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1. A REPORT ON
MAHINDRA HOLIDAYS & RESORTS INDIA LTD
AND I I F L SECURITIES LTD.
BY
Enrollment Number:
IFHE for Higher Education and
Foundation
ICFAI BUSINESS SCHOOL(IBS),
Hyderabad.

2. A REPORT ON
MAHINDRA HOLIDAYS & RESORTS INDIA LTD
AND I I F L SECURITIES LTD.
BY
The report was written to
A report submitted in partial fulfilment of
the requirements of BBA Program of IBS
Hyderabad.
DATE OF SUBMISSION:

3. TABLE OF CONTENTS
Chapter 1: Introduction
Chapter 2:Company Profiles.
Chapter 3: Companies Tax rates before GST
Chapter 4: Companies Tax rates After GST implementation
Chapter 5: Summary of Findings and Conclusions
Bibliography

4. Chapter 1
Introduction
What is GST & How it works?
GST stands for Goods and Services Tax. It is an Indirect tax which introduced to replacing a
host of other Indirect taxes such as value added tax, service tax, purchase tax, excise duty, and
so on. GST levied on the supply of certain goods and services in India. It is one tax that is
applicable all over India.
How will GST works:
 Manufacturer: The manufacturer will have to pay GST on the raw material that is
purchased and the value that has been added to make the product.
 Service Provider: Here, the service provider will have to pay GST on the amount that
is paid for the product and the value that has been added to it. However, the tax that has
been paid by the manufacturer can be reduced from the overall GST that must be paid.
 Retailer: The retailer will need to pay GST on the product that has been purchased from
the distributor as well as the margin that has been added. However, the tax that has been
paid by the retailer can be reduced from the overall GST that must be paid.
 Consumer: GST must be paid on the product that has been purchased.
History Of GST
On July 1st 2017, the Goods and Services Tax implemented in India. But, the process of
implementing the new tax regime commenced a long time ago. In 2000, Atal Bihari Vajpayee,
then Prime Minister of India, set up a committee to draft the GST law. In 2004, a task force
concluded that the new tax structure should put in place to enhance the tax regime at the time.
In 2006, Finance Minister proposed the introduction of GST from 1st April 2010 and in 2011
the Constitution Amendment Bill passed to enable the introduction of the GST law. In 2012,
the Standing Committee started discussions about GST, and tabled its report on GST a year
later. In 2014, the new Finance Minister at the time, Arun Jaitley, reintroduced the GST bill in
Parliament and passed the bill in Lok Sabha in 2015. Yet, the implementation of the law
delayed as it was not passed in Rajya Sabha.

5. GST went live in 2016, and the amended model GST law passed in both the house. The
President of India also gave assent. In 2017 the passing of 4 supplementary GST Bills in Lok
Sabha as well as the approval of the same by the Cabinet. Rajya Sabha then passed 4
supplementary GST Bills and the new tax regime implemented on 1st July 2017.
Tax Laws Before the Implementation of GST
 The Centre and the State used to collect tax separately. Depending on the state, the tax
regimes were different.
 Even though import tax was levied on one individual, the burden was levied on
another individual. In the cases of direct tax, the taxpayer must pay the tax.
 Prior to the introduction of GST, direct and indirect taxes were present in India.
Types of GST
The four different types of GST are given below:
1. Central Goods and Services Tax : CGST is charged on the intra state supply of
products and services.
2. State Goods and Services Tax : SGST, like CGST, is charged on the sale of products
or services within a state.
3. Integrated Goods and Services Tax : IGST is charged on inter-state transactions of
products and services.
4. Union Territory Goods and Services Tax : UTGST is levied on the supply of
products and services in any of the Union Territories in the country, viz. Andaman and
Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, Lakshadweep, and
Chandigarh. UTGST is levied along with CGST.
Who is Eligible for GST?
The below mentioned entities and individuals must register for Goods And Services Tax:
 E-commerce aggregators
 Individuals who supply through e-commerce aggregators
 Individuals who pay tax as per the reverse change mechanism
 Agents of input service distributors and suppliers

