manish Kejriwal (Independent Director) Mr. Ravi C. Raheja (Non f)(ecutive Non Independent Director) Mr. Neel C. Raheja (Non Executive Non Independent Board of Directors and Key Director) . I I h Mr. Vinod Rohira (Non Executive Non Independent Manageria Pe~sonne of t e Director) Manager (K RaheJa Corp Investment Managers Priuate limited) Mr. Akshaykumar Chudasama (Independent Director) w.e.f. 06 March 2025 Mr Ramesh Nair, Chief Executive Officer, also appointed as Managing Director effective 3oth April 2025 Mr. Sandeep Mathran f (Independent Director) w e.f , 04 August 2025 Key Managerial Personnel: Ms. Preeti Chheda (Chief Financial Officer) Brookfields Agro & Development Private Limited Gl'clnge Hotels And Properties Private Limited Entities controlled/jointly controlled Immen se Properties Private Limited by members of the Board of Novel Properties Private Limited Directors/Key Managerial Personnel Pact Real Estate Private limited of the Manager Paradigm Logistics & Distribut ion Private lim ited Aqualine Real Estate Private limited Carin Properti es Private Limited Asterope Properties Private limited Content Properties Private Limited till 21 August 2025 Madhurawada Holdings Private Limited w.e.f. 03 April 2024 Gencoval Stretagic Services Private Limited Stemade Biotech Private Limited Hariom lnfrafacilit ies Services Private lim ited K Raheja Corp Advisory Service:; (Cypru s) :'rivatc Limited till 26 March 2025. Convex Propert ies Private Limited I ,,, 8CJ l>v r-it1 1iJ..h At,~oci.al ~ Cun:on Realty LLP w.e f. 06 March 2025 Shardul Amarchand Mangaldas & Co, w e f . 06 March 2025 • only when acting collectively
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 31 Related party disclosures B Transaction with related parties during the Period The nature and volume of transactions of the company with the above related parties were as follows: Particulars Unsecured loans given to Avacado Properties & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private Limited Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited Sustain Properties Private Limited Unsecured loans repaid by Avacado Properties & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private Limited Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited Sustain Properties Private Limited Investment in equity shares Horizonview Properties Private Limited Trustee fee expenses Axis Trustee Services Limited Bank Charges ....-=;;- -i;:: , k Limited For the quarter ended 30 September 202S Unaudited* 530.00 2,870.00 10,883.90 1,660.00 3,435.00 7,262 .00 3,316 .00 400 .00 16,757.25 600.00 2,631.00 5,300.00 1,320.00 2,552.00 5,887.00 2,622.00 210.00 11,527.48 1.19 0.02 For the quarter ended 30 September 2024 Unaudited* 313.00 917.00 1,490.00 816.70 879 .00 2,107 .05 470 .00 233.00 1,024.60 1,170.00 331.90 295.00 1,374 .80 200 .00 0.59 0.02 For the half year ended 30 September 202S Unaudited 1,290 .00 8,691.00 12,288.90 2,520.00 4,876.00 10,392.00 6,321.00 879.00 25,731.25 1,210.00 10,077.00 7,138.00 2,808 .20 4,511.00 9,450.61 5,073.00 639 .00 11,627.48 2.37 For the half year ended 30 September 2024 Unaudited 3,673.00 6,837.00 3,505.00 6,486.70 4,234.00 11,809.18 2,745.00 4,263.00 8,982.60 4,536.81 2,006.90 2,550.00 8,065.92 1,070.00 1,999.81 1.18 0.04
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Notes to the Condensed Standalone Financial Statements (continued} (all amounts are in Rs. millions unless otherwise stated} 31 Related party disclosures B Transaction with related parties during the Period The nature and volume of transactions of the company with the above related parties were as follows : For the quarter ended Particulars 30 September 2025 IUnaudited"I Reimbursement of Expenses/(lncome) Ramesh Nair 0.09 Preeti Chheda 0.26 Horizonview Properties Private Limited (2.62) Mindspace Business Park Private Limited (0.05) Debenture Issue Expenses Axis Bank Limited - Shardul Amarchand Mangaldas & Co 0.71 Legal and Professional Fees Shardul Amarchand Mangaldas & Co 3.20 Dividend