Wonderla Holidays

Wonderla Holidays -

Q2 FY 25 results and concall highlights -

Currently operational amusement parks -

Kochi ( since 2000 ) - 94 acres, 56 rides
Bengaluru ( since 2005 ) - 82 acres, 60 rides
Hyderabad ( since 2016 ) - 52 acres, 52 rides
Bhubneshwar ( since 2024 ) - 51 acres, 21 rides

Company makes 30-40 pc of its rides - in house, has a talented set of technicians for the same. Rest are imported

Q2 financial outcomes -

Revenues - 67 vs 75 cr ( down 10 pc )
EBITDA - 2.6 vs 26 cr ( down 90 pc ). Company incurred a one time launch cost for the Bhuvneshwar Park @ 4 cr in Q2. Also had to incur additional hiring costs for the Bhuvneshwar park which further compressed the EBITDA margins

PAT - 15 vs 13 cr ( due deferred tax reversals )

Park wise footfalls, revenues in Q2 -

Kochi @ 1.39 lakh. Revenues @ 19.8 vs 24.7 cr

Bengaluru @ 1.96 lakh. Revenues @ 28.4 vs 31.6 cr

Hyderabad @ 0.92 lakh. Revenues @ 13.5 vs 16.1 cr

Bhuvneshwar @ 0.24 lakh. Revenues @ 5.3 cr

Heavy rains in South India in Q2, landslides in Kerala did impact the footfalls

Added multiple rides to the Hyderabad park in Q2. Spent 15 cr on the same

New Park @ Chennai should go live in Q3 FY 26

Raising 800 cr via QIP - in order to fund expansions in future ( it ll be a mix of Equity 600 cr and Debt of around 200 cr - roughly ). This should be enough for company’s expansion for the next 5 - 7 yrs

A new - large size park in a city like Mumbai / Delhi should cost around 700-800 cr. For a tier 2 city like Mohali / Indore, it should cost them around 200 cr

Intend to add a min of 3 / max of 5 parks in the next 5-6 yrs

Saw encouraging footfalls in the month of Oct 24

Aiming to hit > 3 lakh footfalls in the first full year of operations @ Bhuvneshwar Park

It takes a min of 18 months to set up a park from scratch ( post all the clearances )

Company has surplus land in all their current parks. Company will keep adding rides to their existing parks to utilise the same

Current ticket : non ticket revenues are 75:25. Aim to drive it towards 60:40 in next 4-5 yrs

Disc: holding, biased, not SEBI registered, not a buy/sell recommendation