Religare Health Trust

Religare Health Trust: Group posted its first set of results after its IPO in Oct 2012; Actual losses were lower than the forecast in the prospectus, due to fair value of FX forward contracts. DPU of $1.655 was above street expectations. NAV per share at $0.86; vs last closing price of $0.905 Mgmt is optimistic about the medium to long term outlook for the Indian healthcare sector. The prospect for growth in the Indian healthcare sector is positive due to the growing Indian economy, lifestyle related health issues, improving healthcare insurance penetration, government initiatives and increasing disposable income. Greater healthcare infrastructure required in India also presents opportunities for the Trust to grow. Note that the Trust intends to pay out 100% of its distributable income for the period from IPO till 31 Mar 2014. Group hedges its Indian rupee denominated cash flows from India, forward contracts being carried at fair value. Portfolio comprises 11 Clinical Establishments, 4 Greenfield Clinical Establishments and 2 Operating Hospitals located across India.