6.  Non-Resident individuals who pay tax
 Businesses that have a turnover that is more than the threshold limit
 Individuals who have registered before the GST law was introduced
Registration of GST
Any company that is eligible under GST must register itself in the GST portal created by the
Government of India. The registered entities will get a unique registration number called
GSTIN.
It is mandatory for all Service providers, buyers, and sellers to register. A business that makes
a total income of Rs.20 lakhs and more in a financial year must be required to do GST
registration. It takes 2-6 working days to process.
Know the GSTIN – GST Identification Number
A 15-digit distinctive code that is provided to every taxpayer is the GSTIN. The GSTIN will
be provided based on the state you live at and the PAN. Some of the main uses of GSTIN are
mentioned below:
 Loans can be availed with the help of the number.
 Refunds can be claimed with the GSTIN.
 The verification process is easy with the help of the GSTIN.
 Corrections can be made.
GST Certificate
A GST Certificate is an official document that is issued by the concerned authorities for a
business that has been enrolled under the GST system. Any business with an annual turnover
of Rs.20 lakh or more and certain special businesses are required to be registered under this
system. The GST registration certificate is issued in Form GST REG-06. If you are a registered
taxpayer under this system, you can download the GST Certificate from the official GST Portal.
The certificate is not issued physically. It is available in digital format only. GST Certificate
contains GSTIN, Legal Name, Trade Name, Constitution of Business, Address, Date of
liability, Period of Validity, Types of Registration, Particulars of Approving Authority,
Signature, Details of the Approving GST officer, and Date of issue of a certificate.

7. GST Returns
A GST Returns is a document that contains information about the income that a taxpayer must
file with the authorities. This information used to compute the taxpayer’s tax liability. Under
the Goods and Services Tax, registered dealers must file their GST returns with details
regarding their purchases, sales, input tax credit, and output GST. Businesses are expected to
file 2 monthly returns as well as an annual return.
GST Rates
The GST Council has assigned GST rates to different goods and services. While some products
can be purchased without any GST, there are others that come at 5% GST, 12% GST, 18%
GST, and 28% GST. GST rates for goods and services have been changed a few time since the
new tax regime was implemented in July 2017.
How do I calculate GST?
Calculating the amount that needs to be paid as GST when filing your returns can be quite
tedious. Several aspects and factors must be taken into consideration, such as ITC, exempted
supplies, reverse charge, etc. Failure to pay the entire GST amount can see you slapped with
an 18% interest on the shortfall, thereby making it necessary to ensure that you pay the right
amount towards GST.
The GST Calculator makes it simple for taxpayers to calculate the amount that needs to paid
as GST. You will have to enter all the required details such as the month for which you are
calculating GST, the due date for filing returns for the particular month, the actual date on
which the returns are filed, the tax liability for the month, the purchases that attract Reverse
Charge Mechanism, the opening balance of your cash ledger as well as your credit ledger and
the eligible ITC.
Here is an example showing how you can calculate your GST liability:

8. Particulars Amount
Overall value of interstate sales Rs.20 lakh
Overall value of intrastate sales Rs.25 lakh
Advance received Rs.8 lakh
SGST Rs.25 lakh x 9% = Rs.2.25 lakh
CGST Rs.25 lakh x 9% = Rs.2.25 lakh
IGST
Rs.20 lakh x 18% = Rs.3.6 lakh
Rs.8 lakh x 18% = Rs.1.44 lakh
Total = Rs.5.04 lakh
GST Payments
Currently, the GST must be paid every month. The GSTR-1 and GSTR-3B must be filed. In
the case of refunds, the relevant forms must be submitted as well. GST payments can be made
both online and offline. Once the payment has made, a challan must be generated.
GST E-Way Bill
An electronic document that is generated to show proof of goods movement is the E-Way bill.
You can generate the bill from the GST portal.
Advantages of GST
The following are the advantages of goods and services tax in India
1. Regulation of the unorganized sector
2. E-commerce operators no longer suffer from differential treatment

