Nicco Parks & Resorts Ltd Management Discussions

ECONOMIC OVERVIEW

A. GLOBAL OUTLOOK

According to the International Monetary Funds World Economic Outlook (April 2025), the global economy grew by an estimated 3.3% in 2024, outperforming earlier forecasts despite tight monetary conditions and geopolitical uncertainties. Advanced economies recorded steady growth of 1.8%, supported by resilient labour markets, recovering real wages, and sustained services demand, with the United States leading at 2.8%. Emerging markets and developing economies remained key growth drivers, expanding by 4.3%, with India (6.5%) and China (5.0%) contributing significantly to global momentum.

Inflationary pressures eased globally, aided by lower energy prices, stabilising food supplies, and tighter monetary policy. Headline inflation in advanced economies is projected to decline from 4.6% in 2023 to 2.6% in 2024, while in emerging markets it is expected to moderate from 8.0% to 7.7%. Nonetheless, core inflation—particularly in services—remains elevated in several economies, prompting central banks to maintain a cautious stance.

Growth prospects remain tempered by sluggish productivity gains, persistent price pressures in some sectors, and diverging national policy approaches. While certain central banks have begun easing interest rates, others continue to hold them high to safeguard price stability. Alongside these cyclical adjustments, attention is increasingly shifting toward long-term structural priorities such as green energy, infrastructure modernisation, and digital transformation, which are seen as essential to sustaining global productivity growth.

B. INDIAN OUTLOOK

India continued to be a bright spot in the global economy, with real GDP growth for FY 2024-25 projected at 6.5% (NSO Second Advance Estimates, February 2025), following a high base of 9.2% in the previous year. Growth was underpinned by robust domestic demand, sustained public capital expenditure, and steady momentum across construction, industry, and services. The infrastructure-led growth strategy drove an estimated 8.6% expansion in industry and construction, while services grew by 7.3%, led by financial, real estate, professional services, and trade-related sectors. Agriculture output is estimated to have risen by 4.6%, supported by favourable monsoon conditions.

Private consumption, constituting 56.7% of GDP, grew by 7.6%, while Gross Fixed Capital Formation—at 33.4% of GDP—expanded by 6.1%, reflecting strong public investment and improving private sector sentiment. External trade conditions showed signs of stability, with exports rising 7.1% and imports marginally declining 1.1%.

Inflation moderated, averaging 4.7% in FY 2024-25 compared to 5.4% in the prior year, with core inflation easing to a four-year low of 3.5%. The Reserve Bank of India reduced the policy repo rate twice in early 2025—bringing it to 6.0%—to support liquidity and growth, while maintaining a neutral policy stance. External fundamentals remained sound, with foreign exchange reserves at USD 645 billion (March 7, 2025) and a contained current account deficit of 1.1% of GDP in Q3 FY 2025.

India retained its position as the worlds ffth-largest economy in nominal GDP terms and third-largest in purchasing power parity (PPP), with macroeconomic stability, improving infrastructure, and digital transformation expected to sustain its growth momentum into FY 2025-26.

INDUSTRY OVERVIEW

A. GLOBAL AMUSEMENT PARK INDUSTRY

The global amusement park industry has experienced a robust rebound following the pandemic, driven by increased mobility, rising discretionary income, and a growing consumer appetite for immersive, experiential entertainment. According to recent estimates, the global market size stood between USD 84-103 billion in 2024-25, with forecasts projecting it to reach USD 123-149 billion by 2030, supported by a compound annual growth rate (CAGR) ranging from 4.7% to 6.6%.

The industrys growth is powered by expanding middle-class populations and renewed tourism, particularly in emerging regions. Notably, the Asia-Pacific market is outperforming, with double-digit annual growth driven by urbanization and rising household incomes.

Industry Evolution: Beyond Traditional Rides

Amusement parks are rapidly evolving into multi-dimensional leisure destinations. They now combine rides, resorts, themed retail, VR/AR zones, and cinematic attractions, creating multi-generational appeal and extended stays. Operators are investing in hotels and branded retail offerings to diversify revenue and buffer against weather-related footfall fluctuations.

