Executive Summary. Incorporation /Headquarters. Industry. Business Segments. Areas of Operation. Key Metrics in Patna, New Delhi

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2 Executive Summary Incorporation /Headquarters 1979 in Patna, New Delhi Industry Real Estate with focus on residential apartments Business Segments Comfort Homes & Senior Living Areas of Operation Key Metrics Jaipur, Bhiwadi, Jodhpur, Jamshedpur, Neemrana, South of Gurgaon(Sohna), Lavasa, Halol, Chennai and Kolkata lakhs sq. ft. constructed Operations in 10 Locations 10,943 units under maintenance

3 Milestone Established in Patna. First organized developer in Patna Started operations in Jamshedpur Incorporation of Ashiana Housing & Finance (India) Limited 1992 Shifted head office to New Delhi. Started Bhiwadi operations Listed on the BSE 1996 Started facility management of Ashiana properties 1998 First organized developer in Neemrana 2004 Launched Senior Living project at Bhiwadi 2006 Started Jaipur operations 2007 Started Jodhpur operations. Completed India s first senior living homes in Utsav, Bhiwadi 2008 Started operations in Lavasa (near Pune) 2011 Launched Utsav Care Homes (Assisted Senior Living) Listed on NSE 2013 Unveiled new identity of Ashiana 2014 Started Halol operations Acquired land in South of Gurgaon (Sohna) and in Chennai 2015 Successfully raised Rs 200 Cr from investors through QIP Started operation in South of Gurgaon (Sohna) & Chennai 2016 Successfully obtained approval from shareholders for maiden issue of NCD. Rs. 50 Cr was raised till 31stJuly, Started operation in Kolkata 2017 Crossed development (since inception) of 200 Lakhs Sq. ft.

4 Promoters Vishal Gupta (Managing Director) A graduate from Sydenham College (Mumbai) and an MBA from FORE School of Management (Delhi), he is acknowledged for his in depth understanding of the real estate business, customer psychology and market behavior. He is actively involved in finance, human resource, project execution and general administration. Ankur Gupta (Joint Managing Director) He is a Bachelor in Business Administration from Fairleigh Dickinson University (USA) and an MS in Real Estate from New York University (USA) where he focused on residential projects for senior citizens during his research work. His experience was put to good use at Utsav and currently he leads Marketing, Sales, IT, Hotel and Facilities Management segments of the Company. He has around 16 years of experience and is actively associated with Ashiana for the last 14 years. Varun Gupta (Whole Time Director) He is a Bachelor in Science from Stern School of Business, New York University (USA). He majored in Finance and Management and graduated with the high academic distinction, Magna Cum Laude. He then joined Citigroup in Commercial Mortgage Backed Securities where he was underwriting commercial real estate. After a year and a half of this rich experience, he has joined Ashiana where he is looking after Land and Finance for the last 8 years.

5 RERA, 2016 Recent Legislative Highlights Registration The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution. For failure to register, a penalty of up to 10 percent of the project cost or three years' imprisonment may be imposed. Real estate agents who facilitate selling or purchase of properties must take prior registration from RERA. Benefit about RERA? The provisions of this Act require that only those projects which have all approvals in place can be advertised and sold to home buyers. Also information related to approvals, time taken for completion and master plan of project have to be disclosed before the launch. Non compliance of the Act would attract heavy monetary penalty and imprisonment. Rules of RERA require that each project must have a separate designated bank account. 70% of collections from customers are to be deposited in this dedicated account. This rule will be game changer in the industry; it will help industry in terms of ensuring timely delivery of projects, elimination of non serious/short term players the real estate sector and bring about better and cleaner financial management of customer advances Many developers are dependent on the advances from buyer for the completion of project, and funds were also diverted for purchase of land parcels and launching new projects. Now under the new law, the developer needs to ensure proper utilisation of money in the projects. Developers whose balance sheet is leveraged and which are facing liquidity crunch, and are not able to complete their unfinished inventory will suffer the most. This law will drive consolidation in the sector, as many smaller and weaker developers would find it difficult to continue operations.

6 Budget Relief Status of Infrastructure to real estate sector - Govt has granted Infra status to industry. This is very big boost for industry wherein gestation periods are long and capital is in short supply. Infra status will attract cheaper and long duration capital funds to invest in the sector. This will also help in getting approval faster for the projects. Tax Benefit on Long Term Capital Gain - Holding period for long term capital gains for immoveable property has been reduced from 3 year to 2 years. This might lead to more resale cases and hence increase in demand. It will attract more investors in the real estate. Also indexation base year has been shifted from April 1984 to April 2001 for the benefit of investors. Tax relief on unsold inventory - Real estate developers are facing problem of huge unsold inventory. Also they had to pay tax on notional rental income from unsold inventory. In budget Govt. has relaxed time and taxability shall arise only after one year from receiving completion certificate. Deduction of 100% of profits for developers of affordable housing projects (Section 80 IBA of Income Tax Act, 1961) - Eligibility limits of 30 sq. Meters (4 metro cities) and 60 sq. Meters (other than 4 metro cities) has been laid down. Built up area has been substituted by carpet area. Time limit for completion extended from 3 years to 5 years. This would help developers expand their customer base and also avail tax benefits. Tax relaxation for land owner in Joint development model (only for Individuals and HUF) - Land owner in case of joint development had to pay tax on notional capital gain on the date of contract. In Budget 2017,Govt. announced that land owner will pay capital gain after completion of projects. This relaxation should improve supply of land for real estate projects Besides, in a bid to boost housing post demonetization the government announced interest subsidy of up to 4 per cent on loans taken in the new year under the Pradhan Mantri Awaas Yojana (PMAY). In urban areas housing loans of up to `9 Lakhs and up to `12 Lakhs will receive interest subsidy of 4 per cent and 3 per cent respectively, while in rural areas loans up to `2 Lakhs will get an interest subvention of 3 per cent.