9. 3. Fewer complications
4. Composition scheme
5. Registration process and filing of returns are simple
6. Higher threshold
7. Elimination of the cascading tax effect
GST Council
Any recommendations that are made to the State and Union Government regarding any issues
that are related to GST is done by the GST Council. The chairman of gst council is Union
Finance Minister of India. The other members of the GST Council are the Union State Minister
of Revenue or Finance of all the states.
GSTN - Goods and Service Tax Network
The GSTN is the Goods and Services Tax Network which is responsible for managing the IT
system concerning the GST Portal. It is a non-profit, non-government organization and is the
database for the official GST Portal.
The current structure of the GST Network can be summed up as follows:
 Central Government – 24.5%
 State Governments and EC – 24.5%
 LIC Housing Finance Ltd. - 11%
 01ICICI Bank, HDFC, NSE Strategic Investment Co., and HDFC Bank – 10% each.
Features of GSTN
The salient features of the GST Network can be listed as follows:
 Keeping the information of all the taxpayers safe and secure.
 Maintaining confidentiality of the taxpayers’ information.
 It is a trusted National Information Utility (NIU).
Functions of GSTN
The main functions of the GST Network or GSTN can be summed up as follows:

10.  It is responsible for handling the invoices
 It is responsible for handling the registrations
 It is responsible for handling the payments and refunds (if any)
 It is responsible for handling different types of returns.

11. Chapter 2
Company Profiles
MAHINDRA HOLIDAYS & RESORTS INDIA LTD
Mahindra Holidays & Resorts India Ltd (MHRIL) is a leading player in the leisure hospitality
industry incorporated in the year September 20th 1996. The company is a part of Mahindra
Group and is the market leader in the business with over 2.43 lakh members and 61 resorts.
Together with its Finnish subsidiary Holiday Club Resorts (HCR) Mahindra Holidays has a
bouquet of 94 resorts in Asia and Europe making it the largest vacation ownership company
outside the USA. Apart from providing quality rooms in the form of furnished apartments and
cottages at resorts in unique and popular destinations Mahindra Holidays offers to its vacation
ownership members family-friendly amenities including dining holiday activities spa and
wellness facilities for a complete holiday experience. As of March 31 2019 the Company has
36 subsidiaries (including 30 indirect subsidiaries) 1 Joint Venture Company (indirect) and 2
associate companies (including 1 indirect associate).The company offers a range of solutions
to their customers with the range of products and services which includes Club Mahindra
Holidays Zest Club Mahindra Fundays Mahindra Homestays and clubmahindra.travel. Club
Mahindra Holidays is engaged in the vacation ownership business. Zest another product of the
company in the vacations ownership space entitles their members short breaks for six nights
each year in studio apartments. Club Mahindra Fundays is a corporate product-based on the
point-based system. Mahindra Homestays provide the customers with choice of homes across
different budget categories and property types. Club Mahindra Travel is a travel integration
service for Club Mahindra Holidays' members to take care of their range of travel needs from
accommodation to the deals on air tickets complete holiday packages replete with sightseeing
tours and meals to documentation requirements. The company provides family holidays
primarily through vacation ownership memberships. Their members can choose to stay and
holiday at resorts in a range of holiday destinations for a pre-determined number of days in a
year for a fixed number of years. Their resorts offer the use of furnished accommodation such
as apartments and cottages and an experience through resort specific amenities and facilities
such as restaurants ayurvedic spas kids clubs and a variety of holiday activities. Mahindra

12. Holidays & Resorts India Ltd was incorporated on September 20 1996 as a private limited
company with the name Mahindra Holidays & Resorts India Pvt Ltd and is engaged in the
business of selling vacation ownership and providing holiday facilities. In February 1997 the
company acquitted a land at Varca Village Goa. Also they launched their first individual
product 'Club Mahindra Holidays Unlimited'. In January 29 1998 the company was converted
into public limited company and the name was changed to Mahindra Holidays & Resorts India
Ltd. In the year 1998 MMJ Resorts and Holidays Pvt Ltd was amalgamated with the company
with effect from April 1 1998. In April 1998 the company opened their first resort at Munnar
and in December 1999 they opened their second resort at Goa. In November 2000 the company
acquired a land in Binsar and in April 2001 they opened a resort at Manali. IN April 2001
Mahindra Sega Entertainment Corporation Ltd was amalgamated with the company with effect
from April 1 2001. In December 2002 the company acquired land in Coorg. In January 2003
they opened their first Club Mahindra Holiday World in Chennai. In March 2005 they entered
into long-tern lease for an international resort in Pattaya Thailand. Also they opened Club
Mahindra Kodagu Valley resort in Coorg Karnataka. During the year 2006-07 the company
strengthened their distribution network by opening a new office in Chandigarh and more
Holiday Worlds and franchisees in newer locations.
I I F L SECURITIES LTD
IIFL Securities Limited provides capital market services in the primary and secondary markets
in India. It operates through Capital Market Activity, Insurance Broking, Facility & Ancillary,
and Other segments. The company offers retail broking products and services comprising
equity, commodities and currency broking, and equity research; advisory services, including
financial planning, depository participant, mutual funds and bonds, portfolio management
services (PMS), alternate investment funds (AIFs), and retirement and estate planning; broking
services; investment banking services consisting of initial public offerings, qualified
institutional placement, right issues, preferential placement, follow-on public offer, mergers
and acquisitions, share buybacks, tender offers, and delisting’s; and advisory services for
private equity placements, and mergers and acquisitions. It also distributes third-party financial
products, such as mutual funds, insurance, PMS, AIFs, fixed deposits, loans, and pension
products. It serves retail and mass affluent investors, domestic and foreign institutional