Technology & Immersion as Differentiators

Cutting-edge technologies are transforming guest experiences and operations. Al-driven dynamic pricing, queue management, and personalized engagement tools are enhancing capacity utilization and satisfaction. Immersive technologies such as AR/VR dark rides and projection mapping are setting new standards in storytelling and interactivity.

Leading US parks are deploying AI to reduce wait times and elevate realism—Legoland uses vision AI to monitor ride occupancy in real time; SeaWorld unveiled a flying theatre ride leveraging real Arctic footage and rotating towers to boost throughput; Disney is collaborating with Nvidia and DeepMind on hyper-realistic robotic characters using a physics engine called Newton.

Sustainability & Eco-Conscious Innovation

Sustainability is fast becoming central, not peripheral. Operators are embracing regenerative tourism, green building, and eco-conscious F&B offerings. For example, Universal Studios and Disneyland are converting rides and vehicles to electric power; Disney Worlds solar farm generates a significant portion of park energy; Disneyland Paris is installing what will be Europes largest solar canopy and recycling wastewater to preserve scarce resources.

Emerging Attractions & Thematic Expansion

Parks are increasingly anchored around intellectual property (IP) and themed storytelling. Universals Epic Universe and Super Nintendo World expansions, including a new Donkey Kong Country zone, highlight the industrys preference for immersive, brand-led experiences.

Outlook & Strategic Considerations

The amusement park sector is well-positioned for sustained growth, backed by strong consumer demand, experiential innovation, and expanding global tourism. However, key challenges such as high-ticket prices, operational costs, and geopolitical uncertainties remain. For instance, attendance in Florida is still trailing pre-pandemic levels, despite new attractions and premium experiences driving growth.

B. INDIAN AMUSEMENT PARK INDUSTRY

Indias amusement park sector is witnessing a dynamic recovery and growth trajectory following the disruptions of the pandemic years. The industry is no longer just about thrill rides—it has evolved into a robust, integrated leisure ecosystem. Urban and semiurban populations now view amusement parks as pivotal weekend destinations and family hubs, supported by enhancements in park infrastructure, diversified formats (water parks, indoor zones, VR-enabled attractions), and multi-format entertainment complexes that blend hospitality, retail, and themed recreation.

Market Size & Growth Projections

According to IAAPI (Indian Association of Amusement Parks & Industries), the combined amusement park and indoor amusement centre industry in India was valued at approximately INR 11,500 crore in 2023, with projections to expand to around INR 22,000 crore by 2030, reflecting a strong 12% compound annual growth rate (CAGR) from 2023 to 2027, before moderating to 6% thereafter.

In U.S. dollar terms, the Indian amusement parks market generated revenues of USD 6.38 billion in 2024, and is expected to grow to USD 11.41 billion by 2030, a CAGR of 9.9%.

This impressive growth positions India among the faster-expanding regional markets in APAC, reflecting both pent-up leisure demand and rising consumer aspirations.

Growth Drivers & Industry Transformation

The sectors expansion is underpinned by several macro and micro-level catalysts:

• Demographic Tailwinds & Urban Aspirations: A growing working-age population, rising disposable incomes, and an expanding middle class are fuelling demand for modern, experiential leisure.

• Tourism Infrastructure & Policy Support: Smart public-private partnerships and tourism-oriented facilitation are encouraging investment in new parks and upgrades to existing venues.

• Digital Innovation & Operational Efficiency: Facilities are increasingly incorporating digital ticketing, mobile experience mapping, interactive attractions (like VR/AR), and data-driven crowd management to enhance both guest experience and operational efficiency.

• Thematic & Experiential Design: Story-driven, immersive environments inspired by cinematic and global media patterns appeal to younger, experience-seeking audiences.

Outlook: Poised for Sustained Momentum

The industrys outlook remains optimistic. With its current trajectory, Indias amusement park sector is expected to more than double in size by the end of the decade—offering significant opportunities for operators and investors. The shift toward integrated destination models—melding rides, dining, hospitality, and retail—is unlocking new cross-revenue streams and consumer engagement models.

However, a few challenges must be navigated prudently:

• Infrastructure gaps, especially in last-mile connectivity

• Rising land and capital costs

• Seasonal dependencies and weather-related volatility

• Ensuring high safety and service standards to build sustained trust C. SWOT Analysis of the Amusement Park Industry

Strengths:

• Robust demand tailwinds: Domestic tourism has rebounded strongly—India recorded 2.51 billion domestic tourist visits in 2023, supporting leisure footfalls across destinations and parks.

