PARKHOTELS2024-04-012024-06-30 PARKHOTELS2024-04-012024-06-30in-bse-fin:OneOperatingExpenses01Member PARKHOTELS2024-06-30 PARKHOTELS2024-04-012024-06-30in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 544111 PARKHOTELS NOTLISTED Apeejay Surrendra Park Hotels Limited Equity 2024-04-01 2025-03-31 2024-08-14 2024-08-06 INR Crores First quarter 16:00:00 18:45:00 2024-08-14 2024-08-14 Not applicable Single segment Hospitality 2024-04-01 2024-06-30 Unaudited Standalone 1298500000.00 36800000.00 1335300000.00 168400000.00 0.00 -200000.00 307900000.00 32700000.00 130300000.00 451600000.00 1090700000.00 244600000.00 0.00 244600000.00 40400000.00 222600000.00 263000000.00 0.00 -18400000.00 0.00 0.00 0.00 0.00 -18400000.00 -4300000.00 -22700000.00 0.00 0.00 213400000.00 1 -0.09 -0.09 0.00 0.00 -0.09 -0.09 1.The Company’s unaudited standalone financial results for the quarter ended June 30, 2024, have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34) “Interim Financial Reporting” prescribed under 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 unaudited standalone financial results of the Company for the quarter ended June 30, 2024, have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their respective meetings held on August 14, 2024. The Statutory auditors have expressed an unmodified opinion on these unaudited standalone financial results. 3. The Company is primarily engaged in business of owning, operating and managing hotels (‘Hospitality segment’). The Board of directors which has been identified as the Chief operating decision maker (‘CODM’) reviews the performance of the Company as a single operating segment in accordance with Ind AS-108 “Operating Segments i.e., the ‘Hospitality segment’, notified pursuant to the Companies (Indian Accounting Standard) Rules 2015. Accordingly, no separate segment information has been furnished herewith. 4. In previous year ended March 31, 2024, the Company completed its Initial Public Offer (IPO) of 5,93,85,351 equity shares of face value of Rs. 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 were 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 were issued and subscribed. The issue comprised of a fresh issue of 3,87,12,486 equity shares aggregating to Rs. 600.00 crores and offer for sale of 2,06,45,160 equity shares by selling shareholders aggregating to Rs. 320.00 crores. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on February 12, 2024. The total offer expenses were estimated to be Rs. 52.51 crores (inclusive of taxes). Out of the total estimated expenses Rs.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 Less: Offer expenses in relation to the Fresh Issue (inclusive of taxes): 33.77 Total: 566.23 The utilisation of IPO proceeds of Rs. 566.23 crores (net of provisional IPO expenses of Rs. 33.77 crores) is summarised below: Amount to be utilised as per prospectus: 550.00 Utilisation up to 30 June 2024: 550.00 Unutilised up to 30 June 2024: 0 - General corporate purposes: Amount to be utilised as per prospectus: 16.23 Utilisation up to 30 June 2024: 4.65 Unutilised up to 30 June 2024: 11.58 Total: Amount to be utilised as per prospectus: 566.23 Utilisation up to 30 June 2024: 554.65 Unutilised up to 30 June 2024: 11.58 Out of the net proceeds of Rs. 11.58 Cr which were unutilised as at June 30, 2024, Rs. 11.52 crores were temporarily invested fixed deposit account with scheduled commercial banks and Rs. 0.06 crores are in monitoring agency bank account. Other Expenses 451600000.00 Further, the figures for the quarter ended March 31, 2024 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2024 and the unaudited published year to date figures up to December 31, 2023, being the date of end of third quarter of the financial year ended March 31, 2024, which were subject to limited review. 6. In previous years, the Company 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 Company's hotel business. During the previous year, the Company 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 Company at a predetermined ratio. Further, the Company 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. Till March 31, 2024, this was still classified as investment properties pending such active development. Management had recognised deferred tax asset (‘DTA’) of Rs. 19.33 Cr 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. During the current quarter, the Company has initiated architectural designs and other approvals required to be taken for the purpose of construction of service apartments/ hotel, which indicates that active development has begun on the EM By-pass property as per Ind AS 40. Accordingly, the proportionate land parcel has been transferred from investment properties to Inventories/ CWIP as at June 30, 2024. Consequent to such transfer, deferred tax charge of Rs. 19.33 Cr has been recognized in the statement of profit and loss during the quarter ended June 30, 2024. 7. The Company 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 34,00,000 options. The Company has granted 20,30,000 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 Rs. 1.12 Cr, Rs. 1.21 Cr, Rs. Nil and Rs. 3.05 Cr during the quarter ended June 30, 2024, quarter ended March 31, 2024, quarter ended June 30, 2023 and year ended March 31, 2024 respectively. Re-measurement gain/(losses) on defined benefit obligations -6000000.00 -6000000.00 -1700000.00 0.00