13. investors, sovereign wealth funds, banks, and private equity funds and corporates. The
company was formerly known as India Infoline Limited and changed its name to IIFL
Securities Limited in February 2018. IIFL Securities Limited was founded in 1995 and is based
in Mumbai, India.
IIFL Securities Limited’s ISS Governance Quality Score as of N/A is N/A. The pillar scores
are Audit: N/A; Board: N/A; Shareholder Rights: N/A; Compensation: N/A.
Corporate governance scores courtesy of Institutional Shareholder Services (ISS). Scores
indicate decile rank relative to index or region. A decile score of 1 indicates lower governance
risk, while a 10 indicates higher governance risk.

14. Chapter 3
Companies Tax rates before GST
Mahindra Holidays & Resorts India Ltd
During 2015-16, your Company performed creditably in spite of a subdued consumer
sentiment, especially towards high-value discretionary spend categories. It added around
16,200 new members to its vacation ownership business, taking the total membership to close
to two lakh at the end of the year. The new member addition was higher as compared to the
previous year, and reflects the successful execution of Company’s strategy to focus on high
quality leads from pull-based channels such as referrals and digital. During the year, the
Company added 87 new room units, taking the total inventory to 2,879 units as of March 31,
2016. The Company, during the month of September 2015, had increased its stake in Holiday
Club Resorts Oy, Finland (HCR) from 23.3 per cent to 85.6 per cent resulting in HCR becoming
a subsidiary company of the Company. Your Company’s total income (including other income)
grew from ` 80,756 lakh in 2014-15 to ` 96,261 lakh in 2015-16. Profit after taxes (PAT) grew
from ` 7,902 lakh in 2014-15 to ` 11,735 lakh in 2015-16. Diluted earnings per share (EPS) for
2015-16 stood at ` 13.29, up from ` 8.98 in the previous year. Your Company’s consolidated
total income (including other income) during 2015-16 was ` 1,60,382 lakh. The consolidated
PAT was ` 9,906 lakh and the diluted EPS was ` 11.22. The consolidated numbers include
results of HCR subsequent to its becoming a subsidiary of your Company.
Registration of company before GST

16. I I F L SECURITIES LTD
om humble beginnings, IIFL Wealth has come a long way and is today the leading wealth
manager in India and is taking rapid strides overseas as well. It has seen a magnificent
turnaround after the global financial crisis of 2008-2009 hit the markets. Starting-off as a
seven employee firm, its current employee strength is over 480. We always strive to grow
faster than the industry and encourage risk taking and empowerment

17. Profit After Tax And Revenue
EQUITY
FY15-16 has been a lackluster year for Indian equities. Though the first half of the year began
strong, persistent selling from the FIIs in the second half on the back of Fed rate hike and
Chinese Yuan devaluation, led to erosion of all gains and closed the year down by around 9%.
An elusive recovery in earnings growth for corporate India, has been the single biggest

18. disappointment for investors. As India was already trading at significant premium to other
emerging market peers lack of improvement in earnings lead to a sharp selloff in the markets.
We expect this trend to change and foresee an economic recovery and earnings growth over
the course of FY2016-2017 based on (1) 7th Pay Commission related payouts (about 50 bps of
GDP in FY2016-2017), (2) likely normal monsoons and (3) low base of activity in several
sectors and of earnings. We do acknowledge downgrade risks but note that the risks are lower
after significant downgrades over the past few quarters.
DEBT
FY 15-16 saw RBI continuing its stance of cutting interest rates in order to spur economic
growth amidst sluggish credit off-take. RBI has cut repo rates cumulatively by 150 bps since
the start of the easing cycle, however only half of that has been transmitted through to the end
borrowers.