• Proven post-pandemic recovery at operators: Listed peers reported solid growth, highlighted strong revenue/footfall momentum and double-digit revenue growth—evidence that the category has regained consumer confidence.

• Favourable digital infrastructure: UPI has scaled to 19.5 billion monthly transactions (July 2025), enabling seamless, low-friction ticketing, pre-booking, and in-park cashless spends that boost throughput and yield management.

• Tax clarity on admissions: GST on admission to amusement/theme/water parks is at 18% (reduced from 28% in 2018), offering rate stability for pricing decisions.

• Improving tourism infrastructure: Schemes like Swadesh Darshan 2.0 (including the new Challenge-Based Destination Development sub-scheme) are funding destination development, improving last-mile connectivity around leisure hubs.

Weaknesses

• High-capex, long-gestation model: Large upfront land/ride investments and long payback periods expose projects to cost inflation, FX on imported equipment, and cyclical dips in footfalls (weekend/holiday skew).

• Fragmented regulatory environment & compliance load: multi-agency approvals (construction, fire, environment, labour, police licensing), plus evolving BIS ride-safety standards (IS 15475 series), increase operating complexity and recurring inspection costs.

• Seasonality & weather sensitivity: Attendance is vulnerable to school calendars, monsoons, and heat stress; extended heatwaves materially affect outdoor dwell time and guest spend.

• Dependence on third-party ticketing ecosystems: High online ticketing penetration concentrates demand on a few platforms (e.g., BookMyShow leadership in entertainment ticketing), which can compress margins via commissions and reduce control over customer data.

Opportunities

• Tier-2/3 expansion & drive-to leisure: Rising incomes and short-haul drivecations expand the catchment for regional parks and water parks; improving state tourism infrastructure should lift access and visibility.

• Ancillary monetisation: Integrated F&B, retail, staycations, events, and IP-led shows can raise ARPU and smooth seasonality; live events ticketing is growing rapidly, pointing to strong appetite for out-of-home experiences that parks can host.

• School/edutainment & corporate MICE: Curriculum-aligned science/heritage exhibits, safety-credentialed excursions, and corporate offsites can build weekday traffic and diversify revenue.

• Digital optimisation: Dynamic pricing, timed entry, and UPI-enabled in-park purchases improve capacity utilisation and basket size; loyalty/CRM layered on top of high digital adoption can drive repeat visits.

• Sustainability as a differentiator: Energy-efficient pumps/filtration, water recycling, and solar can reduce opex and appeal to ecoconscious consumers; aligning with national sustainability thrusts can ease stakeholder buy-in.

Threats

• Climate & resource risk: Intensifying heatwaves and acute water stress (many Indian basins are rated high to extremely high risk) can trigger operational curbs for water attractions, raise utility costs, and necessitate capital for mitigation.

• Policy & cost changes: Any upward move in GST on admissions or new fees in digital payments could pressure net realisations.

• Safety incidents & liability: Even isolated failures can lead to closures, stricter inspections, higher insurance premia, and reputational damage; compliance with evolving BIS ride-safety norms is essential and cost-intensive.

• Competition for leisure time & wallet: OTT, malls, gaming, and booming live events intensify the fight for discretionary spend and weekend attention, requiring continuous refresh of attractions and shows.

• Input inflation & FX/capex volatility: Land, utilities, imported rides/spares, and logistics remain exposed to global supply cycles and currency swings, which can elongate paybacks.

NICCO PARKS - Leveraging Strengths for Sustainable Growth

Nicco Parks strength lies in its strong brand equity, strategic location, and a diversified portfolio of attractions appealing to all age groups. Operational resilience is bolstered by sustainability measures such as advanced water recycling, solar energy adoption to power rides, robust waste management, and an expanding share of digital sales that improve demand forecasting and targeted marketing. Nonetheless, its regional concentration and weather dependency underscore the need for regular product innovation and sustained year-round engagement. Leveraging themed experiences, boosting ancillary revenues, and tapping tourism-driven opportunities will be critical to offset climate, cost, and competitive challenges, securing long-term, sustainable growth.

