2.13 Provisions
A provision is recognised if, as a result of a past event, the
Company has a present legal or constructive obligation
that is estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle the
obligation. Provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money
and the risks specific to the liability.
Onerous contracts
Provisions for onerous contracts are recognized when
the expected benefits to be derived by the Company
from a contract are lower than the unavoidable costs
of meeting the future obligations under the contract.
The provision is measured at the present value of the
lower of the expected cost of terminating the contract
and the expected net cost of continuing with the
contract. Before a provision is established the Company
recognizes any impairment loss on the assets associated
with that contract.
2.14 Earnings per equity share
Basic earnings per equity share is computed by dividing
the net profit attributable to the equity holders of the
Company by the weighted average number of equity
shares outstanding during the period. Diluted earnings
per equity share is computed by dividing the net profit
attributable to the equity holders of the Company by the
weighted average number of equity shares considered
for deriving basic earnings per equity share and also
the weighted average number of equity shares that
could have been issued upon conversion of all dilutive
potential equity shares. The dilutive potential equity
shares are adjusted for the proceeds receivable had the
equity shares been actually issued at fair value (i.e. the
average market value of the outstanding equity shares).
Dilutive potential equity shares are deemed converted as
of the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined
independently for each period presented.
The number of equity shares and potentially dilutive
equity shares are adjusted retrospectively for all periods
presented for any share splits and bonus shares issues
including for changes effected prior to the approval of
the financial statements by the Board of Directors.
2.15 Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise
cash at banks and on hand, short-term deposits with
an original maturity of three months or less and bank
overdraft that are repayable on demand, which are
subject to an insignificant risk of changes in value.
2.16 Cash flow statement
Cash flows are reported using the indirect method,
whereby profit/ loss for the period is adjusted for the
effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses
associated with investing or financing cash flows. The
cash flows from operating, investing and financing
activities of the Company are segregated.
2.17 Foreign currency transactions and balances
Transactions in foreign currency are recorded at
exchange rates prevailing at the date of transactions.
Exchange differences arising on foreign exchange
transactions settled during the year are recognised in the
statement of profit and loss of the year.
Monetary assets and liabilities denominated in foreign
currencies which are outstanding, as at the close of the
reporting period are translated at the closing exchange
rates and the resultant exchange differences are
recognised in the statement of profit and loss.
Non-monetary assets and liabilities denominated in
foreign currencies that are measured in terms of historical
cost are translated using the exchange rate at the date
of the transaction.
2.18 Employee benefits
2.18.1 Gratuity
The Company provides for gratuity, a defined benefit
retirement plan ('the Gratuity Plan') covering eligible
employees. The Gratuity Plan provides a lump-sum
payment to vested employees at retirement, death,
incapacitation or termination of employment, of an
amount based on the respective employee's salary and
the tenure of employment with the Company.
Liabilities with regard to the Gratuity Plan are determined
by actuarial valuation, performed by an independent
actuary, at each balance sheet date using the projected
unit credit method. The Company recognizes the net
obligation of a defined benefit plan in its balance sheet
as an asset or liability. Gains and losses through re¬
measurements of the net defined benefit liability / (asset)
are recognised in other comprehensive income. The
actual return of the portfolio of plan assets, in excess of
the yields computed by applying the discount rate used
to measure the defined benefit obligation is recognised
as other comprehensive income. The effects of any
plan amendments are recognised in net profits in the
statement of profit and loss
2.18.2 Short-term employee benefits
Short-term employee benefit obligations are measured
on an undiscounted basis and are expensed as the
related service is provided. A liability is recognised for
the amount expected to be paid e.g., under short-term
cash bonus, if the Company has a present legal or
constructive obligation to pay this amount as a result of
past service provided by the employee, and the amount
of obligation can be estimated reliably.
2.18.3 Provident fund
Eligible employees of the Company receive benefits
from a provident fund, which is a defined contribution
plan. Both the eligible employee and the Company make
monthly contributions to the provident fund plan equal to
a specified percentage of the covered employee's salary.
The Company’s contribution is recognised as an expense
in the statement of profit and loss during the period in
which the employee renders the related services.
