Priya Paul, serving as the Chairperson and Executive Director of the Company, has an impressive career spanning over 35 years in the hospitality sector. Her educational journey includes a Bachelor’s degree in Arts from Wellesley College, Massachusetts, and advanced programs from Harvard University’s Graduate School of Business Administration and INSEAD, France. Joining the Apeejay Group as a Marketing Manager in 1988, Priya has been a vital part of the company, ascending to leadership roles since 2003. Her contributions to the industry have been widely recognized, earning her numerous awards including the prestigious Padma Shri in 2012, the Chevalier de l’Ordre National du Merite in 2013, and several accolades from national and international organizations. Additionally, her business acumen has been acknowledged with multiple nominations for the ‘Businesswoman of the Year’ by the Economic Times, and she was listed among India’s top 50 most powerful businesswomen by Fortune India in 2020. Her inclusion in the Power List 2021 by Hotelier India further highlights her significant impact on the hospitality industry. Karan Paul, a Non-Executive Director and Promoter of the Company, holds a Bachelor’s degree in arts from Brown University, USA. With around 31 years of experience, he has significantly contributed to various sectors, including shipping, real estate, logistics, financial services, tea plantations, FMCG, and education. A member of several esteemed trade organizations, Karan also serves as a director for the West Bengal Tourism Development Corporation Limited. His leadership in the Apeejay Surrendra Group since 1992 has earned him prestigious accolades such as Italy's ‘Order of the Star of Italian Solidarity’ in 2006, the ‘Karmaveer Puraskaar’ in 2012, and the ‘Karmaveer Puraskaar Maharatna Award 2019’. In addition, the Calcutta Management Association honored him with the Business Leadership Award in 2019 for his entrepreneurial initiatives and achievements. Vijay Dewan, the Company's Managing Director, oversees management and administration under the Board's guidance. With a master's in organic chemistry from Garhwal University and a post-graduate diploma in hotel management from the Oberoi School, supplemented by courses from Cornell and Harvard Universities, Dewan brings over 32 years of hospitality experience. Joining the company in 1991, he has held significant roles, including Chairman of the CII West Bengal State Council (2019-2020) and the CII Eastern Region (2021-2022), and is a current National Council Member of CII and a Managing Committee Member of HRAEI.

A. Balance Sheet

Particular (In Million)	Mar-21	Mar-22	Mar-23
Equity Share Capital	174.66	174.66	174.66
Reserves	5,188	4,910	5,382
Borrowings	5,934	6,227	5,669
Trade Payables	503	444	566
Other Liabilities	1,003	996	1,826
Total Liabilities	7,441	7,667	8,061
Net Block	8,425	8,255	8,194
Capital Work in Progress	275	292	346
Investments	1,415	1,407	1,815
Other Assets	2,106	2,130	2,336
Total NC Assets	12,221	12,084	12,690
Receivables	195	190	261
Inventory	99	101	135
Cash & Bank	104	93	172
Other Assets	184	285	360
Face value	1	1	1

B. Profit & Loss Statement

Particular (In Million)	Mar-21	Mar-22	Mar-23
Sales	1,788	2,550	5,061
Food and beverages consumed	272	354	687
Change in Inventory	-1	0	-0.7
Employee Cost	552	642	995
Other Expenses	852	1,100	1,792
Other Income	115	128	183
Depreciation	377	401	493
EBITDA	228	583	1,771
EBITDA Margin	12.78%	22.86%	34.99%
Interest	569	600	623
Profit before tax	-868	-418	655
Tax	-109	-136	174
Net profit	-759	-282	481
NPM (%)	-39.88%	-10.53%	9.16%

C. Cash Flow Statement

Particular (In Million)	Mar-21	Mar-22	Mar-23
Cash From Operating Activity
Profit From Operation	52	556	1,752
Receivable	-5	3	-79
Inventory	17	-1	-34
Payable	26	-33	130
Other WC Items	178	85	-47
Working Capital Changes	216	54	-31
Direct Taxes	-3	-29	42
Net Cash Inflow from Operating Activity	266	581	1,763
Cash from Investing Activity
Fixed assets purchased	-414	-274	-421
Fixed assets sold	0.9	9	3
Inter-corporate deposits	-2	-0.6	-21
Other investing items	162	45	17
Net cash inflow from investing activities	-253	-221	-421
Cash from Financing Activity
Proceeds from borrowings	991	1,272	1,851
Repayment of borrowings	-676	-998	-2,408
Intrest paid fin	-336	-575	-581
Other financing items	-32	-72	-123
Net Cash Flow	-40	-12	80

Name of the Company	Revenue (In Crore)	PAT (In Crore)	EPS ( in Rs)	P/E	CMP	Mcap (In Crore)
Apeejay Surrendra Park Hotels Limited	506	48	2.25	68	155	3,307
Chalet Hotels Limited	1128	183	8.94	66.2	778	15,990
Lemon Tree Hotels Limited	875	141	1.45	85.9	141	11,171
Indian Hotels Company Limited	5,810	1,053	7.06	63.7	492	70,040
EIH Limited	2,019	329	5.03	44.9	328	20,543
SAMHI Hotels Limited	739	-339	-39.68	N/A	192	4,195

* All the data is as per FY23.

Review and Recommendation of Park Hotels by IZ team is 5/10 Introduction: An Overview of the Hospitality Industry Surge The hospitality industry, closely intertwined with tourism, has witnessed a remarkable resurgence post-COVID-19. An analysis of hotel stocks in the past year reveals substantial multi-bagger returns, reflecting a highly optimistic market outlook. This resurgence sets an ideal backdrop for the upcoming IPO of Park Hotels. Park Hotels’ IPO Timing and Financial Strategy The timing of Park Hotels' IPO is strategically positioned to capitalize on the industry's positive momentum. The company plans to raise INR 600 Cr through its IPO, with a significant portion (INR 550 Cr) earmarked for debt reduction. This debt retirement is expected to save approximately INR 62 Cr in annual interest costs, significantly strengthening the company's financial position. The Park Hotel Portfolio: A Competitive Edge Park Hotels boasts a portfolio of 1300 rooms, accounting for 2.80% of the total rooms owned by chained affiliated hotels in India as of September 30, 2023. The company operates under renowned brands such as “THE PARK,” “Zone by The Park,” and others, leveraging over 55 years of expertise in the hospitality industry. This strong brand presence and diverse portfolio place Park Hotels in a competitive position within the industry. Revenue Streams: Diversification and Stability Approximately 40% of Park Hotels' income is derived from its Food and Beverage (F&B) segment, with the remaining 60% coming from hotel bookings. The company also operates ‘Flurys’, a premium retail chain in the F&B business, boasting one of the industry's highest EBITDA margins at 17.18%. With 73 outlets across India, Flurys adds a robust and profitable dimension to Park Hotels' revenue stream. Market Competition and Outlook Despite the inherent competition in the hotel and restaurant industries, Park Hotels' diversified revenue model, combined with high margins in the restaurant business, positions it favorably in the market. Given the current positive industry trends, Park Hotels is poised for a successful performance on the bourses. Conclusion: Park Hotels’ Promising Future In conclusion, Park Hotels’ strategic IPO timing, coupled with its strong brand presence, diverse portfolio, and robust financial planning, positions it well to leverage the booming hospitality sector. The company's unique blend of hotel and F&B services, along with its plan to reduce debt, sets the stage for a promising future in the hospitality industry.

Apeejay Surrendra Park Hotels Limited 17, Park Street, kolkata 700 016 Phone: +91 33 2249 9000 Email: investorrelations @asphl.in Website: https://www.theparkhotels.com/