STRENGTH	WEAKNESS
\u2022 Strong brand recall in Eastern India with over three decades of operational excellence and high visitor satisfaction.	\u2022 Regional catchment reliance with limited draw from national tourist circuits.
\u2022 Strategic location in Salt Lake, well-connected to Kolkata and neighbouring districts.	\u2022 Weather-sensitive operations in a hot-humid, monsoon-prone climate.
\u2022 Balanced attractions mix spanning water rides, dry rides, and edutainment.	\u2022 Site space constraints restricting large-scale expansion.
\u2022 Sustainability focus with water-recycling systems and green landscaping.	\u2022 Seasonal revenue peaks concentrated in school holidays and festive periods.
\u2022 Growing digital ticket sales, enabling sharper demand forecasting and targeted marketing.
OPPORTUNITIES	THREATS
\u2022 Rising disposable incomes and family leisure demand in Eastern India.	\u2022 Intensifying competition from malls, multiplexes, and new leisure formats.
\u2022 Scope to launch IP-led or themed attractions to drive repeat visits.	\u2022 Climate variability\u2014longer heatwaves, erratic rains\u2014impacting footfall.
\u2022 Ancillary revenue growth potential in F&B, merchandise, and events.	\u2022 Rising operating costs for energy, water, and compliance.
\u2022 Tourism promotion by government and possible incentives.	\u2022 Economic slowdowns or health crises affecting discretionary spending.
\u2022 Digital tools enabling dynamic pricing, loyalty programmes, and precision marketing.	\u2022 Regulatory shifts in safety, environment, or taxation affecting margins.

D. Segment-wise Performance Park Operations & Footfall

Park operations contributed 60.93 crore in revenue, accounting for over 81% of total operational income. This was 7.8% lower YoY compared to 66.10 crore in FY24, largely due to an estimated 8% decline in ticket sales revenue ( 50.78 crore vs 55.19 crore). The moderation reflected weather-related disruptions, including record heat in April-May 2024 and unusually heavy monsoon spells in Kolkata, which industry reports confirm had a similar impact on Eastern India leisure operators.

Despite softer footfalls, per-capita spending remained resilient, supported by targeted marketing campaigns, product refreshes, and an enhanced online ticketing platform that allowed for real-time dynamic pricing and pre-sales. A calendar of events tied to school holidays and festivals helped offset some of the seasonal dips.

Profitability

EBITDA margins in park operations stayed above 24%, reflecting tight cost control and operational efficiencies. High-margin attractions, premium experience upsells, and sustainability measures—such as solar power integration, water recycling, and zero-waste initiatives— helped partially neutralise the impact of rising utility and maintenance costs.

Other Recreational Activities & Food & Beverage

This combined segment recorded 16.93 crore in revenue, up 0.87% YoY from 16.78 crore in FY24.

• Food & Beverage dropped by 4.3% YoY to 10.50 crore.

• Other Recreational Activities (including in-park paid add-ons) rose 11% YoY to 6.42 crore.

Industry-wide, leading amusement operators are seeing non-ticket spend contribute 30-35% of per-capita revenue; the Companys performance is aligned with this trend, reflecting its strategic focus on ancillary monetisation.

Nicco Super Bowl

Operating within the Other Recreational Facilities segment, Nicco Super Bowl maintained steady year-round performance. Corporate league bookings, birthday parties, and promotional tie-ins with park entry packages drove strong weekday utilisation. Cross-marketing with park events also boosted brand recall and added incremental footfalls.

Consultancy, Contracts & Sale of Ride Components

This segment delivered 2.18 crore in revenue (flat YoY) with a segment profit of 0.57 crore. The stable performance underscores the Companys technical expertise and trusted industry relationships. While some contracts saw extended delivery timelines due to client scheduling, the order book remains healthy.

E. OUTLOOK

The Company remains well-positioned to leverage a robust domestic leisure market, forecast to grow faster than global averages. Key priorities for FY26 include:

• Introducing heat-resilient attractions and shaded rest zones to mitigate climate-related volatility.

• Expanding digital engagement for dynamic ticketing, targeted offers, and customer retention.

• Enhancing ancillary revenue streams via expanded F&B, themed events, and bundled experiences.

• Scaling B2B consultancy and ride manufacturing services in growth markets.