2.18.4 Compensated absences
The Company has a policy on compensated absences
which are both accumulating and non-accumulating in
nature. The expected cost of accumulating compensated
absences is determined by actuarial valuation performed
by an independent actuary at each balance sheet date
using projected unit credit method on the additional
amount expected to be paid/availed as a result of the
unused entitlement that has accumulated at the balance
sheet date. Expense on non-accumulating compensated
absences is recognised in the period in which the
absences occur.
2.19 Share-based payments
The Company recognises compensation expense
relating to share-based payments in net profit using
fair-value in accordance with Ind AS 102, Share-Based
Payment. The estimated fair value of awards is charged
to income on a straight-line basis over the requisite
service period for each separately vesting portion of
the award as if the award was in-substance, multiple
awards with a corresponding increase to share options
outstanding account.
The employees of the Company are eligible to the
Stock options awards granted by the Company. The
Company accounts for these Stock Options using the
fair value method in accordance with the IND AS 102 -
Share-based Payments.
2.20 Leases
Lessor accounting to classify leases as finance or
operating lease.
Lease payments associated with short-terms leases and
leases in respect of low value assets are charged off as
expenses on straight-line basis over lease term or other
systematic basis, as applicable.
At commencement date, the value of ""right of use""
is capitalised at the present value of outstanding
lease payments plus any initial direct cost and
estimated cost, if any, of dismantling and removing
the underlying asset and presented as part of Plant,
property and equipment. The right-of-use asset is
depreciated over the shorter of the asset's useful
life and the lease term on a straight-line basis.
Liability for lease is created for an amount equivalent to
the present value of outstanding lease payments and
presented as lease liability. The Company discounted
lease payments using the applicable incremental
borrowing rate for meeting the lease liability. Subsequent
measurement, if any, is made using cost model.
Each lease payment is allocated between the liability
created and finance cost. The finance cost is charged to
the Statement of Profit and loss over the lease period so
as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Lease modifications, if any are accounted as a
separate lease if the recognition criteria specified in the
standard are met
2.21 Borrowing costs
Borrowing costs consist of interest and other costs that
the Company incurs in connection with the borrowing
of funds. Borrowing cost also includes exchange
differences to the extent regarded as an adjustment to
the borrowing costs.
Borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset that
necessarily takes a substantial period of time to get
ready for its intended use or sale are capitalised during
the period of time that is required to complete and
prepare the asset for its intended use or sale. All other
borrowing costs are expensed in the period in which
they are incurred.
2.22 Income tax
Income tax expense consists of current and deferred tax.
Income tax expense is recognised in profit or loss except
to the extent that it relates to items recognised in OCI or
directly in equity, in which case it is recognised in OCI or
directly in equity respectively. Current tax is the expected
tax payable on the taxable profit for the year, using tax
rates enacted or substantively enacted by the end of the
reporting period, and any adjustment to tax payable in
respect of previous years. Current tax assets and tax
liabilities are offset where the Company has a legally
enforceable right to offset and intends either to settle on
a net basis, or to realise the asset and settle the liability
simultaneously.
Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax
bases used in the computation of taxable profit.
Deferred tax is measured at the tax rates that are
expected to be applied to the temporary differences
when they reverse, based on the laws that have been
enacted or substantively enacted by the end of the
reporting period. Deferred tax assets and liabilities are
offset if there is a legally enforceable right to set off
corresponding current tax assets against current tax
liabilities and the deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same tax
authority on the Company
The Company recognises a deferred tax asset arising
from unused tax losses or tax credits only to the
extent that the entity has sufficient taxable temporary
differences or there is convincing other evidence that
sufficient taxable profit will be available against which
the unused tax losses or unused tax credits can be
utilised by the entity.
A deferred tax asset is recognised to the extent that it
is probable that future taxable profits will be available
against which the temporary difference can be utilised.
Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
Withholding tax arising out of payment of dividends to
shareholders under the Indian Income tax regulations is
not considered as tax expense for the Company and all
such taxes are recognised in the statement of changes in
equity as part of the associated dividend payment.
2.23 Segment reporting
Based on the “management approach” as defined in
Ind AS 108, Operating Segments, the Chief Operating
Decision Maker evaluates the Company’s performance
and allocates resources based on an analysis of
various performance indicators by business segments.
