How exactly are you calculating the ROCE? Return ratios for the business have always been meh because of the asset heavy nature of the business. Even the management says they don’t look at return ratios because of that. IIRC, they said they would be happy with 12-14%.
(Presumably, the work on new parks will begin immediately after Orissa & Chennai parks open. So, they will still be in investment phase for a long time. Chennai & Orissa parks will take time for operations to stabilize. Even the mature parks are getting new rides at significant cost. So, ROCE to be considered should be 3 or 5 year average)
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