With a PBT of 24.72 crore in FY25 and a healthy balance sheet, the Company expects to sustain competitive advantage and deliver consistent shareholder value through a balanced focus on operational resilience, innovation, and customer experience.

F. Risks and Concerns

The Company operates in a dynamic environment where operational, financial, regulatory, and reputational risks are inherent to the nature ofthe business. The Board, through the Audit Committee, maintains comprehensive oversight ofthe risk management framework. The Committee works closely with the management team to identify, assess, and mitigate these risks through systematic risk assessment processes, structured monitoring, and timely intervention.

Commitment to Safety

Safety is the foremost priority and forms the backbone of operational integrity at Nicco Parks. The in-house engineering team undertakes rigorous daily inspections of all rides and attractions, supported by advanced diagnostic equipment and structured preventive maintenance schedules. Staff undergo regular safety drills and emergency response training to ensure readiness for any eventuality.

Independent safety audits by internationally recognised firms—COMPLY Amusement Safety (UK), TUV India Pvt. Ltd., and TUV Rheinland India Pvt. Ltd.—provide an additional layer of assurance, validating compliance with statutory regulations and global best practices.

Operational and Financial Risks

Operational risks, including weather dependency, seasonal fluctuations, and maintenance requirements, are managed through diversified offerings, flexible operating models, and robust preventive maintenance programmes. Financial risks such as revenue variability and cost pressures are addressed via prudent budgeting, operational agility, and disciplined cost management, ensuring sustainable margins even during challenging operating conditions.

Regulatory Compliance

The Company places continuous emphasis on monitoring changes in safety, environmental, and operational regulations. Dedicated resources ensure that compliance is maintained across all areas of operation without compromising efficiency or guest experience.

Specific Risk Areas and Mitigation Measures

Risk Area	Description	Mitigation Measures
Safety	Potential ride malfunctions, operator error, or guest misconduct could lead to accidents, including serious injury or fatality.	\u2022 Comprehensive internal and statutory safety audits \u2022 Daily checks by certified technicians \u2022 Emergency-trained staff and on-site medical facilities \u2022 Fire safety systems maintained to standard
Security	Large crowds and open spaces create vulnerability to theft, crime, or acts of violence.	\u2022 Controlled entry protocols \u2022 Park-wide CCTV surveillance \u2022 Deployment of trained security personnel at strategic points \u2022 Infrastructure risk reviews \u2022 Comprehensive insurance coverage
Guest Health	Exposure to heat, dehydration, or physical strain during high temperatures or crowded periods.	\u2022 Shaded rest areas and cooling zones \u2022 Ample drinking water stations \u2022 On-site medical staff and first aid facilities \u2022 Emergency response readiness
Liability Exposure	Legal claims from injury, damage, or service issues, even when adequate precautions are in place.	\u2022 Public liability insurance coverage \u2022 Strict adherence to safety and operational norms \u2022 Continuous monitoring of guest safety and satisfaction
Changing Preferences	Decline in appeal if attractions and offerings do not evolve with consumer tastes.	\u2022 Ongoing investment in ride upgrades and theming \u2022 In-house ride development for quicker turnaround \u2022 Regular customer feedback integrated into product planning
Information Technology	Operational or reputational risks from cyber threats or underperformance of digital platforms.	\u2022 Investment in secure, scalable digital systems \u2022 Online ticketing, cashless payment, and mobile engagement integration \u2022 Regular cybersecurity audits and data protection compliance

Digital Transformation as a Risk Mitigation Lever

The Company continues to strengthen its digital infrastructure to enhance efficiency, accuracy, and agility across operations. Initiatives include process automation, online ticketing integration, mobile-first guest engagement platforms, and cashless payment systems. These investments are designed not only to improve the guest experience but also to mitigate operational and cybersecurity risks, positioning Nicco Parks as a digitally capable and forward-looking operator in the amusement park sector.

G. Internal Control Systems and their Adequacy

The Company has established a robust and well-structured internal control framework designed to safeguard its assets, ensure operational efficiency, maintain statutory compliance, and uphold the highest standards of corporate governance. These controls cover all operational areas and business processes, commensurate with the size, scale, and complexity of Nicco Parks operations.

The internal control system is aimed at:

• Identification of weaknesses and improvement areas through systematic monitoring and review.

