Here, p is pointing to the fourth element (array index in C starts from 0) in the array of strings my_words which is "Palak".
p+3, will point to the fourth character in "Palak" which is 'a' and "%s" will print all strings from there till "\0" which is "ak".
(All string literals automatically gets a "\0" at end by the C compiler)
*p+3 -- *p returns 'P' and 'P' + 3 will give the character code of the 3rd character after 'P' which is 'S'. and %c will print the character corresponding to this which is 'S'.
PS: A system can use other character codes than ASCII too but in any character code the values of "a-z" must be in order and so the above answer is not implementation/system defined.