Nicco Parks & Resorts Limited , a joint sector company with the Government of West Bengal, has announced robust financial results for the second quarter and half-year ended September 30, 2023. The company's performance showcases significant growth in revenue and a remarkable turnaround in profitability.

Key Financial Highlights

Revenue Growth

Nicco Parks' revenue from operations witnessed a substantial increase, reaching Rs. 4,150.15 lakhs in Q2 2023, compared to Rs. 1,377.37 lakhs in the same quarter last year (Q2 2022). This represents an impressive year-on-year growth of 201.31%.

For the half-year period, the company recorded revenue of Rs. 7,501.67 lakhs, a significant improvement from Rs. 3,851.71 lakhs in the corresponding period of the previous year, marking a 94.76% increase.

Profitability Surge

The company's bottom line showed a remarkable improvement. Nicco Parks reported a profit after tax of Rs. 2,349.00 lakhs for Q2 2023, a substantial turnaround from a loss of Rs. 270.60 lakhs in the corresponding quarter of the previous year. This represents a positive swing of Rs. 2,619.60 lakhs in net profit.

For the half-year ended September 30, 2023, the company's profit after tax stood at Rs. 1,957.34 lakhs, compared to Rs. 1,049.35 lakhs in the same period last year, indicating an 86.53% year-on-year increase.

Segment Performance

The company's financial results include contributions from its joint venture, Nicco Jubilee Park Limited, and associate company, Nicco Engineering Services Limited. The park operations segment, which is the primary revenue driver, showed strong performance, contributing significantly to the overall growth.

Board Approval and Dividend

The Board of Directors approved the unaudited standalone and consolidated financial results at a meeting held on November 12, 2023. Additionally, an interim dividend of 100% (Re. 1 on the par value of Re. 1) was declared by the Board in their meeting held on August 12, 2023, for the financial year 2023-2024.

Auditor's Note

It's important to note that the auditors have highlighted a material uncertainty regarding the company's ability to continue as a going concern, pending the formalization of certain agreements. This relates to the renewal of the lease agreement for the land on which the company operates its amusement park and other recreational facilities.

Conclusion

Despite the auditor's note on material uncertainty, Nicco Parks & Resorts Limited has demonstrated strong financial performance in Q2 and H1 of 2023. The significant increase in revenue and the turnaround in profitability indicate positive momentum for the company. However, investors and stakeholders should keep a close eye on the resolution of the lease agreement issue, as it may have implications for the company's long-term operations.

Nicco Parks & Resorts Limited , a joint sector company with the Government of West Bengal, has announced a significant change in its directorate. The company has appointed Abhishek Kumar Tiwary, IAS, as a Nominee Director, effective November 10, 2025. This appointment follows the nomination by West Bengal Tourism Development Corporation Limited (WBTDCL), a key stakeholder in the company.

Key Details of the Appointment

Background and Implications

Mr. Tiwary's appointment comes as part of the ongoing collaboration between Nicco Parks & Resorts and the West Bengal government. As a 2012 batch IAS officer of the West Bengal cadre, Tiwary brings valuable administrative experience to the board. His role as the Managing Director of WBTDCL suggests a strong understanding of the tourism sector, which aligns well with Nicco Parks & Resorts' operations in the entertainment and leisure industry.

The company's board has confirmed that Mr. Tiwary fulfills all conditions specified in the Companies Act and is not debarred from holding the office of Director by any order of SEBI or any other authority. This appointment is expected to strengthen the company's governance structure and potentially enhance its strategic alignment with state tourism initiatives.

Compliance and Disclosure

Nicco Parks & Resorts has promptly disclosed this change in directorate to the Bombay Stock Exchange, in line with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also confirmed that Mr. Tiwary is not related to any existing directors on the board, ensuring compliance with corporate governance norms.

This appointment marks a continuation of the public-private partnership model that Nicco Parks & Resorts operates under, with active involvement from state government entities. Stakeholders will be keen to observe how this new addition to the board might influence the company's future strategies and operations in the leisure and entertainment sector.