• Ensuring compliance with defined policies, standard operating procedures, and internal guidelines.

• Adherence to applicable statutes and regulations, including safety, environmental, labour, and financial reporting requirements.

• Safeguarding tangible and intangible assets, including brand reputation and intellectual property.

• Managing the overall risk environment, covering operational, financial, social, and regulatory risks.

A combination of internal and external audit mechanisms provides independent evaluation of the design and operating effectiveness of these controls. The Internal Audit function carries out regular reviews across business units and functional areas, while the Statutory Auditors and specialist external consultants assess compliance, accuracy, and integrity of financial reporting and regulatory adherence.

The Independent Audit Committee ofthe Board maintains direct oversight ofthe internal control systems, reviewing reports, recommending enhancements, and ensuring that the framework remains aligned with evolving business needs and regulatory expectations.

Regular reviews and continuous improvements are embedded into the control framework, with management placing strong emphasis on transparency, accuracy, and reliability in all financial and operational activities. This commitment fosters stakeholder confidence, strengthens governance, and supports sustainable business growth in line with the Companys long-term strategic objectives.

H. Operational & Financial Performance (a) Operational Performance

The year 2024-25 unfolded as a period of transition for the Companys operations. Visitor attendance stood at 9.85 lakh as compared to 12.24 lakh in the preceding year, reflecting a moderation of 19.5%. This change needs to be understood in the larger industry context. The two years immediately following the pandemic had seen an extraordinary, almost pent-up surge in leisure and outdoor recreation demand. As that exceptional phase gave way to more normalised trends, amusement parks across India and globally experienced a recalibration of visitor volumes. Our performance in FY 2024-25 must, therefore, be viewed as a return to a more stable operating base rather than a structural decline.

In navigating this shift, the Company concentrated on strengthening the visitor experience and enhancing its product mix. Fresh attractions were introduced across both the Water Park and Dry Park, ensuring that the guest journey remained vibrant and engaging. On April 7, 2024, two high-thrill slides—Aqua Drop and Aqua Curl—were inaugurated. These installations catered to distinct guest segments: Aqua Drop attracted adventure enthusiasts seeking adrenaline-driven rides, while Aqua Curl appealed to families and younger visitors looking for safe excitement. To complement these, the Crazy River was launched on March 10, 2025, further enriching the aquatic portfolio with an experience that balances leisure and exhilaration.

A significant addition to the Dry Park came with the commissioning of the Spider Wheel on January 3, 2025. Uniquely positioned above the landmark Lakeside Restaurant, this attraction delivers not only the thrill of a family ride but also panoramic views of the parks landscape, making it a distinctive visual anchor. Its combination of entertainment and scenic value has quickly elevated it to one of the parks most memorable features.

While attendance moderated, the Companys revenue composition demonstrated resilience. Park Operations remained the backbone of revenues, contributing 6,093 lakh, while Food & Beverage and allied facilities added 1,191 lakh. Consultancy, contracts, and ride sales contributed a further 218 lakh. This diversified approach ensured that the Company was not disproportionately dependent on ticket sales alone, but benefited from an array of ancillary revenue streams.

Looking ahead, the Company has committed to strategic expansion of attractions that are expected to redefine guest expectations. A marquee Steel Rollercoaster, slated for launch in winter FY 2025-26, and a Snow Park, scheduled for summer FY 2025-26, are under development. These investments aim not just at boosting attendance but at expanding the demographic profile of visitors, introducing world-class experiences that will reinforce the Companys position as a leading destination for recreation and leisure in India.

(b) Financial Performance

On the financial side, the Company maintained a stable position despite the softer demand environment. On a standalone basis, Profit Before Tax (PBT) was recorded at 2,472 lakh as against 2,876 lakh in FY 2023-24, while Profit After Tax (PAT) stood at 1,875 lakh compared to 2,087 lakh in the previous year. On a consolidated basis, PAT reached 2,244 lakh.

The decline in profits was primarily attributable to two factors: a moderation in operating revenues in line with footfall trends, and additional provisioning related to lease renewal. Importantly, however, the contraction in profitability was significantly lower than the decline in attendance. This demonstrated the Companys capacity to safeguard margins through rigorous cost control, operational efficiencies, and incremental contributions from non-ticketing businesses such as food and beverage, retail outlets, and events.

