PARKHOTELS2024-01-012024-03-31 PARKHOTELS2024-01-012024-03-31 PARKHOTELS2024-01-012024-03-31in-bse-fin:OneOperatingExpenses01Member PARKHOTELS2024-01-012024-03-31in-bse-fin:FourOperatingExpenses01Member PARKHOTELS2024-03-31 PARKHOTELS2024-01-012024-03-31in-bse-fin:OneReportableSegmentRevenue01Member PARKHOTELS2024-01-012024-03-31in-bse-fin:OneReportableSegmentRevenue02Member PARKHOTELS2024-01-012024-03-31in-bse-fin:FourReportableSegmentRevenue01Member PARKHOTELS2024-01-012024-03-31in-bse-fin:FourReportableSegmentRevenue02Member PARKHOTELS2024-01-012024-03-31in-bse-fin:OneReportableSegmentResults01Member PARKHOTELS2024-01-012024-03-31in-bse-fin:OneReportableSegmentResults02Member PARKHOTELS2024-01-012024-03-31in-bse-fin:FourReportableSegmentResults01Member PARKHOTELS2024-01-012024-03-31in-bse-fin:FourReportableSegmentResults02Member PARKHOTELS2024-01-012024-03-31in-bse-fin:OneReportableSegmentAssets01Member PARKHOTELS2024-01-012024-03-31in-bse-fin:OneReportableSegmentAssets02Member PARKHOTELS2024-01-012024-03-31in-bse-fin:OneReportableSegmentLiabilities01Member PARKHOTELS2024-03-31in-bse-fin:OneReportableSegmentLiabilities01Member PARKHOTELS2024-01-012024-03-31in-bse-fin:OneReportableSegmentLiabilities02Member PARKHOTELS2024-03-31in-bse-fin:OneReportableSegmentLiabilities02Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 544111 PARKHOTELS NOTLISTED Apeejay Surrendra Park Hotels Limited Equity 2023-04-01 2024-03-31 2024-05-28 2024-05-17 INR Crores Yearly 18:30:00 22:30:00 2024-05-28 2024-05-28 true Cash Flow Indirect Declaration of unmodified opinion Multi segment 2024-01-01 2024-03-31 Audited Consolidated 1556800000.00 1100000.00 1557900000.00 197000000.00 0.00 4700000.00 299000000.00 148100000.00 125700000.00 520000000.00 1294500000.00 263400000.00 0.00 263400000.00 48100000.00 31000000.00 79100000.00 0.00 184300000.00 0.00 0.00 0.00 0.00 184300000.00 -13400000.00 170900000.00 184500000.00 -200000.00 171000000.00 -100000.00 213370000.00 1 1.02 1.02 0.00 0.00 1.02 1.02 1. The Group’s consolidated audited financial results for the quarter and year ended March 31, 2024, have been prepared in accordance with the Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations 2. The above consolidated audited financial results of the Company for the quarter and year ended March 31, 2024, have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their respective meetings held on May 28, 2024. The Statutory auditors have expressed an unmodified opinion on these consolidated audited financial results. 3. During the quarter ended March 31, 2024, the Holding Company has completed its Initial Public Offer (IPO) of 5,93,85,351 equity shares of face value of Re. 1 each at an issue price of Rs. 155 per share (including a share premium of Rs. 154 per share) out of which 5,93,57,646 equity shares have been issued and subscribed. A discount of Rs. 7 per share was offered to eligible employees bidding in the employee’s reservation portion of 6,75,675 equity shares out of which 62,208 equity shares have been issued and subscribed. The issue comprised of a fresh issue of 3,87,12,486 equity shares aggregating to INR 600 Crores and offer for sale of 2,06,45,160 equity shares by selling shareholders aggregating to INR 320 Crores. Pursuant to the IPO, the equity shares of the Holding Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on February 12, 2024. The total offer expenses are estimated to be INR 52.51 Crores (inclusive of taxes). Out of the total estimated expenses INR 18.74 Crores (inclusive of taxes) is to be borne by selling shareholders. The breakup of IPO proceeds from fresh issue is summarized below: Amount Received from fresh Issue : 600.00 Crores Less: Offer Expenses in relation to the Fresh