Accordingly, information has been presented along
these business segments viz. amusement parks &
resort and others.
2.24 Dividend
Final dividends on shares are recorded as a liability on
the date of approval by the shareholders and interim
dividends are recorded as a liability on the date of
declaration by the Company's Board of Directors. The
Company declares and pays dividends in Indian rupees.
The applicable distribution taxes are linked more directly
to past transactions or events that generated distributable
profits than to distribution to owners and accordingly,
recognized in profit or loss or other comprehensive
income or equity according to where the entity originally
recognised those past transactions or events.
2.25 Operating cycle
Based on the nature of products / activities of the
Company and the normal time between acquisition of
assets and their realisation in cash or cash equivalents,
the Group has determined its operating cycle as 12
months for the purpose of classification of its assets and
liabilities as current and non-current.
2.26 Government grants
Government grants are recognized when there is
reasonable assurance that the company will comply
with the conditions attached to them and the grants
will be received.
Grants related to specific fixed assets are either presented
as a deduction from the carrying amount of the asset
concerned or as deferred income, which is recognized
in the profit and loss account over the useful life of the
asset, in proportion to the depreciation charged.
Grants related to income are recognised in the statement
of profit and loss on a systematic basis over the periods in
which the company recognises as expenses the related
costs for which the grants are intended to compensate.
Government grant received during the year has been
deducted from the carrying amount of the assets. The
grant is recognised in profit and loss over the life of the
depreciable assets as a reduced depreciation expense.
2.27 Assets held for sale
Non-current assets or disposal groups comprising of
assets and liabilities are classified as ‘held for sale’ when
all the following criteria are met:
(i) decision has been made to sell
(ii) the assets are available for immediate sale in its
present condition
(iii) the assets are being actively marketed and
(iv) sale has been agreed or is expected to be
concluded within 12 months of the Balance Sheet
date. Subsequently, such non-current assets and
disposal groups classified as ‘held for sale’ are
measured at the lower of its carrying value and fair
value less costs to sell. Non-current assets held for
sale are not depreciated or amortised.
2.28 Recent Pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time. On August 13, 2025, the MCA
notified the Companies (Indian Accounting Standards)
Amendment Rules, 2025. This notification has led to
amendments in Ind AS 1 Presentation of Financial
Statements, which are applicable to the Company from
April 1, 2026. These amendments do not have a material
impact on the financial statements of the Company.
3B.1 In October 2019, the Company received approval from the Government of Tamil Nadu for the exemption from payment of
local body tax / entertainment tax on entry fees to the amusement park for a period of 5 years from 1 November 2019 till 31
October 2024. However, since the project had not progressed, in February 2020, the Company had obtained an extension
of this exemption from the Government of Tamil Nadu to cover a period of 5 years from the date of commencement of
commercial operations or 30 September 2021, whichever is earlier. During the financial years 2020-21 and 2021-22,
the construction work could not be started due to the Covid-19 pandemic and hence the Company had sought further
extension of the exemption from the Government of Tamil Nadu for a period of 10 years from the date of commencement of
operations. On 2 June 2023, the Company received the waiver of Local Body Tax vide The Government of Tamil Nadu Order
(Ms) No.71. The Company has successfully obtained all the necessary approvals, clearances and No Objection Certificates
for the project and the construction of the park is in progress.
During the quarter ended 31 December 2024, the Company had completed Qualified Institutional Placement for funding
capital expenditure requirements. The Gross Proceeds from this Issue aggregated to H 54,000.01 lakhs. Subject to compliance
with applicable laws, the net proceeds from this Issue, after deducting fees, commissions and estimated expenses relating
to this Issue of approximately H 1,500 lakhs, shall be H 52,500 lakhs (“Net Proceeds”). H35,100 lakhs, out of the net proceeds
was utilized for funding capital expenditure requirements in relation to development of the amusement park at Chennai
(Chennai project). The construction of the Chennai amusement park was completed as per the stipulated timelines and the
park commenced operations during the year.
3B.2 During the financial year ended 31 March 2026, the Company commenced the operations of new glamping pods named "Isle".