19. Chapter 4
Companies Tax rates After GST
Mahindra Holidays & Resorts India Ltd
During the financial year 2019-20 your Company has registered accreditable performance
given the subdued macroeconomic environment and relatively poor consumer sentiment
towards discretionary purchases which was evident in the first threequarters of the year. The
outbreak of Coronavirus (COVID-19) pandemic has caused significant slowdown of economic
activity in March 2020. Traditionally March is a peak month for your Company but due to
COVID-19 the business operations of your Company have been adversely affected specially
new Member Additions and Resort Operations. During the latter part of March 2020 the
Management took the decision for phased closing of resorts considering the safety of members
and employees of your Company which affected the resort occupancies. Resort income
declined due to cancellation of bookings in March 2020.
During the year under review your Company added 15697 new members toits vacation
ownership business taking the total membership to over 2.58 lakhs at the endof the year.
Addition in the members is a result of continued success of Company’s pull-based digital and
referral leads as well as reaching out to prospects by way of engagement through innovative
platforms alliances and corporate partnerships. During the year under review your Company
has been reinventing its marketing strategy around digital formats and platforms as media
consumption has shifted towards mobile devices. Marketing and brand building activities are
focused on bringing alive the 'Club Mahindra' experience to generate a pull for the brand by
making it aspirational for the target consumer segments.
Your Company added 9 resorts and 224 room units during the year under review. The total
inventory stands at 3732 room units across its 70 resorts as of March31 2020. Along with its
Finnish subsidiary Holiday Club Resorts Oy's (HCR) 33 resorts your Company has achieved a
significant milestone of offering 100+ resorts to its members during the financial year 2019-
20.
During the year under review your Company through its step- down subsidiary Covington
S.a.r.l Luxembourg (Covington) has increased its stake in HCR from96.47% to 100% with the
acquisition of the balance shares.

20. The Ministry of Corporate Affairs (MCA) vide its notification dated March 30 2019 has made
Indian Accounting Standard 116 "Leases" (Ind AS 116)applicable effective April 1 2019. As
per Ind AS 116 a lessee recognises a right-of-use("ROU") asset representing its right to use the
underlying asset and
a corresponding lease liability representing its obligation to make lease payments. The nature
of expenses related to these leases has changed as Ind AS 116substitutes the operating lease
expense (i.e. rent) with depreciation charge for ROU assets and interest expense on lease
liabilities.
In view of the above the financial statements of your Company for the financial year ended
March 31 2020 have been prepared in accordance with the Ind AS as prescribed under Section
133 of the Companies Act 2013 ("the Act") read with the relevant rules issued thereunder and
other accounting principles generally accepted in India.
Your Company has applied the modified retrospective approach as prepare C5(b) of Ind AS
116 to existing Leases as on April 1 2019 and the cumulative effect of applying this standard
is recognised at the date of initial application i.e. April 12019 in accordance with para C7 of
Ind AS 116 as an adjustment to the Transition Difference under other equity. This has resulted
in recognising a ROU asset of Rs.19736.60 lakhs and a corresponding lease liability of Rs.
21183.10 lakhs by adjusting Transition Difference (other equity) net of taxes of Rs. 1670.15
lakhs in standalone books and ROU asset of Rs. 139084.89 lakhs and a corresponding lease
liability of Rs.154988.18 lakhs by adjusting Transition Difference (other equity) net of taxes
of Rs.12078.67 lakhs in consolidated books as at April 1 2019. The financial information
presented for the year ended March 31 2019 have not been restated and hence the figures are
not comparable to that extent. However this change in the applicable Ind AS does not impact
the business or cashflows.
On September 20 2019 the Government of India vide the Taxation laws(Amendment)
Ordinance 2019 inserted Section 115BAA in the Income Tax Act 1961 whichprovides
domestic Companies an option to pay Corporate Tax at a reduced rate effective April 1 2019
subject to certain conditions. During the financial year under review your Company has
decided to exercise the option of lower tax rate available under Section115BAA of the Income
Tax Act 1961. Accordingly the Company has recognised the provision for income tax for the
year ended March 31 2020 and remeasured the accumulated deferred tax asset at March 31
2020 based on the rate prescribed under Section 115BAA. The resultant impact has been taken