Issue (inclusive of taxes) : 33.77 Crores Total: 566.23 Crores The utilisation of IPO proceeds of INR 566.23 Crores (net of provisional IPO expenses of INR 33.77 Crores) is summarised below: Repayment or prepayment of principal portion of outstanding borrowings availed by Company: Amount to be utilised as per prospectus: 550.00 Utilisation up to 31 March 2024: 550.00 Unutilised up to 31 March 2024: 0 - General corporate purposes: Amount to be utilised as per prospectus: 16.23 Utilisation up to 31 March 2024: 0.01 Unutilised up to 31 March 2024: 16.22 Total: Amount to be utilised as per prospectus: 566.23 Utilisation up to 31 March 2024: 550.01 Unutilised up to 31 March 2024: 16.22 Out of the Net proceeds of INR 16.22 Crores which were unutilised as at March 31, 2024, INR 16.20 Crores were temporarily invested fixed deposit account with scheduled commercial banks and INR 0.02 Crores are in monitoring agency bank account. Multi segment 2023-04-01 2024-03-31 Audited Consolidated 5789700000.00 127400000.00 5917100000.00 759300000.00 0.00 -500000.00 1152700000.00 660400000.00 505400000.00 1953200000.00 5030500000.00 886600000.00 0.00 886600000.00 138000000.00 60900000.00 198900000.00 0.00 687700000.00 0.00 0.00 0.00 0.00 687700000.00 -17600000.00 670100000.00 687900000.00 -200000.00 670300000.00 -200000.00 213370000.00 1 0.00 3.82 3.82 0.00 0.00 3.82 3.82 Other Expenses 520000000.00 Other Expenses 1953200000.00 -2400000.00 9894700000.00 574800000.00 1806000000.00 228100000.00 250000000.00 0.00 0.00 0.00 300000.00 63000000.00 201600000.00 264900000.00 0.00 253100000.00 13271600000.00 152400000.00 0.00 335300000.00 584500000.00 33300000.00 2000000.00 86300000.00 1041400000.00 295800000.00 1489600000.00 14761200000.00 213400000.00 11766500000.00 11979900000.00 11977500000.00 67900000.00 0.00 679300000.00 747200000.00 75100000.00 371300000.00 44600000.00 1238200000.00 255400000.00 484500000.00 474300000.00 1214200000.00 191400000.00 139100000.00 800000.00 0.00 1545500000.00 2783700000.00 14761200000.00 4. The figures for the quarter ended March 31, 2024 and March 31, 2023 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2024 and March 31, 2023 and unaudited published year to date figures up to December 31, 2023 which were subject to limited review and unaudited published year to date figures up to December 31, 2022, being the date of third quarter of the previous financial year have been approved by the Board of Directors, but have not been subjected to review by the statutory auditors or by any other auditor. 5. In previous years, the Group acquired certain parcel of lands of 3.36 acres at EM Bypass, Kolkata. This land parcel was classified as Investment Properties pending a final decision on the extent to which each such land parcel may be used for purposes other than the Group's hotel business. During the previous quarter, the Group had executed a Joint Development Agreement ('JDA'), power of attorney and a contractual arrangement for development of serviced apartments (49% of land area) and hotel (51% of land area) at EM Bypass on December 15, 2023 with Ambuja Housing and Urban Infrastructure Company Limited (“Developer”). Pursuant to the JDA, the Developer at its own cost and expense will construct and market the serviced apartments, and revenue received from assignment or sublease of serviced apartments will be distributed amongst Developer and Group at a predetermined ratio. Further, the Group will develop the proposed hotel at EM Bypass on project management consultancy model, entrusting the Developer with responsibility of completing the structure and cladding of the hotel at EM Bypass. In accordance with IND AS 40- Investment properties, the transfer from investment property to