Income Avacado Properties & Trading (India) Private Limited 133.00 Sundew Properties Limited 560.70 Mindspace Business Park Private Limited 500 .00 K. Raheja IT Park (Hyderabad) Limited 138 .84 lntime prop ertie s Limited 352.44 KRC Infrastructure & Projects Private Limited 100.00 Gigaplex Estate Private Limited 100.00 Interest Income* * Avacado Properties & Trading (India) Private Limited 9.82 Gigaplex Estate Private Limited 212 .33 Horizonview Properties Private Limited 209.40 Sundew Properties Limited 89 .81 KRC Infra structure & Projects Private Limited 275 .15 Mindspace Business Park Private Limited 54.40 K. Raheja IT Park (Hyderabad) Limited 111.75 lntime properties Limited 58.62 Sustain Properties Private Limited 245 .96 For the quarter ended For the half year ended For the half year ended 30 September 2024 30 September 2025 30 September 2024 (Unaudited*} (Unaudited} (Unaudited] - 0.26 0.05 - 0.61 0.02 - (2.62) - - (0.05) - - 9.93 - - 1.42 - - 6.57 - 142.80 333 .00 142.80 623 .89 1,030 .62 623.89 599 .00 1,000 .00 599 .00 83.57 459 .24 83 .57 427.74 656 .82 427 .74 - 100 .00 - - 100 .00 - 3.68 18.02 23 .03 320. 85 431 .26 693.63 129 .73 344 .04 274 .83 98 .98 188 .81 124 .93 -- 249 .51 555.02 /;\ IN~ 485.16 173 .29 96 .02 , '(~"v,' .s'\S' 327.52 ' .. ~ 64.88 214.80 • ; , 7 0. 10.92 - 118.04 ( c~ ( Mu~, : I - - 386 .27 ~ ~- "2, - \ -.. /.~~~w~-v * \.\
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 31 Related party disclosures B Transaction with related parties during the Period The nature and volume of transactions of the company with the above related parties were as follows: Particulars Interest on Fixed Deposits Axis Bank Limited Payment made on behalf of SPV Mack Soft Tech Private Limited Investment Management Fees K Raheja Corp Investment Managers Private Limited Legal & Professional Fee M/s Bobby Parikh Associates Guarantee commission fees from SPV KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited Guarantee commision fees to SPV Sundew Properties Limited Mindspace Business Park Private Limited KRC Infrastructure & Projects Private Limited ./4:;:c.- ~,-._ . roperties Private Limited For the quarter ended 30 September 2025 Unaudited* 6.91 4.78 21.51 0.25 4.74 For the quarter ended 30 September 2024 Unaudited* 17.99 0.08 0.67 0.07 0.81 Forthehattyearended 30 September 2025 Unaudited 13.66 4.78 42.66 0.16 0.83 7.94 5.08 4.74 For the half year ended 30 September 2024 Unaudited 35.65 0.16 1.61 0.00 0.07 1.44
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 31 Related party disclosures B Transaction with related parties during the Period The nature and volume of transactions of the company with the above related parties were as follows : Particulars Distribution to Sponsors, Sponsors Group, Board of directors and Key Managerial Personnel An bee Constructions LLP Cape Trading LLP Ravi Chandru Raheja Neel Chandru Raheja Chandru Lachmandas Raheja Jyoti Chandru Raheja Capstan Trading LLP Casa Mar ia Properties LLP Palm Shelter Estate Development LLP Raghukool Estate Developement LLP Genext Hardware And Parks Private Ltd K Raheja Corp Pvt. Ltd. Chandru Lachmandas Raheja (held for and on behalf of Ivory Property Trust) Sumati Ravi Raheja Jaya Neel Raheja Mr. Bobby Kanubhai Parikh Mr. Manish Kejriwal Mr. Vinod Rohira Mr. Ramesh Nair Corporate Guarantee received for debentures issued Sundew Properties Limited Mindspace Business Parks Private Limited KRC Infrastructure and Projects Private Limited Sustain Properties Private Limited Gigaplex Estate Private Limited *refer note 36 **after Ind AS Adjustments For the quarter ended 30 September 2025 Unaudited* 204.99 205.19 19.87 52.17 188.95 104.79 237.94 271.09 237.94 243.21 132.51 211.89 22.46 86.26 53.95 0.19 0.69 0.35 0.41 5,545.80 6,000.00 For the quarter ended 30 September 2024 Unaudited* 178.44 178.61 17.29 59.79 164.48 74.92 207.12 23S.98 207.12 211.70 115.35 184.45 19.55 42.49 0.16 0.59 0.30 0.35 For the half year ended 30 September 2025 Unaudited 433.00 433.42 41.97 128.57 399.12 221. 35 502.60 572.62 502.60 513.72 279.90 447,57 47.44 182.20 95 .59 0.40 1.45 0.73 0.86 1,920 .38 4,080 .80 5,545 .80 6,000 .00 For the half year ended 30 September 2024 Unaudited 347.32 347.65 33.66 116.38 320.15 145.83 403.15 459.31 403.15 412.06 224.52 359.01 38.05 82. 71 0.32 1.15 0.58 0.68 6,500.00 5,000.00