21. through the statement of profit and loss as a separate line item. The re-measurement of
accumulated deferred tax and current tax asset has resulted in a one-time impact amounting to
Rs. 19972.94 lakhs which has been debited to the profit and loss account in standalone and
consolidated financial statements for the year ended March 31 2020. Out of this Rs. 17775.94
lakhs has been transferred to the Transition Difference (other equity) in standalone and
consolidated financial statements for the year ended March 31 2020.
Your Company's total income (including other income) was Rs.103711.78 lakhs in 2019-20
compared to Rs. 96343.85 lakhs in 2018-19. Profit Before Tax(PBT) grew to Rs. 12394.74
lakhs in 2019-20 from Rs. 10017.24 lakhs in 2018-19. Profit After Tax
(PAT) (excluding one-time impact of change in tax rate) grew to Rs.9151.49 lakhs in 2019-20
from Rs. 6386.23 lakhs in 2018-19. As a result of one-time impact of change in the tax rate
which augurs well for future cashflows of your Company loss after tax (including one-time
impact of change in tax rate) amounting to Rs.10821.45 lakhs in 2019-20. Diluted earnings per
share (EPS) for 2019-20 stood at (' 8.14)from Rs. 4.80 in 2018-19.
Further your Company's consolidated total income (including other income) grew to Rs.
243114.56 lakhs in 2019-20 from
' 229566.05 lakhs in 2018-19. Consolidated Profit Before Tax (PBT)grew to Rs. 10132.62
lakhs in 2019-20 from Rs. 9804.70 lakhs in 2018-19. Consolidated Profit After Tax (excluding
onetime impact of change in tax rate) grew to Rs. 6546.69lakhs in 2019-20 from Rs. 5957.19
lakhs in 2018-19.Your Company has accounted consolidated loss after tax (including one-time
impact of change in tax rate) amounting to Rs. 13426.25 lakhs in 2019-20. Consolidated
Diluted earnings per share (EPS) for 2019-20stood at (' 9.94) from Rs. 4.54 in 2018-19.
(Rs. in lakhs)
2019 -
2020
2018 -
2019
INCOME:
INCOME FROM SALE OF VACATION OWNERSHIP AND OTHER
SERVICES
97700.53 91829.15
OTHER INCOME 6011.25 4514.70
TOTAL INCOME 103711.78 96343.85

22. EXPENDITURE:
LESS: EMPLOYEE COST & OTHER EXPENSES 79550.94 81183.92
PROFIT BEFORE DEPRECIATION INTEREST AND TAXATION 24160.84 15159.93
LESS: DEPRECIATION 10166.79 5140.50
INTEREST 1599.31 2.19
PROFIT FOR THE YEAR BEFORE TAX 12394.74 10017.24
LESS: PROVISION FOR TAX - CURRENT TAX 2520.37 2201.66
- DEFERRED TAX (NET) 722.88 1429.35
NET PROFIT FOR THE YEAR AFTER TAX EXCLUDING IMPACT
OF CHANGE IN TAX RATE
9151.49 6386.23
ONE-TIME IMPACT ON TAX EXPENSE DUE TO CHANGE IN TAX
RATE
19972.94 -
NET PROFIT / (LOSS) FOR THE YEAR AFTER TAX (10821.45) 6386.23
OTHER COMPREHENSIVE INCOME (NET OF TAX) (54.61) 73921.20
TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE YEAR (10876.06) 80307.43
I I F L SECURITIES LTD
The Indian economy is expected to contract by 8.0% in FY2020-21 as compared to 4.2%
economic growth recorded in FY2019-20. (Source: National Statistics Organisation). The
economy witnessed the worst contraction ever of 23.9% YoY in the firstFY2020-21 owing to
the stringent pandemic-related lockdown imposed by the government. With gradual removal
of restrictions from the second quarter onwards the economy started recovering.
As per the Economic Survey FY2020-21 India's economic growth was pegged at 11.0% in
FY2021-22 which is the quarter of highest since independence. This indicates a sharp ‘V-
shaped' recovery in the economy.
The Organisation for Economic Co-operation and Development (OECD) in its interim
economic outlook report estimated India's GDP growth at 12.6% inFY2021-22 driven by fiscal
making it one of the fastest growing economies in the world and the highest among G-20
nations. Although rollout of vaccination had raised hopes of an end to the pandemic spread of

