It gives me great sense of respite to inform you that after years of continuous
efforts, we have been able to successfully get the approval from our secured lenders for
an amicable resolution plan under aegis of RBI guidelines and with utmost transparency. On
11th May 2022, the said resolution plan was also unanimously approved by the
company's board of directors. With this resolution plan, the company will be able to
settle its high debt and move out from from the NPA category and resume it's journey
afresh.
As part of the resolution plan, a new promoter will take charge of the company. It
gives me a sense of satisfaction, to pass on the baton to the Malpani Group, a
well-diversified business house, which already operates amusement & water parks and
also has interests in multiple sectors including FMCG, Renewable energy, Real estate,
Education etc.
The financial year 2021-22 witnessed the second wave of COVID-19 pandemic in India,
which had earlier impacted the entire world in FY19-20. On account of this global crisis,
the Theme & Amusement park industry was affected with multiple lockdowns starting
between 2020 and 2022. However, during these difficult times your company has maintained
the park to the best of its ability and resumed operations within a day or two from
respective reopening orders, with strict safety measures and in compliance of relevant
SOPs laid down by the authorities.
Notably, our parks were closed for almost 16 months during the last two years, as
Mumbai and Pune were hotspots of the pandemic in India. Thus, the impact has been double
in nature.
The turnover of the company during the year wasRs 98.09 Crs as againstRs 46.46 Crs in
the previous year. While, our revenue was lower by more than 50% against pre-covid years,
due to our prudent cost management initiatives we were able to still report EBITDA
positive for FY22.
Despite challenging times in last 2 financial year, Imagicaa parks continued to cater
to our guests with utmost care during the limited period when we were permitted to
operate. I wish to bring to your notice that we have served more than 10 million visitors
in aggregate since inception. We remain thankful to our guests for their support and
patronage.
I would like to thank our employees and management who have stood by the company during
such difficult times and continued the pursuit of offering a high class entertainment
experience to our patrons. I would also like to thank our Board of Directors, including
present and the past members, for their continuous expertise and guidance to help us
oversee the functioning of India's largest park destination.
I thank you for your investment and for having continued faith in our Company to see us
through the extremely difficult phase over last few years. My wishes to the management in
this journey of making people happy and to ultimately take the company to newer heights.
| Manmohan Shetty |
| Chairman |
| 25th May 2022 |