AHLEAST2024-04-012024-06-30 AHLEAST2024-04-012024-06-30in-bse-fin:OneOperatingExpenses01Member AHLEAST2024-04-012024-06-30in-bse-fin:OneOperatingExpenses02Member AHLEAST2024-04-012024-06-30in-bse-fin:OneOperatingExpenses03Member AHLEAST2024-06-30 AHLEAST2024-04-012024-06-30in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 533227 AHLEAST NOTLISTED Asian Hotels (East) Limited Equity 2024-04-01 2025-03-31 2024-08-09 2024-07-30 INR Lakhs First quarter 16:30:00 19:35:00 2024-08-09 2024-08-09 Not applicable Single segment Hotel business (East) 2024-04-01 2024-06-30 Unaudited Consolidated 224670000.00 99260000.00 323930000.00 31306000.00 0.00 0.00 59069000.00 88618000.00 9244000.00 128485000.00 316722000.00 7208000.00 0.00 7208000.00 11486000.00 -416000.00 11070000.00 0.00 -3862000.00 0.00 0.00 0.00 0.00 -3862000.00 -30000.00 -3892000.00 -3862000.00 0.00 -3892000.00 0.00 172917000.00 10 -0.22 -0.22 0.00 0.00 -0.22 -0.22 1. The above unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 9th August 2024. The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results. 2. The IT Department had passed an Assessment order u/s 143(3) of the I.T. Act, 1961 on 30.09.2022 determining additional Income tax liability of Rs 143.71 crores for the Assessment Year 2020-21. The Company had preferred an appeal before CIT(A) and filed application for stay of demand and rectification of mistakes u/s 154 of the I.T. Act, 1961 before the Assessing Officer. The demand was reduced to Rs. 139.28 Cr. pursuant to a rectification order passed u/s 154. The Company was legally advised by tax experts of having merits in its Appeal and hence no provision was made in the accounts. The Company had also deposited Rs 75 lakhs under protest with the Income Tax Department. Recently on 05-08-2024, the CIT(A) has passed an Order allowing the appeal in favour of the Company. However, the effect of the appeal is yet to be taken by the department. 3. Saraf group through its company Robust Hotels Ltd. (RHL), one of the major shareholder of Asian Hotels (West) Limited (“AHWL”) entered into an agreement with AHWL and the other promoters of AHWL, to provide short term interest bearing loan to AHWL, which was under Corporate Insolvency Resolution Process to enable it to repay its existing debts in terms of the proposal submitted under section 12A of the Insolvency and Bankruptcy Code, 2016, before the Hon’ble National Company Law Appellate Tribunal for withdrawal of an insolvency application against it. In order to execute the above agreement, Saraf group through its company Asian Hotel (East) Limited (AHEL) has formed a wholly owned subsidiary Novak Hotels Pvt Ltd. (“Novak”) on 01-11-2023. Novak has borrowed Rs. 38006.51 lakhs from various companies in the Saraf group, including interest bearing short term loan of Rs. 19535.09 lakhs from AHEL for onward submission of the agreed amount with Hon’ble National Company Law Appellate Tribunal as per the proposal submitted. The said loan would be treated as short term loan to AHWL as per the framework agreement entered by RHL. Further, the above loan given by Novak has been secured through a charge/lien over the property of AHWL. 4. As per the letter dated 04.06.2024 received from IDBI Bank Ltd., the GA & PG Department, Government of Odisha vide its letter dated 15.05.2024 have claimed amount of Rs.3.50 crores (Rupees Three Crores Fifty Lakhs Only) against two Performance Bank Guarantees (BGs) issued in their favour on behalf of GJS Hotels Limited ( GJS ), a wholly-owned subsidiary of the Company. These BGs have been invoked and amount have been paid to the concerned Government authorities for not meeting the required terms and condition imposed by them on leasehold Land at Bhubaneshwar, Odisha. Therefore, this amount have been charged as expense in the books of GJS which has been disclosed under Operating & General expenses. The management is considering legal steps in this connection and is hopeful of a positive outcome. 5. Finance cost for the quarters ended 30-06-2024 and 31-03-2024 represents interest expense of Rs 394.11 lakhs and 755.38 lakhs respectively incurred by the company on the loan taken from financial institution against the security created by way of equitable mortgage on Hyatt Regency Hotel, Kolkata for providing loan to the said subsidiary company required for the above purpose. 6. The Company is primarily engaged in only one segment, i.e. the business of Hotel operations, and thus the separate reporting as per the Ind AS-108 Operating Segments is no longer required. Fuel, Power & Light 18583000.00 Operating and General Expenses 98451000.00 Repairs, Maintenance & Refurbishing 11451000.00 Remeasurement of defined benefit liability -40000.00 -40000.00 -10000.00 0.00