23. the second wave of COVID-19 and new variants of the virus pose concerns for the outlook.
The second one and has wave has been more severe than the first put huge pressure on the
country's medical infrastructure. Partial lockdowns have been imposed across most states to
curb rise in new cases. While the situation has improved to some extent the lockdowns could
push back economic recovery by a couple of quarters at least. Overall economic recovery will
largely be tied to the resolution of the pandemic and vaccination roll-out.
3. Industry Overview
Vaccination roll-outs across the globe continued economic recovery afiscal stimulus in the US
and dollar weakness kept investor sentiments strong for EmergingMarket (EM) equities. This
was further aided by strong portfolio inflows amid supportivesurplus liquidity across the globe.
Indian equity markets outperformed the broader EMindices with the Nifty 50 increasing by
70.9% and Sensex rising 66.0% in the 12 monthsending March 2021.
Foreign portfolio investors (FPI) invested over USD 37.1 billion in theIndian equity market
during FY2020-21 the highest ever investment by foreign investorsinto Indian equities inflows
stood the last two decades. FPI at USD 2.6 billion inFY2019-20. On the flipside Domestic
Institutional Investors (DIIs) remained strongsellers of Indian equities with net outflows of
USD 19 billion in FY2020-21. DIIs netinvestment remained negative due to redemption
pressures and profit-booking as equityvaluations touched lifetime highs.
In the primary market strong participation from retail as well asinstitutional investors was a
key positive during CY2020. Highest ever amount raisedthrough qualified institutional
placements (QIPs) and launch of Infrastructure / RealEstate Investment Trusts were other
highlights of the year. CY2020 witnessed all-time highfundraising through the public equity
markets at 1774.7 billion (versus 822.4 billionraised in CY2019).
Assets Under Management (AUM) of Indian mutual funds began rising postMay 2020 to fully
offset the overall decline during the Covid crisis. Total AUMs crossed30 trillion for the first
time in November 2020 owing to the continuous rally in theequity market driven by ongoing
recovery in high frequency economic indicators andliquidity. According to data from
Association of Mutual Funds of India (AMFI) theindustry's total AUM stood at 31 trillion as
on March 31 2021. As per SEBI data newdemat account additions increased to an all-time high
of 10.7 million between April 2020and January 2021 from 4.7 million new accounts opened in
FY2019-20.

24. The revival of several infrastructure projects by the government helpedimprovement in
business conditions across the manufacturing and construction sectors.
The low interest rates are supporting rebound in corporate earnings. Apositive investment
scenario supported by an improving macroeconomic performance easinginflationary pressures
and regulatory and structural reforms by the government couldfurther improve business
confidence and attract investors to the Indian capital market inFY2021-22. However any delay
in combating the pandemic is a key downside risk.
India is facing a crisis situation with the strong second wave ofCOVID-19 cases. Market
performance in FY2021-22 will depend on normalization of economicactivities and timely
vaccination.
(Rs. in Million)
PARTICULARS STANDALONE CONSOLIDATED
FY2020-
21
FY2019-
20
FY2020-
21
FY2019-
20
GROSS INCOME 7600.79 6437.43 8676.20 7899.46
PROFIT/(LOSS) BEFORE DEPRECIATION
AND TAX
2666.22 2467.30 3304.47 2550.75
DEPRECIATION (442.92) (480.60) (458.76) (553.09)
PROFIT/(LOSS) BEFORE TAX 2223.30 1986.70 2845.71 1997.66
SHARE OF PROFIT/(LOSS) OF ASSOCIATES
AND JOINT VENTURES
- - 1.63 -
EXCEPTIONAL ITEMS - 1017.19
PROVISION FOR TAX (494.86) (431.09) (644.29) (529.87)
IMPACT OF CHANGE IN RATE ON OPENING
DEFERRED TAX
- (129.41) - (145.54)
NON-CONTROLLING INTEREST - 0.30 0.32
PROFIT/(LOSS) AFTER TAX 1728.44 1426.20 2203.35 2339.76
BALANCE BROUGHT FORWARD FROM
PREVIOUS YEAR
3598.04 2882.84 4766.89 3189.53
APPROPRIATION TOWARDS DIVIDEND PAID (302.94) (638.47) (302.94) (638.47)
DIVIDEND DISTRIBUTION TAX - (72.53) - (123.92)