inventory/ owner-occupied property (PPE/ CWIP) would be made when active development would begin on the land parcel on EM Bypass. Accordingly, as of March 31, 2024, the land parcel is still classified under investment properties. Management has recognised deferred tax asset of INR 19.33 crores arising from difference between book values of the portions of land parcels that relate to serviced apartment and their corresponding indexed costs for tax purposes. The said deferred tax asset would be charged off to statement of profit and loss, when such land would be transferred to inventories. 6. During the previous quarter, Cyclone Michaung resulted in widespread flooding in the state of Tamil Nadu, causing disruption in our hotel operations at THE Park, Chennai. It resulted in damage to certain critical engineering equipment at the hotel. Pending the finalisation of insurance claim, the Group based on preliminary assessment, had written off WDV of damaged assets identified of INR 1.17 crores in quarter ended December 31, 2023. Subsequent to the year ended March 31, 2024, the Group has filed an insurance claim of the assets damaged as a result of the flood and consequently, INR 0.25 crores of WDV of damaged assets identified in the current quarter have been additionally written off. Hospitality 1554400000.00 Others 3800000.00 Hospitality 5780400000.00 Others 10700000.00 1558200000.00 5791100000.00 1558200000.00 5791100000.00 Hospitality 535300000.00 Others 1800000.00 Hospitality 2049400000.00 Others 2900000.00 537100000.00 2052300000.00 148100000.00 660400000.00 125700000.00 7. The Group has formulated an employee stock option scheme namely the Apeejay Surrendra Park Hotels Limited – Employees Stock Option Plan 2023 (“ESOP Scheme”) pursuant to resolutions passed by the Board and the Shareholders on August 16, 2023, respectively, with a maximum options pool of 3,400,000 options. During the year, the Group has granted 2,030,000 options to eligible employees. Vesting of the share options is dependent on the completion of a minimum period of employment with the Company and/ or fulfilment of performance conditions as may be specified in this regard. The granted Options shall vest over a period of 1-3 years subject to completion of minimum no. of years of service as specified under the respective options and shall be exercisable within 1-3 years from the date of respective vesting. Pursuant to the above, the Company has recognized an expense of INR 3.05 crore, INR 1.22 crore and INR 1.23 crore during the year ended March 31, 2024, quarter ended March 31, 2024 and quarter ended December 31, 2023 respectively. 8. Finance cost for the quarter ended March 31, 2024 includes one time charge of INR 3.71 cr on account of repayment or prepayment of Borrowings. 505400000.00 263300000.00 886500000.00 Hospitality 14279900000.00 Others 17200000.00 14297100000.00 464000000.00 14761100000.00 Hospitality 2074900000.00 Others 12200000.00 2087100000.00 696600000.00 2783700000.00 660400000.00 -17600000.00 -53700000.00 0.00 0.00 0.00 0.00 -60300000.00 0.00 -32900000.00 0.00 0.00 0.00 505400000.00 0.00 0.00 0.00 -8800000.00 0.00 0.00 0.00 21200000.00 30500000.00 0.00 0.00 0.00 0.00 -58200000.00 0.00 943600000.00 1830200000.00 0.00 0.00 0.00 148400000.00 0.00 1681800000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17700000.00 1189600000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1200000.00 0.00 0.00 0.00 0.00 14200000.00 0.00 152300000.00 0.00 -1006600000.00 0.00 0.00 5869400000.00 0.00 0.00 0.00 0.00 0.00 578700000.00 6095100000.00 0.00 117000000.00 0.00 56200000.00 0.00 -576200000.00 -396400000.00 278800000.00 0.00 278800000.00 165700000.00 444500000.00 -18600000.00 -24600000.00 -5200000.00 -7000000.00