3B.3 The Company had commenced the operations of Bhubaneswar park in the financial year 2024-25. The Board of Directors
is continuously monitoring the progress of the park. The management has carried out an impairment assessment of the
Bhubaneswar park due to actual performance not aligning with the Board-approved financial projections. The recoverable
amount of a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. For the purpose
of impairment test, recoverable amount of CGUs has been determined based on value in use which is based on specific
calculations. These calculations use pre-tax cash flow projections based on financial budgets approved by management.
The key assumptions considered include Discount rate (31 March 2026 - 14%; 31 March 2025 - 16%) and Terminal growth
rate (31 March 2026 - 5%; 31 March 2025 - 5%). The same did not result in impairment for the project. The Board believes
that any reasonably possible change in the key assumptions on which the recoverable amount of the project is based would
not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the project. Based on the above
factors, the Board believes that the carrying value of the Bhubaneswar park is fairly stated.
5.1 Bank deposits of H2.00 lakhs as at 31 March 2026 (as at 31 March 2025- H2.00 lakhs) is held as lien towards HDFC Bank
Overdraft and H4.00 lakhs as at 31 March 2026 (as at 31 March 2025 - H 4.00 Lakhs) is held as lien towards guarantee for
Mamallapuram Local Planning Authority (MLPA), Chennai, Tamil Nadu.
Bank deposits of H23.72 lakhs as at 31 March 2026 (as at 31 March 2025- H23.72 lakhs) is held as lien towards guarantee
for Industrial Development Corporation (IDCO), Odisha.
Notes:
1. The cost of goods sold recognised as expense during the year is H 5,739.39 Lakhs (for the year ended March 31, 2025:
H5,049.42 Lakhs). Also refer Note: 26, 27 and 28.
2. Inventory balance is net of provision of "Nil" as on 31 March 2026. (as at 31 March 25 - H8.21 lakhs.)
Pursuant to the approval of the Board of Directors on 10 August 2024, the Company had classified 1.35 acres of land
located at Sardar Nagar Revenue Village, Maheswaram Mandal, Ranga Reddy District, Telangana, as ‘Assets held-
for-sale’ in accordance with Ind AS 105 - Non-current Assets Held for Sale, with a carrying value of H196.05 lakhs as
on 31 March 2025.
During the current financial year, the Company has completed the sale of the aforesaid land for H 250 Lakhs. Accordingly,
the asset classified as ‘Assets held-for-sale’ has been derecognised, and the resultant gain of H 53.95 Lakhs has been
recognised in the Statement of Profit and Loss in accordance with applicable accounting standards.
a. The Company raised capital of H 54,000 lakhs through Qualified Institutions Placement (“QIP”) of equity shares. The
Executive management Committee of the Board of Directors of the Company, at its meeting held on December 6,
2024, approved the allotment of 68,35,444 equity shares of face value H 10 each to eligible investors at a price H790
per equity share (including a premium of H 780 per equity share).
16.2 Rights, preferences and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly, all the equity shares rank equally with regard to dividends
and share in the Company's residual assets. The equity shareholders are entitled to receive dividend as declared from
time to time. The voting rights of an equity shareholder are in proportion to its share of the paid-up equity capital of
the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable
have not been paid.
Failure to pay any amount called up on shares may lead to forfeiture of the shares.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the remaining assets of
the Company, after distribution of all dues to preferential creditors, in proportion to the number of equity shares held by them.
The Board of Directors has recommended final dividend of 20% of the face value of equity share (H2 per equity share of face
value of H10) for the financial year ended 31 March 2026, subject to the approval by the shareholders in the ensuing Annual
General Meeting.
The Board of Directors had recommended a final dividend of 20% of the face value of equity share (H2 per equity share of
face value of H10) for the financial year ended 31 March 2025. The same had been approved by the shareholders in the
Annual General Meeting held on 19 August 2025 and paid to the shareholders in August 2025.
19.1 i) The Company obtained working capital loan limits of H1,600 lakhs (H100 lakhs of fund-based limit and H1,500 lakhs of
non-fund-based limit) from HDFC Bank Limited, with an interest rate of 7.15% p.a (year ended 31 March 2025 - 9.20%
p.a). The working capital loan is secured by way of first pari passu charge on the current assets of the Company and
collateral pari passu charge on 25.47 acres of Land and Building situated at Kunnathunadu village, Kochi (Amusement
park at Kochi) and development thereon together with all the building and structure thereon, fixtures, fittings, and
all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both
present and future.