The consolidated results were further strengthened by the performance of the Companys Associates, which contributed 430 lakh in profits. An additional boost came from an exceptional gain of 81 lakh following the reversal of impairment provisions on investments in Nicco Jubilee Park Limited. These factors provided stability to overall earnings at a time when the core business was adjusting to demand normalisation.

The financial position remained robust. Net Worth increased to 8,533 lakh on a standalone basis and 10,719 lakh on a consolidated basis as of March 31, 2025. Cash flow generation continued to be healthy, with 1,600 lakh flowing from operations during the year. This cash generation capability reflects the underlying resilience of the Companys operating model and its ability to fund both dividends and future growth initiatives from internal accruals.

In recognition of shareholder interests, the Board declared four interim dividends during the year, aggregating to 120% (1.20 per share). This payout underlines the Companys policy of maintaining consistent returns to shareholders while continuing to invest in the creation of future attractions and infrastructure.

Taken together, the financial results and operational measures underscore the Companys balanced approach to growth—investing in new attractions and experiences to build long-term value, while ensuring profitability, liquidity, and shareholder rewards are maintained even in a normalising demand environment.

I. Human Resources Management

The Human Resources Management team has successfully supported organizational objectives through strategic talent management, employee development, and workplace culture enhancement initiatives. Focus areas included talent acquisition to support business growth, comprehensive training and development programs, and employee engagement activities designed to improve retention and satisfaction.

Significant emphasis was placed on safety training, customer service excellence, and technical skill development to ensure our workforce meets evolving industry standards. Employee wellness programs and work-life balance initiatives contributed to a positive workplace environment and stable industrial relations.

As of March 31, 2025, the company employed 205 individuals across various operational and administrative functions. Industrial relations remained peaceful throughout the year, supporting operational continuity and employee satisfaction. Ongoing professional development and career advancement opportunities continue to attract and retain quality talent.

J. Details of Key Financial Ratios

Sl. No.	Ratios	Year 2024-2025	Year 2023-2024	% changes Inc./(dec)	Reason for variation over 25%
1.	Debtors turnover ratio (Credit Sales or income/Average receivables)	8.10	7J37	5.61	Within 25%
2.	Inventory Turnover ratio (COGS/Average Inventory)	17.81	M 00	(9.50)	Within 25%
3.	Interest coverage Ratio (EBIT/Finance cost)	-	-	-	Company is Debt free
4.	Current Ratio (current Assets/Current Liabilities)	3.19	3.02	5.72	Within 25%
5.	Debt Equity Ratio (Total Liabilities/Equity)	-	-	-	There is no borrowing by the Company
6.	Operating Profit Margin (%) (EBIT/Total Turnover)	0.30	.34	(11.76)	Within 25%
7.	Net Profit Margin (%) (PAT/ Total Turnover)	0.24	0.25	(4.00)	Within 25%
8.	Return on Net Worth (%): PAT/Net Worth	0.23	0.29	(20.69)	Decrease in Profit After Tax by Rs. 212.59 Lakhs mainly for decrease in Income from Entry, Rides & Game by Rs. 441.57 Lakhs in comparison to Previous Year. However, the variation in terms of % is less than 25.

K. Cautionary Statement

The Management Discussion and Analysis Report contains forward-looking statements, including projections, estimates, and expectations, which reflect managements current assessment of future prospects. However, various unforeseen factors may emerge, leading to outcomes that differ from those anticipated by the Directors in their evaluation of future performance and outlook.

The industry information provided within this report has been sourced from published and unpublished materials, market research reports, and industry analyses. While every effort has been made to ensure accuracy, reliability, and completeness of this information, absolute certainty cannot be assured due to the dynamic nature of economic and industry conditions.

Stakeholders are advised to consider inherent uncertainties and the potential impact of unforeseen events when interpreting the statements and data presented in this report. The company remains committed to transparency and will provide updates as necessary to reflect any significant changes in future performance and outlook.

For & On behalf of the Board of Directors
NICCO PARKS & RESORTS LIMITED
S/d	S/d
Vijay Dewan	Rajesh Raisinghani
Independent Director	Managing Director & CEO
DIN: -00051164	DIN: -07137479