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Mindspace Business Parks REIT f!N:IN/REIT/19' 20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 31 Related party disclosures C Closing Balances Particulars Unsecured loan receivable (non-current) Avacado Properties & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private limited Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited Sustain Properties Private Limited Unsecured loan receivable (current) Avacado Properties & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private Limited Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited Sustain Properties P Ltd Investment in equity share of SPVs Avacado Properties & Trading (India) Private Limited Gigaplex Estate Private Limited Horizonview Properties Private limited Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited Sustain properties Private Limited Interest receivable (current)* Avacado Properties & Trading (lndla) f'ri-..·~tc Umltcd Gigaplex Estate Private Limited Horizonview Properties Private Limited Sundew Properties limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) limited lntime properties limited Sustain Properties P Ltd As at As at As at 30 Seotember 2025 31 March 2025 30 September 2024 311.60 331.60 302.60 9,348.46 8,827 85 12,596.53 5,834,04 6,083,10 3,019.73 4,709.60 5,210.10 4,707.10 7,011.50 13,076.50 11,661.32 2,817,39 2,101 70 5,189.20 4,451 ,00 3,909.50 2,956.00 3,199.00 3,039.00 8,251.17 150.00 280.00 180 00 1,359.30 3,265.91 2,669.25 5,879.95 480.00 3,238,86 520.00 307.70 627.70 7,200.00 770,00 784,18 1,009.32 783.61 3,480 17 1,346,50 640 00 400.00 80.00 - 6,002,59 9,482.25 9,482.25 9,482.25 13,121.35 13,121.35 13,121.35 2,999.72 2,999,72 2,999.72 33,722.27 33,722 .27 33,722.27 6,867.84 6,867.84 6,867.84 48,813.50 48,813 .50 48,813 so 25,617.88 25,617.88 25,617 88 15,477.77 15,477.77 15,477.77 6,143.74 6,143.74 1.21 1.55 16 70 22.55 16.64 86,07 4.22 6.29 14 87 21.97 o s1 15.48 6.85 15.61 6 76 7.16 82.46 32,63 18,37 3.23 3.93 - 70.81 -
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Mindspace Business Parks REIT BNclN/REIJl1.9-2Qlr@. Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 31 Related party disclosures C Closing Balances Particulars Interest receivable on Fixed Deposits Axis Bank Limited Other financial assets (Current) KRC Infrastructure & Projects Private Limited Mindspace Business Parks Private Limited Mack Soft Tech Private Limited Horizonview Properties Private Limited Advances to KMPs Preeti Chheda Ramesh Nair Other financial liabilities (Non-current) Sundew Properties Limited KRC Infrastructure & Projects Private Limited Mindspace Business Park Private Limited K. Raheja IT Park (Hyderabad) Limited lntime properties Limited Sustain Properties P Ltd Other financial liabilities (Current) Gigaplex Estate Private Limited Horizonview Properties Private Limited Mindspace Business Park Private Limited lntime properties Limited K Raheja Corp Investment Managers Private Limited Shardul Amarchand Mangaldas Co-Sponsor Initial Corpus Anbee Constructions LLP Cape Trading LLP Current Account Axis Bank Limited Ur.paid Distribution Accou.;t Axis Bank Limited Fixed Deposit Balance Axis Bank Limited Corporate guarantees outstanding KRC Infrastructure & Projects Private Limited Corporate guarantee received towards debentures Sundew Properties Limited Mindspace Business Park Private Limited Gigaplex Estate Private Limited lntime Properties Limited K. Raheja IT Park (Hyderabad) Limited KRC Infrastructure & Projects Private Limited Sustain Properties Private Limited •after Ind AS Adjustments As at As at As at 30 September 2025 31 March 2025 30 September 2024 23.78 10.10 . 0.35 0.66 0.05 . 0.00 4,78 . 2 61 . 0,00 0.28 0.04 0.18 . 9.29 8.53 4.40 4.65 . . 38 66 41.03 10,04 6.44 6.44 6.44 4.10 9.29 5.18 4.34 . . 5.06 0.01 0.01 10.57 5.18 . 21.35 26.48 18.19 1.72 2.25 . 0.01 0,01 O.Dl 0 01 0.01 0.01 4.84 120.46 257.68 0.82 1.25 0.42 375.30 375.30 4,395.10 11,500.00 11,502 50 11,500.00 15,320.00 13,402.89 13,400.00 6,000.00 5,000.00 10,500.00 10,502.24 5,500.00 5,000.00 5,001.10 5,000.00 4,080.00 5,545.80 . .