The Company also availed additional fixed deposit backed limits of H2,500 lakhs from HDFC Bank.
ii) The Company obtained working capital loan limits of H2,000 lakhs from ICICI Bank Limited, with an interest rate of
8.30% p.a (year ended 31 March 2025 - 9% p.a) and also availed non-fund-based limits of H5,000 lakhs from ICICI
Bank Limited, for issue of Letter of Credits (LC) for capital expenditure. These facilities are secured by way of first
pari passu charge on the current assets of the Company, first pari passu charge on immovable fixed assets with no.s
9/3,4,11/1,80/1,81/3,82,83/6,8,84/3-12,126/3 kunnathunadu village, kerala and exclusive charge on immovable fixed
assets property having a total extent of 3,814.37 ares in Kunnathunadu taluk, Ernakulam district, Kerala.
iii) The Company has not defaulted in the repayment of loans to banks and has not been declared as a wilful defaulter
by any bank or financial institution or other lender in accordance with the guidelines on wilful defaulters issued by the
Reserve Bank of India.
iv) The Company has used the working capital facilities from banks and financial institutions for the specific purpose for
which it was taken.
v) Returns or statements of current assets filed by the Company with banks, as required, are in agreement with
books of account.
19.2 The Company availed a vehicle loan of H 14 lakhs on 2 August 2025 from ICICI Bank Limited, carrying an interest rate of
9.1% p.a. for a tenure of 60 months, for Hyderabad branch. Additionally, the Company availed multiple vehicle loans of H
149.99 lakhs in September 2025 from ICICI Bank Limited, carrying an interest rate of 8.5% p.a. for a tenure of 60 months,
for Chennai park. Additionally, the Company fully closed its ^32.00 lakh vehicle loan with Daimler Financial Services Private
Limited, which had been availed on 28 October 2022 at an interest rate of 1.4395% p.a. for a 36-month tenure.
Note
Changes to Employee Benefits upon notification of Labour Codes
The Government of India notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social
Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively, the “Labour Codes”).
These Labour Codes, which have become effective from 21 November 2025, consolidate and rationalise 29 labour laws and
introduce, among other matters, a uniform definition of “Wages”. Also, the Labour Codes have modified certain employee
benefits and eligibility conditions in respect of those benefits. Accordingly, during the year, the Company has amended its
policies relating to employee benefits and modified its employment contracts to align such benefits with the requirements of
the Labour Codes. The change include alignment of the definition of wages for social security contributions/ provisions. Past
service cost resulting from plan amendments amounting to H 281.88 lakhs and increase in compensated absences liability
amounted to H 159.86 lakhs has been recognised immediately in the Statement of Profit and Loss and has been classified
as a part of “Exceptional items”.
32.2 Fair value hierarchy
Financial assets and liabilities include cash and cash equivalents, other balances with banks, trade receivables, loans, other
financial assets, borrowings, trade payables, lease liabilities and other financial liabilities whose fair values approximate
their carrying amounts largely due to the short term nature of such assets and liabilities.
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table presents fair value hierarchy of assets and liabilities measured at fair value as on 31 March, 2026 :
32.3 Financial risk management
The Company's financial risk management is an integral part of how to plan and execute business strategies. The Board of
Directors has the overall responsibility for establishment and oversight of the Company's risk management framework. The
Board of Directors has established the Risk Management Committee, which is responsible for developing and monitoring
the Company’s risk management policies.
The Company’s activities expose it to a variety of financial risks, market risk (including interest risk), credit risk and liquidity
risk. The Company’s overall risk management programme focuses to minimize potential adverse effects on the financial
performance of the Company.
a. Credit risk
Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers
and other receivables. The Company applies prudent credit acceptance policies, performs ongoing credit portfolio
monitoring as well as manages the collection of receivables in order to minimise the credit risk exposure.
The maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of
financial instruments presented in the notes to the financial statements. The Company's major classes of financial assets
are cash and cash equivalents, investment in mutual funds, term deposits, trade receivables and security deposits.
Deposits with banks are considered to have negligible risk, as they are maintained with high rated banks/financial
institutions as approved by the Board of Directors and the period of such deposits is 365 days or less to ensure liquidity.
Investments primarily include investment in liquid mutual fund units that are marketable securities of eligible financial
institutions for a specified time period with high credit rating given by domestic credit rating agencies.
The management has established accounts receivable policy under which customer accounts are regularly monitored.
The Company has a dedicated sales team which is responsible for collecting dues from the customer within stipulated
period. The management reviews status of critical accounts on a regular basis.
There are no major customers / top customers accounted for more than 10% of the revenue for the year ended March
31, 2026 and March 31, 2025.
Trade receivables were not impaired during the current financial year. No customer accounted for more than 10% of
the receivables as at March 31, 2026 and March 31, 2025.
b. Liquidity risk
Prudent liquidity risk management requires sufficient cash and marketable securities and availability of funds through
adequate committed credit facilities to meet obligations when due and to close out market positions.
The Company has a view of maintaining liquidity with minimal risks while making investments. The Company invests
its surplus funds in short term liquid assets in bank deposits and liquid mutual funds. The Company monitors its cash
and bank balances periodically in view of its short term obligations associated with its financial liabilities.
c. Capital management
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. The Company monitors the return on capital. The Company’s
objective when managing capital is to maintain an optimal structure so as to maximize shareholder value. There are
no outstanding borrowings as at March 31, 2026 and March 31, 2025, where the Company sources its funds through
its equity proceeds and internal accruals.
d. Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market prices. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimizing the return.
i. Foreign currency risk
The Company does not have foreign currency exposure at the end of current and previous reporting date.
ii. Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company has minimal borrowings and there is no outstanding amount
at the year-end. Accordingly, fluctuations in interest rate do not affect the profitability of the Company.
33 Disclosure as per the requirement of Section 22 of the Micro, Small and Medium Enterprise Development
Act, 2006:
The Ministry of Micro, Small and Medium Enterprises has issued an Office Memorandum dated 26 August 2008 which
recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the
Entrepreneurs Memorandum Number as allotted after filing of the Memorandum. Accordingly, the disclosure in respect
of the amounts payable to such enterprises as at 31 March 2026 has been made in the financial statements based on
information received and available with the Company. Further in the view of the Management, the impact of interest, if any,
that may be payable in accordance with the provisions of the said Act is not expected to be material. The Company has not
received any claim for interest from any supplier under the said Act.
34 Employee benefits
1 Defined contribution plan
Amount recognised as an expense in the Statement of Profit and Loss in respect of defined contribution plan towards
a) Provident fund - H 274.68 lakhs (Year ended 31 March 2025 H 252.57 lakhs)
b) Employee state insurance - H 2.79 lakhs (Year ended 31 March 2025 H 4.15 lakhs).
c) Labour welfare fund and others - H 1.55 lakhs (Year ended 31 March 2025 H 1.34 lakhs).
2 Defined benefit plan
Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972 and amendments
thereto. Gratuity is a benefit to an employee in India based on 15 days' last drawn salary for each completed year of
service with a vesting period of five years. These defined benefit plans expose the Company to actuarial risks, such as
longevity risk and interest rate risk.
a. The discount rate is based on the term of the future liability. Term of the future liability is equal to term used in the
bond rate table, for determining the discount rate.
b. Salary Escalation Rate: The estimates of future salary increases takes into account the inflation, seniority,
promotion and other relevant factors.
c. Funds are managed by Life Insurance Corporation of India and composition of the fund as at the balance sheet
date was not provided by the insurer.
Sensitivity Analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have affected the defined benefit obligation by the amounts shown below:
Asset Liability Matching Strategies
The Company has purchased insurance policy, which is basically a year-on-year cash accumulation plan in which the
interest rate is declared on yearly basis and is guaranteed for a period of one year. The insurance Company, as part
of the policy rules, makes payment of all gratuity liability occurring during the year (subject to sufficiency of funds
under the policy). The policy, thus, mitigates the liquidity risk. However, being a cash accumulation plan, the duration
of assets is shorter compared to the duration of liabilities. Thus, the Company is exposed to movement in interest rate
(in particular, the significant fall in interest rates, which should result in a increase in liability without corresponding
increase in the asset).
