Housing Development & Infrastructure Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017

1. The above results have been reviewed by the Audit Committee and thereafter, approved by the Board of Directors at their meetings held on 30th May, 2017.

2. Previous period figures have been regrouped, rearranged, restated and reclassified wherever necessary, for the purpose of comparison.

3. The reconciliation of net profit reported in accordance with previous GAAP to total comprehensive income in accordance with Ind AS is given below:

(` in lacs)

Sr. No. Particulars Quarter Ended Year ended

31.03.2016 31.03.2016

1 Net Profit for the period as per Previous Indian GAAP 5,539.32 34,213.84

2 Adjustments :

Impact of adjustment of Lease Income 3.73 14.94

Notional income from Corporate Guarantee in favour of subsidiaries 25.76 103.04

Discounting of Security Deposit Received and Paid to present value and corresponding impact on Finance Cost / Income 2.08 8.43

Actuarial Gain/ Loss on defined benefit plan transferred to Other Comprehensive Income 16.28 32.56

Impact of adjustment on ancillary cost on borrowing amortised (30.12) (144.53)

Impact on Depreciation of investment properties (46.95) (226.20)

Deferred Tax impact of above adjustment 8.97 44.05

(20.25) (167.71)

3 Net Profit for the period under Ind AS 5,519.07 34,046.13

4 Add : Other Comprehensive income / (loss) (16.28) (32.56)

5 Total comprehensive income as per Ind AS 5,502.79 34,013.57

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4. The Statement has been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rule, 2015, as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The Company adopted Ind AS from 1st April, 2016, with a transition date of 1st April, 2015 and accordingly, these financial results (including for all the periods presented in accordance with Ind AS 101 - First - time Adoption of Indian Accounting Standards) have been prepared in accordance with the recognition and measurement principles in Ind AS 34- Interim Financial Reporting, prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent application.

5. The Company has evaluated its operating segments in accordance with ind AS 108, and has determined its business segment as "Real Estate Development and Infrastructure". Since 100% of the Companies business is from Real Estate no secondary reportable segment relating to the Company's business.

6. During the period under review, Investment in wholly owned subsidiary Company (Excel Arcade Private Limited) has been divested and accordingly Rs. 618.48 lacs Capital Gain on such Investment have been included in other income.

7. Executive Chairman and Vice Chairman & Managing Director have not taken any remuneration for the Quarter.