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Mindsp<1ce Busines·s Parks R'EIT RN:IN/REIT/19 -20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 32 Commitments and contingent liabilities a) Contingent Liabilities Mindspace REIT has provided corporate guarantees for loans availed by the SPVs and the outstanding guarantee is Rs. Nil (31 March 2025 Rs Nil, 30 September 2024-Rs. 4,395 .10 million) b) Commitments There are no commitments as at 30 September 2025,31 March 2025 and 30 September 2024. 33 Financial instruments (a) The carrying value and fair value of financial instruments by categories are as below: Particulars Carrvin£ value Carrvin£ value Carrying value 30 Seotember 2025 31 March 2025 30 September 2024 Financial assets Fair value through profit and loss Cash and Cash equivalents- Investment in overnight mutual funds 154.77 689.97 Fair value through other comprehensive income Measured at amortised cost Loans (Non current) 45,933.76 42,729.35 40,432.48 Loans (current) 23,677.66 6,427.22 11,200.16 Cash and cash equivalents- other than Investments 19.34 126.98 257.93 Other Bank Balances 0.82 1.25 0.42 Other financial assets 1169.19 916.81 128.59 Total Assets 70,800.77 50,356.38 52,709.54 Financial liabilities Fair value through profit and loss - . Measured at amortised cost Borrowings (Non Current) 47,317.55 40,294.30 35,294.67 Borrowings (Current) 22,967.25 5,861.31 10,703.26 Other Financial Liabilities 304.09 194.56 195.59 Trade Pavables 18.72 18.05 22.78 Total liabilities 70,607.61 46,368.22 46 216.30 The management considers that the carrying amounts of above financial assets and financial liabilities approximate their fair values. /hi Measurem ent cl· lair The section explains the judgement and estimates made in determining the fair values of the financial instruments that are: a) recognised and measured at fair value b) measured at amortised cost and for which fair values are disclosed in the Condensed Standalone financial statements . To provide an indication about the reliability of the inputs used in determining fair value, Mindspace REIT has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level is mentioned below: Fair value hierarchy Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities . Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i e. derived from prices). Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). The following table presents the fair value measurement hierarchy for assets at 30 September 2025 Financial instruments Quantitative disclosures fair value measurement hierarchy for assets as at 30 September 2025: Particulars Financial assets measured at fi1irvalue: FVTPL financial Assets FVTPL financial Assets FVTPL financial Assets (c) Transfers between Level 1, Level 2 and Level 3 Date of valuation 30-Sep-25 31-Mar-25 30-Sep-2.4 Total 154.77 689.97 Level 1 154.77 689.97 Level 2 Level 3 There were no transfers between Level 1, Level 2 or Level 3 during the half year ended 30 September 2025, year ended 31 March 2025 and half year ended 30 September 2024. (d) Determination of fair values Fair values of financial assets and liabilities have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. i) The fair value of mutual funds are based on price quotations at reporting date. ii) The fair values of other current financial assets and financial liabilities are considered to be equivalent to their carrying values. iii) The fair values of borrowings at fixed rates are considered to be equivalent to present value of the future contracted cashflows discounted at the current market rate.