25. SURPLUS CARRIED FORWARD 5023.54 3598.04 6667.30 4766.89
EARNINGS PER SHARE ON EQUITY SHARES
OF 2 EACH
BASIC (IN ) 5.46 4.47 6.97 7.33
DILUTED (IN ) 5.42 4.46 6.91 7.31
The table below summarizes the financial performance of the majorsubsidiaries of
the Company for the financial year ended March 31 2021:
(Rs. in Million)
NAME OF THE COMPANY REVENUE PROFIT AFTER TAX
IIFL FACILITIES SERVICES LIMITED 967.81 122.73
IIFL INSURANCE BROKERS LIMITED 430.91 181.82
IIFL MANAGEMENT SERVICES LIMITED 273.42 64.14
IIFL CAPITAL INC. 55.72 3.62
IIFL WEALTH (UK) LIMITED 43.79 3.55

26. Chapter 5
Summary, Findings and Conclusion
Here is an example showing how you can calculate your gst liability: particulars amount overall
value of interstate sales rs.20 lakh overall value of intrastate sales rs.25 lakh advance received
rs.8 lakh sgst rs.25 lakh x 9% = rs.2.25 lakh cgst rs.25 lakh x 9% = rs.2.25 lakh igst rs.20 lakh
x 18% = rs.3.6 lakh rs.8 lakh x 18% = rs.1.44 lakh total = rs.5.04 lakh gst payments currently,
the gst must be paid every month. 2019 - 2020 2018 - 2019 income: income from sale of
vacation ownership and other services 97700.53 91829.15 other income 6011.25 4514.70 total
income 103711.78 96343.85 expenditure: less: employee cost & other expenses 79550.94
81183.92 profit before depreciation interest and taxation 24160.84 15159.93 less: depreciation
10166.79 5140.50 interest 1599.31 2.19 profit for the year before tax 12394.74 10017.24 less:
provision for tax - current tax 2520.37 2201.66 - deferred tax (net) 722.88 1429.35 net profit
for the year after tax excluding impact of change in tax rate 9151.49 6386.23 one-time impact
on tax expense due to change in tax rate 19972.94 - net profit (loss) for the year after tax
(10821.45) 6386.23 other comprehensive income (net of tax) (54.61) 73921.20 total
comprehensive income (loss) for the year (10876.06) 80307.43 fy2020-21 fy2019-20 fy2020-
21 fy2019-20 gross income 7600.79 6437.43 8676.20 7899.46 profit(loss) before depreciation
and tax 2666.22 2467.30 3304.47 2550.75 depreciation (442.92) (480.60) (458.76) (553.09)
profit(loss) before tax 2223.30 1986.70 2845.71 1997.66 share of profit(loss) of associates and
joint ventures - - 1.63 - exceptional items - 1017.19 provision for tax (494.86) (431.09) (644.29)
(529.87) impact of change in rate on opening deferred tax - (129.41) - (145.54) non-controlling
interest - 0.30 0.32 profit(loss) after tax 1728.44 1426.20 2203.35 2339.76 balance brought
forward from previous year 3598.04 2882.84 4766.89 3189.53 appropriation towards dividend
paid (302.94) (638.47) (302.94) (638.47) dividend distribution tax - (72.53) - (123.92) surplus
carried forward 5023.54 3598.04 6667.30 4766.89 earnings per share on equity shares of 2
each basic (in ) 5.46 4.47 6.97 7.33 diluted (in ) 5.42 4.46 6.91 7.31 the table below summarizes
the financial performance of the major subsidiaries of the company for the financial year ended
march 31 2021

27. BIBLOGRAPHY
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