Description of risk exposures
Valuations are performed on certain basic set of pre-determined assumptions and other regulatory framework which
may vary over time. Thus, the Company is exposed to various risks in providing the above gratuity benefit which
are as follows:
a) Interest Rate Risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will
result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the
value of the liability (as shown in financial statements).
b) Investment Risk: The probability or likelihood of occurrence of losses relative to the expected return on any
particular investment.
c) Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary
increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants
from the rate of increase in salary used to determine the present value of obligation will have a bearing on the
plan’s liability.
d) Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability.
The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
e) Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts. This may
arise due to non-availability of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not
being sold in time.
35 Segment information
Based on the management approach as defined in Ind AS 108 - Operating Segment, the Chief Operating Decision Maker
(CODM) evaluates the Company's performance and allocates the Company's resources based on an analysis of various
performance indicators by business segments and the segment information is accordingly presented as Amusement Parks
& Resort and Others. Resort is an integral part of Bangalore Park segment and disclosed accordingly. The Amusement
Parks and Resort segment includes admission fees, running a hotel accommodation and other related services. Others
segment includes sale of merchandise, cooked food, packed foods etc. The accounting principles used in the preparation
of these financial statements are consistently applied to record revenue and expenditure in individual segments. The risks
and rewards associated with these two categories of business are significantly different. Therefore, the primary segment
consists of providing amusement facilities and resort and others. The Company caters to the domestic market and
accordingly, there is no reportable geographical segments. Refer note 24.
Allocation of common costs : Common allocable costs are allocated to each segment according to the related contribution
of each segment to the total common costs.
Unallocated : Unallocated items includes general corporate expenses and income which are not allocated to any segment.
Segment accounting policies : The Company prepares its segment information in line with the accounting policies adopted
for preparing and presenting the financial statements.
39 Details of provisions and movements in each class of provisions as required by the Indian Accounting
Standard (Ind AS) 37 - Provisions, Contingent liabilities and Contingent assets
Provision for Service tax, other taxes and levies :
A Provision for labour cess:
During the financial year 2018-19, the Company received an order from the Office of the Joint Commissioner of
Labour, Rangareddy, Hyderabad under Building and Other Construction Workers Act, 1966 demanding building cess
of H157.10 lakhs on the total estimated cost of construction. The cess is levied at the rate of 1% on the total estimated
cost of construction. The Company had paid H41.57 lakhs under self assessment so the net demand was H115.53
lakhs. Aggrieved by the said order, the Company filed an appeal before the appellate authority. Though the Company
is confident of obtaining a favourable order, as a matter of abundant caution, based on management estimation, a
provision of H44.57 lakhs was created in the books.
B Provision for sales tax:
During the financial year 2014-15, the Company started directly operating restaurants at Kochi Park. The raw
materials for restaurants were sourced locally, and no interstate procurements were made. The Company opted for
compounding scheme u/s 8(c) of the KVAT Act and remitted tax at the rate 0.5%. As inter-state purchases were being
made for readymade garments, rides and technical spares, technically, by virtue of clause 8(c)(1)(d), the Company
was ineligible to opt for compounding scheme under the Act. Hence, the Company voluntarily remitted the differential
tax of 4.5% on cooked food for the period 2014-15 to June 2017, under protest. The Company created equivalent
amount of provision in the books of account. However, the Company has not received any demand notice from the VAT
authorities till date.
C Provision for income tax
Post completion of scrutiny assessment for AY 2018-19, the Company received assessment order for a tax demand
of H 39.06 lakhs for the disallowance under Section 43B of the Income Tax Act, 1961. The Company filed an appeal
before Commissioner of Income Tax (Appeals), against the order. Though the Company is expecting a favorable order,
as an abundant caution, provision to the extent of H28.26 lakhs has been maintained in the books of account and the
balance amount of H10.80 lakhs has been disclosed as a contingent liability.