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Mindspace Business Parks REIT RN:IN/REIT /19-20/003 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. millions unless otherwise stated) 34 Segment Reporting Mindspace REIT does not have any reportable operating segments as at 30 September 2025, 31 March 2025 and as at 30 September 2024 and hence, disclosure under Ind AS 108, operating segments has not been provided in the condensed standalone financial statements 35 Asset acauisition (a) In financial year ended 31 March 2025, Mindspace REIT entered into share acquisition agreement with shareholders of Sustain Properties Private Limited, Asset SPV for acquisition of 100% equity shareholding of the Asset SPV in exchange for the units of Mindspace REIT. The acquisition was effected on 6th March 2025 ("Acquisition Date") . As consideration for the assets acquired, Mindspace REIT issued 1,61,65,452 units at unit price of Rs. 379.08 per unit totalling to Rs. 6,128.00 million . Mindspace REIT has also incurred directly attributable expenses in relation to the asset acquisition, amounting to Rs. 15.74 million, resulting in the total transaction price of Rs. 6,143.74 million . Mindspace Group had obtained two independent valuation reports as required by the REIT regulations for the above acquisition and the average of the two valuations amounts to Rs. 22,022.00 million The valuation approach adopted by both the valuer is Discounted cash flow method and the weighted average cost of capital considered is 11, 75%. Acquisition consideration was at 7 5% discount to average of two independent valuation report s amounting to Rs. 20,380 million. No fees or commission was paid to the Sellers in relation to the transaction. All the material conditions and obligations for the transaction were complied. (b) During the half year ended 30 September 2025, Horizonview Properties Private Limited (HPPL), an Asset SPV of Mindspace REIT entered into share acquisition agreement with shareholders of Mack Soft Tech Private Limited for acquisition of 100% equity shareholding of Mack Soft in exchange of cash consideration funded by debt. The acquisition was effected on 23 July 2025 ("Acquisition Date") making Mack Soft as an asset SPV and HPPL as an Holdco within Mindspace REIT. 36 a) The figures for the quarter ended 30 September 2025 are the derived figures between the figures in respect of the half year ended 30 September 2025 and the figures for the quarter ended 30 June 2025, which are subjected to limited review. b) The figures for the quarter ended 30 September 2024 are the derived figures between the figures in respect of the half year ended 30 September 2024 and the figures for the quarter ended 30 June 2024, which were subjected to limited review. 37 Audit fees includes payments made to auditor's towards certification fees amounting to Rs. 0 64 million for the quarter ended 30 September 2025,Rs. 1,37 million for the quarter ended 30 June 2025, Rs. 0.89 million for the quarte r ended 30 September 2024, Rs. 2.01 million for the half year ended 30 September 2025,Rs. 2.61 million for the half year ended 30 September 2024 and Rs, 4.30 million for the year ended 31 March 2025. 38 Previous period figures have been regrouped , as considered necessary, to conform with current period presentation 39 "0.00" represents value less than Rs. 0.005 million.