7 Source : IBEF, Real Estate

8 Source : IBEF, Real Estate

9 Total rural housing shortage in India stood at 14.8 million as of 2015 & is expected to grow to 48.8 million during XII plan period ( ) Significant increase in real estate activity in cities like Indore, Raipur, Ahmedabad, Jaipur & other 2-tier cities; this has opened new avenues of growth for the sector Relaxation in the FDI norms for real estate sector has been done to boost the real estate sector Government s plan to build 100 smart cities would reduce the migration of people to metro & other developed cities In 2017, nearly US$4.2 billion worth of investments are expected to be invested in India s real estate sector, as the country is emerging as the preferred investment destination owing to favourable government initiatives In March 2017, the State Bank of India (SBI) & the Confederation of Real Estate Developers Association of India (CREDAI) signed an MoU for 3 years to work towards the development of real estate sector. In April 2017, under the Swachh Bharat Mission, a total investment of US$378.4 million has been approved to develop 20 towns & cities in Haryana

10 Strength Execution : Timely delivery In-house construction Ensure high control over cost and quality and flexibility in execution Brand Recognition : High Brand recall Customer assured of timely delivery, affordable offering and transparency in dealings. Direct Sales Team : In-house selling to actual users and investors Provides better market insights In-house Maintenance High quality maintenance at affordable rates Maintaining relationship with customer after sale Provides inputs to development team to improve quality Healthy Project Pipeline Ongoing project of 19.1 Lakhs Sq. ft. (10.84 Lakhs sq. ft. already booked) Future projects of 80 Lakhs Sq. ft.

11 Risk Economy Slowdown Inventory pilling Any litigation during the project

12 Financials CAGR 5 Year 3 Year Sales 24.62% 58.52% Operating Profit 27.15% 56.43% EBIT 21.48% 38.73% PAT 19.23% 20.00% Year Gross Profit Margin 42.70% 51.66% 55.05% 39.02% 52.12% EBITDA Margin 23.48% 17.84% 26.13% 26.04% 25.45% EBIT Margin 30.32% 26.06% 35.73% 27.39% 27.37% PAT Margin 22.30% 20.75% 32.61% 24.85% 17.53% Adjusted PAT Margin 13.72% 9.77% 17.38% 22.01% 14.57%

13 Year Return on Asset 4.95% 1.76% 2.13% 9.03% 4.46% Return on Equity 7.61% 3.80% 4.74% 17.76% 7.23% Return on Capital Employed 16.04% 10.37% 9.80% 21.63% 9.60% D/E Interest Cover(x) Trade recivable/sales 9.48% 8.65% 9.50% 5.18% 6.66%

14 Year CFO Change in Inventory Trade Payable and Advances From Customer Free Cash Flow

15

16 H1 FY18 Data

17 Equivalent area constructed Area booked Average Realization Value of area booked Year Lakh Sq.ft Lakh Sq.ft Per Sq.ft Crore H

18

19 Future Value of Project Completed Project Having Inventory Lakh Sq.Ft. Saleable Area Booked Area Area Recognized For Revenue Area Unrecognized For Revenue 2.68 Unbooked Area Revenue(E) Unbooked Area Cr EBITDA (E) Unbooked Area Cr PAT (E) Unbooked Area Cr Ongoing Projects Summary Lakh Sq.Ft. Saleable Area 19.1 Booked Area Equivalent Area Constructed Sale value of Area Booked Cr Amount Recieved of sale Booked Cr Revenue (E) of total On Going Project Cr EBITDA (E) of total On Going Project Cr PAT (E) of total On Going Project Cr Project Completed % 63.56% Amount Received % 56.75% Area Booked/Revenue (E) 52.73%

20 Future Projects Summary Lakh Sq.Ft. Saleable Area Revenue (E) of Future project Cr EBITDA(E) of Future project Cr Total Revenue EBITDA Total PAT Total Cr Cr Cr PAT (E) of Future project Cr

21 Disclosure: I,/We, Sanjay Ladha authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. CSPL has no material adverse disciplinary history as on the date of publication of this report. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Research Analyst or his/her relative or CONCEPT Securities Pvt. Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or CONCEPT Securities Pvt. Ltd. or its Associate does not have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or CONCEPT Securities Pvt. 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