F The Hon'ble Supreme Court on 28 February 2019 decided on M/s Vivekananda Vidya Mandir and others vs. RPFC
that wages for the purpose of Provident Fund contribution will include all monetary allowances excluding House
Rent Allowance paid to employees. This is at variance with the methodology for Provident Fund calculation adopted
by the Company in the previous periods and accepted by the Provident Fund Authorities. As there is no clarity on the
methodology for calculation and no notice of demand has been received from the Authorities, the Company is unable
to reasonably estimate the likely impact of the above decision for the previous periods.
41 Corporate Social Responsibility (CSR)
As per Section 135 of the Act, a company, meeting the applicability threshold, needs to spend at least 2% of its average net
profit for the immediately preceding three financial years on corporate social responsibility ("CSR") activities. The unspent
CSR obligation has to be transferred either to a separate bank account of the company or to any fund included in Schedule
VII of the Act. Unspent amount pertaining to ongoing projects has to be transferred to a separate bank account of the
company called 'unspent CSR account' and unspent amount pertaining to other than ongoing projects has to be transferred
to any fund included in Schedule VII of the Companies Act, 2013.The areas for CSR activities are eradication of hunger and
malnutrition, promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability,
disaster relief and rural development projects. A CSR committee has been formed by the Company as per the Act. The funds
were primarily utilized throughout the year on these activities which are specified in Schedule VII of the Act:
42 Advances includes an amount of H 98.88 lakhs due from a foreign vendor which had gone into liquidation. This has been
fully provided for, in earlier years. Pending approval of Reserve Bank of India, both advance and provision have been carried
forward and not netted off.
43 Other Disclosures
a) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
b) There are no charges or satisfaction yet to be registered with the Registrar of Companies beyond the statutory period.
c) No schemes of arrangements have been applied or approved by the Competent Authority in terms of Section 230 to
237 of the Companies Act, 2013.
d) The Company does not have any subsidiaries and hence it is in compliance with the number of layers prescribed under
clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
e) There are no properties / assets which are not held or registered in the name of the Company. No proceedings have
been initiated on or are pending against the Company for holding benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
f) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”)
with the understanding whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend
or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
g) The Company has not received any fund from any person(s) or entity(ies), including foreign entities(“Funding Parties”),
with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
h) The Company has no such transaction which is not recorded in the books of account that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961).
i) The title deeds of all immovable properties, (other than immovable properties where the Company is the lessee and
the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included
in property, plant and equipment and capital work-in-progress are held in the name of the Company as at the
balance sheet date.
j) The Company has no transactions or balances with the companies struck off under Companies Act, 2013 or
Companies Act, 1956.
44 The Company maintained point of sales records in software for part of the year, which was not equipped with the audit log
functionality. In respect of software operated by third party software service provider, for maintaining payroll records, the
independent auditor’s System and Organization Controls report does not cover the audit trail requirement. The management
is in the process of evaluating the requirements of Rule 3 (1) of the Companies (Accounts) Rules, 2014 with respect to these
application systems. Additionally, the audit trail that was enabled and operated for the year ended March 31, 2025 has
been preserved by the Company as per the statutory requirements for record retention.
45 In December 2024, the Company issued its equity shares under the qualified institutions placement (“QIP”) scheme as
specified under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2009, as amended (the “SEBI ICDR Regulations”). Pursuant thereto, the Company issued 68,35,444 equity
shares, having face value of H10 each at an issue price of H790 per share (including premium of H 780 per equity share), for
an aggregate sum of H54,000 lakhs. The equity shares issued under the QIP scheme were listed on 10 December 2024 for
trading on the National Stock Exchange of India Limited and BSE Limited. Accordingly, the paid-up equity share capital of
the Company has increased from H5,657.34 lakhs to H6,340.88 lakhs during the previous year.
46 The Finance Act, 2024 amended Section 112 of the Income Tax Act, 1961 to reduce the rate of taxation on long-term
capital gains arising from the transfer of long-term capital assets to 12.5%, and to withdraw the benefit of indexation for
any transfers of capital assets made after 23 July 2024. Consequent to such amendment, the Company has accounted for
deferred tax credit amounting to H 2,408 lakhs attributable to fair value of freehold land during the previous year.
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