Ranvir’s Portfolio

Wonderla Holidays –

Q4 and FY 24 highlights –

Q4 outcomes –

Revenues – 99 vs 98 cr
Adjusted EBITDA – 42 vs 56 cr, down 26 pc ( margins @ 40 vs 50 pc, addition of new employees for Bhuvneshwar park and salary hikes contributed to margin decline )
PAT – 22 vs 35 cr, down 35 pc
ARPU @ Rs 1349 vs 1184
Footfalls @ 7.09 vs 8.04 lakh

FY 24 outcomes –

Revenues – 483 vs 429 cr, up 13 pc
Adjusted EBITDA – 251 vs 235 cr, up 7 pc ( margins @ 50 vs 52 pc )
PAT – 158 vs 148 cr, up 6 pc
ARPU @ Rs 1430 vs 1243, up 15 pc
Footfalls @ 32.5 vs 33.1 lakh, down 2 pc

Park wise footfalls for FY 24 –

Bengaluru – 12.7 vs 12.04 lakh
Kochi – 10.33 vs 11.39 lakh
Hyderabad – 9.49 vs 9.67 lakh

New Park near Bhuvneshwar to open for public wef 24 May 24. This will contribute 36 days of revenues for the company. This park should be a key growth driver for FY 25

New Park near Chennai to be operationalised in next FY by end of Q2, beginning of Q3. Chennai park is going to be twice in Size vs that of Bhuvneshwar Park

Company believes that drop in footfalls in Q4 were led by advancement in some examination dates @ both school and colleges. Also Q4 LY was strong due to a post COVID bounce

Don’t see much footfall growth in Bengaluru, Kochi in FY 25. Do see some growth in Hyderabad ( low double digits ). Looking at 8-10 pc ARPU growth from these three parks

On a conservative basis – Bhuvneshwar park should clock 4 lakh kind of footfalls @ ARPU of around Rs 900. That translates into an additional revenue of 36 cr or so for FY 25

Looking at Gujarat, PB, UP and MP to open new parks. Will sign definitive agreements post elections. Aim to keep opening a new Park every FY for next 3-4 yrs

May end up raising both debt and equity in case going for aggressive expansion

Expecting Bhuvneshwar park to be EBITDA positive wef FY 25

Company depreciates its equipment and machinery installed in the Parks over a period of 10 yrs

Company ensures a high degree of differentiation wrt the rides / experiences among its parks

Disc: added a tracking position, not SEBI registered, Biased