SUMMARY RESULTS FOR YEAR ENDING MARCH 31, 2016 AND PERFORMANCE UPDATE FOR THE QUARTER ENDING JUNE 30, 2016

September 1, 2016

Disclaimer

Forward Looking Statements It is possible that this presentation could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-

looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe,

will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Company's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements

There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Amongst many factors that could cause actual results to differ materially from those described in the forward-looking statements include changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions

Executive Summary

  • Yatra Capital Limited ("Yatra" or "the Company") through its investment in K2 Property Limited (K2) has exited from 9 (including 3 partial exits) out of a total of 14 investments in its portfolio up to June 30, 2016

  • The Company has completed redemption of EUR 38 million in FY2016 taking the total

    redemption proceeds to EUR 75.5 million

  • Net Asset Value ("NAV") per share decreased by 6.71% from EUR 7.6 at March 31, 2015 to EUR 7.09 as at March 31, 2016. This decline is attributed to volatility in forex movement, redemption of shares & decrease in asset value

  • The Indian economy registered a growth rate of 7.9% in Q4 FY2016, higher as compared to the 7.3% growth rate recorded in Q3 FY2016 and taking the FY2016 growth rate to 7.6%

  • IMF recently lowered India's FY17 GDP forecast from 7.5% to 7.4% in July 2016. However, IMF believes that the economy is on a recovery path, helped by lower oil prices and positive policy actions

  • The Reserve Bank of India (RBI) has maintained status quo on key policy rates, second time in a row in 2016, at its monetary policy review. Since January 2015, RBI has reduced its policy rate by 150 basis points but banks have cut their lending rates by only 70 basis points

  • The Government has recently passed important institutional reforms like the bankruptcy law, the Aadhaar Bill (ensure welfare schemes reach the people directly), the new monetary policy framework (based on inflation target), the introduction of a goods and services tax (GST) and announced a committee for a new fiscal law. This will alter dynamics of economic growth, macroeconomic policy and the welfare system for the better

    Executive Summary

    • Exits - Fully Completed
      • Mixed Use Development, Bhavnagar - Received INR 75 mn (EUR 1 mn) exit consideration
      • The Phoenix Mills Limited (PML) - Received INR 179 mn (EUR 2.2 mn) exit consideration
      • Phoenix United Mall, Agra - Received INR 197 mn (EUR 2.4 mn) exit consideration
      • City Centre Mall, Nashik - Received INR 407 mn (EUR 5.2 mn) exit consideration
      • Residential Project, Bangalore - Received INR 2,184 mn (EUR 30.5 mn) exit consideration
      • Market City Retail, Pune - Received INR 716 mn (EUR 9.9 mn) exit consideration
    • Exits - Partially Completed
      • Batanagar, Kolkata - Yatra has received INR 766 mn out of total exit consideration is INR 1,176 mn. Part payment of INR 250 mn out of balance consideration of INR 441 mn is in default due to liquidity issues but the Promoter has agreed to pay default amount with penal interest
      • Forum IT SEZ, Kolkata - Received INR 95 mn (EUR 0.4 mn) out of exit contracted amount of INR 165 mn. Last tranche of INR 70 mn (EUR 0.9 mn )is expected in September 2016
      • Treasure Town, Indore - Yatra has received INR 385 mn (EUR 4.57 mn) out of total consideration of INR 439 mn. The remaining consideration of INR 55 mn was in default and has been restructured with additional payment of penal interest whereby the balance consideration is now INR 61.9 mn. Post this restructuring, Yatra has received INR 23.7 mn out of INR 61.9 mn. The IM continues to pursue legal case against the Promoter for recovery of balance dues

Yatra Capital Ltd. published this content on 30 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 August 2016 10:53:06 UTC.

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