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Mind spac::e Business Parks REIT RN:IN/RETT /1 9·W/00 3 Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. million unless otherwise stated) 40 In accordance with SEBI (LOOR) Regulation, 2015 and Other requirements as per SEBI circular (No. SEBI/HO/DDHS/OOHS-Po0-2/P/CIR/2025/64 dated 07 May 2025) for issuance of debt securities by Real Estate Investment Trusts {REITs) and Infrastructure Investment Trusts (lnvlTs), REIT has disclosed the following ratios: For the quarter ended For the half year ended Ratios 30 September 2025 30 September 2024 30 September 2025 30 September 2024 1 Security/ Asset cover (NCD Series 3) (refer note 1) NA 2.33 NA 2.33 2 Security/ Asset cover (NCD Series 4)(refer note 2) 3.13 2.63 3.13 2.63 3 Security/ Asset cover (Minds pace REIT Green Bond 1) 2.40 2.18 2.40 2.18 (refer note 3) 4 Security/ Asset cover (NCD Series 6) (refer note 4) 2.41 2.18 2.41 2.18 5 Security/ Asset cover (NCD Series 7) (refer note 5) 2.45 2.30 2.45 2.30 6 Security/ Asset cover (NCO Series 8) (refer note 6) 1.93 1.83 1.93 1.83 7 Security/ Asset cover (NCO Series 9) (refer note 7) 1.93 1.91 1.93 1.91 8 Security/ Asset cover (NCO Series 10) (refer note 8) 2.23 1.96 2.23 1.96 9 Security/ Asset cover (NCD Series 11) (refer note 9) 1.60 NA 1.60 NA 10 Security/ Asset cover (NCD Series 12) (refer note 10) 1.63 NA 1.63 NA 11 Security/ Asset cover (NCD Series 13) (refer note 11) 1.71 NA 1.71 NA 12 Security/ Asset cover (NCD Series 14) (refer note 12) 1.62 NA 1-62 NA 13 Asset cover available (in times) (refer note 26) 6.09 7.10 6.09 7.10 14 Debt-equity ratio (in times) (refer note 13(i) and 13(ii)) 0.43 0.28 0.43 0.28 15 Debt service coverage ratio (in times) (refer note 14) 2.53 3.25 2.66 2.34 16 Interest service coverage ratio (in times) (refer note 15) 2.53 3.25 2.66 2.34 17 Outstanding redeemable preference shares (quantity NA NA NA NA and value) 18 Capital redemption reserve NA NA NA NA 19 Debenture redemption reserve (Amount in Rs. NA NA NA NA millions)* 20 Net worth (Amount in Rs. millions) (refer note 16) 162,520.59 162,636.11 162,520.59 162,636.11 21 Net profit after tax (Amount in Rs. millions) 1,866.35 1,978.72 3.688.69 2.186.08 22 Earnings per unit- Basic 3.06 3.34 6.06 3.69 23 Earnings per unit- Diluted 3.06 3.34 6.06 3.69 2d Current Ratio (in times) (refer note 17) 1,03 11'1 1 03 113 25 Long term debt (non current) to working capital (in 58.67 25.04 58.67 25.04 times) (refer note 18 & 19) 26 Bad debts to account receivable ratio (in times) (refer NA NA NA NA note 23] * 27 Current liability ratio (in times) (refer note 20) 0.33 0.24 0.33 0.24 28 Total debt to total assets (in times) (refer note 21) 0.30 0.22 0.30 0.22 29 Debtors Turnover (in times) (refer note 22)* NA NA NA NA 30 Inventory Turnover* NA NA NA NA 31 Operating Margin (in%) (refer note 24)* NA NA NA NA 32 Net Profit Margin (in%) (refer note 25) 58.62% 67.64% 60.62% 55.57% 33 Distribution per unit (refer note 27) 5.83 5.15 11.62 10.19 34 Net Operating Income* NA NA NA NA 35 Sector Specific equivalent ratio* NA NA NA NA *Not Applicable (NA)
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r Mindspace Business Parks REIT l!!t!!Y.REIT /l9 -2D[Qm Notes to the Condensed Standalone Financial Statements (continued) (all amounts are in Rs. million unless otherwise stated) 40 In accordance with SEBI (LODR) Regulation, 201S and Other requirements as per SEBI circular (No. SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/64 dated 07 May 2025) for issuance of debt securities by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (lnvlTs), REIT has disclosed the following ratios: Formulae for computation of ratios are as follows basis condensed standalone financial statements:- 1 Security/ Asset cover ratio (NCD Series 3) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCO Series 3 + Interest accrued thereon) 2 Security/ Asset cover ratio (NCD Series 4) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 4 + Interest accrued thereon) 3 Security/ Asset cover ratio (Green Bond 1) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of Mindspace REIT Green Bond 1 + Interest accrued thereon) 4 Security/ Asset cover ratio (NCD Series 6) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 6 + Interest accrued thereon) 5 Security/ Asset cover ratio (NCD Series 7) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 7 + Interest accrued thereon) 6 Security/ Asset cover ratio (NCD Series 8) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 8 + Interest accrued thereon) 7 Security/ Asset cover ratio (NCD Series 9) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 9 + Interest accrued thereon) 8 Security/ Asset cover ratio (NCD Series 10) = Fair value of the secured assets as computed by independent valuers / (Outstanding principal amount of NCD Series 10 + Interest accrued thereon) 9 Security / Asset cover ratio (NCD Series 11) = Fair value of the secured assets as computed by independent valuers / (Outstanding principal amount of NCD Series 11 + Interest accrued thereon) 10 Security/ Asset cover ratio (NCD Series 12) = Fair value of the secured assets as computed by independent valuers/ (Outstanding principal amount of NCD Series 12 + Interest accrued thereon) 11 Security/ Asset cover ratio (NCD Series 13) = Fair value of the secured assets as computed by independent valuers / (Outstanding principal amount of NCD Series 13 + Interest accrued thereon) 12 Security/ Asset cover ratio (NCD Series 14) = Fair value of the secured assets as computed by independent valuers / (Outstanding principal amount of NCD Series 14 + Interest accrued thereon) 13(i) Total Debt= Long term borrowings+ Short term borrowings+ Interest accrued on debts (current and non-current) 13(ii) Debt Equity Ratio= Total Debt/Total Equity 14 Debt Service Coverage Ratio = Earnings before interest {net of capitalization} , depreciation and amortisation exceptional items and tax / (Interest expenses {net of capitalization}+ Principal repayments made during the period which excludes bullet and full repayment of external borrowings) 15 Interest Service Coverage Ratio = Earnings before interest {net of capitalization}, depreciation and amortisation exceptional items and tax / (Interest expense (net of capitalisation}) 16 Net worth = Corpus + Unit capital+ Other equity 17 Current ratio= Current assets/ Current liabilities 18 Long term Debt= Long term borrowings (excluding current maturities of long term debt) and interest accrued thereon . 19 Long term debt to working capital ratio= Long term debt/ working capital (i.e. Current assets less current liabilities) 20 Current liability ratio= Current liabilities/ Total liabilities 21 Total debt to total assets= Total debt/ Total assets 22 Debtors Turnover= Revenue from operations (Annualised)/ Average trade receivable 23 Bad debts to account receivable ratio= Bad debts (including provision for doubtful debts)/ Average trade receivable 24 Mindspace REIT's income is earned from its investment in asset SPVs and classified as income from investment activity and therefore, operating margin ratio is not applicable and not disclosed 25 Net profit margin= Profit after exceptional items and tax/ Total Income 26 Asset cover available= Gross Asset value of the subsidiaries of the trust as computed by independent valuer/ Total Borrowings (Long term and Short term borowings + Accrued interest on borrowings) 27 Distribution per unit= Distribution declared during the period/Total No. of units For and on behalf of the Board of Directors of K Raheja Corp Investment Managers Private Limited (acting as the Manager to Mindspace Business Parks REIT) 11~~ Ramesh Nair Chief Executive officer and Managing Director DIN: 09282712 Place: Mumbai Date : OS November 2025 ~ -IV~ Preetl N. Chheda Chief Financial Officer Place: Mumbai Date : OS November 2025