Any current/future new fundraising through debt or equity?

Wonderla Holidays is planning to undertake some fundraising in the near future. The fundraising may be through debt, equity, or most likely a combination of both. The decision on the exact mix will depend on the number of projects signed in the next year or so. Post the rollout of the Chennai park, cash flows from operations are expected to reduce the company’s net debt. The company expects to maintain low debt levels since all assets will be EBITDA positive at any given time. New large projects will require investment funding, which will be covered through the planned fundraising activities.

Future growth expectations in sales/revenue/volumes?

Existing mature parks (Bangalore, Kochi) expected to see low single-digit footfall growth (~5% for FY'25), with capacity constraints limiting volume expansion. New parks (Bhubaneswar, Chennai, planned in Gujarat, Punjab, UP, MP) targeted for double-digit footfall growth, driving overall volume increase. Bhubaneswar park expects around 4 lakh visitors in its first year, with ARPU of Rs. 800-1,000. ARPU growth expected to be robust around 10-12% driven by F&B and retail segments in existing parks. Revenue growth to come from a combination of modest footfall growth at mature parks and str

Future growth expectations in earnings/operating earnings/profits/EPS?

FY'24 saw revenue increase by 11.8% YoY to Rs.506 crores; EBITDA grew 6.6% YoY to Rs.250.1 crores with a margin of ~49.4%, and PAT increased 6.1% YoY to Rs.157.9 crores with a margin of 31.2%. Footfall expected to grow marginally (~5%) in existing parks due to capacity constraints; double-digit growth in footfalls anticipated from new parks like Bhubaneswar and Chennai. ARPU growth estimated at 10-12% driven by non-ticket revenue (F&B, retail). Bhubaneswar Park expected to breakeven on EBITDA in its first year; PAT positive by year 2-3. Chennai Park CAPEX revised to Rs.515 crores, oper

Current/ Expected Orderbook/ Pending Orders?

The revised CAPEX for the Chennai Park is Rs.515 crores, which includes land cost and an increased number of rides compared to the initial budget. As of March 31, 2024, about Rs.194 crores has been spent or committed in orders for the Chennai project. Odisha Park had a budget of around Rs.189-190 crores, with the project near completion. No specific figure stated for total pending orders, but expenditures and commitments indicate ongoing project-related orders amounting to approximately Rs.194 crores for Chennai and completion budget for Odisha. The company is close to signing a few deals for

Any current/future capex/capital investment/strategic investment?

Revised CAPEX is Rs. 515 crores, up from an initial budget of Rs. 350 crores, including land cost (Page 15). Rs. 194 crores already spent on the Chennai Park project, including committed orders (Page 15). Bhubaneswar Park was completed in 13 months and is operational; Chennai Park expected to be commissioned by Q2/Q3 FY'26, with completion expected within 2 years (Pages 5, 6, 11). Future projects under consideration include new parks in Gujarat, Punjab, Uttar Pradesh, and Madhya Pradesh with plans for at least five new locations by FY'30 (Page 7, 9). Fundraising planned through a combination o

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Wonderla Holidays LtdQ1 FY24Leisure Services

Wonderla Holidays Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹494P/E: 40.4Market Cap: ₹3.3K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 4

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Existing mature parks (Bangalore, Kochi) expected to see low single-digit footfall growth (~5% for FY'25), with capacity constraints limiting volume expansion.
→New parks (Bhubaneswar, Chennai, planned in Gujarat, Punjab, UP, MP) targeted for double-digit footfall growth, driving overall volume increase.
→Bhubaneswar park expects around 4 lakh visitors in its first year, with ARPU of Rs. 800-1,000.
→ARPU growth expected to be robust around 10-12% driven by F&B and retail segments in existing parks.
→Revenue growth to come from a combination of modest footfall growth at mature parks and strong growth in newer parks.
→Company will continue expanding in new locations to unlock latent demand and plans to launch about one new park each year.
→Marketing, digital transformation, and enhanced guest experiences expected to increase repeat visitation and frequency, supporting long-term growth.

Margin guidance

Category 4

→FY'24 saw revenue increase by 11.8% YoY to Rs.506 crores; EBITDA grew 6.6% YoY to Rs.250.1 crores with a margin of ~49.4%, and PAT increased 6.1% YoY to Rs.157.9 crores with a margin of 31.2%.
→Footfall expected to grow marginally (~5%) in existing parks due to capacity constraints; double-digit growth in footfalls anticipated from new parks like Bhubaneswar and Chennai.
→ARPU growth estimated at 10-12% driven by non-ticket revenue (F&B, retail).
→Bhubaneswar Park expected to breakeven on EBITDA in its first year; PAT positive by year 2-3.
→Chennai Park CAPEX revised to Rs.515 crores, operational in FY'26, expected to contribute significantly to growth.
→FY'25 EBITDA margin may compress by 3-4% due to Bhubaneswar park addition but operational margin expected to stabilize thereafter.
→Long-term earnings growth driven by new parks and improving ARPU; EPS grew 6% FY'24 and highest ever Rs.28 registered.

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Fundraise plans

Yes

→Wonderla Holidays is planning to undertake some fundraising in the near future.
→The fundraising may be through debt, equity, or most likely a combination of both.
→The decision on the exact mix will depend on the number of projects signed in the next year or so.
→Post the rollout of the Chennai park, cash flows from operations are expected to reduce the company’s net debt.
→The company expects to maintain low debt levels since all assets will be EBITDA positive at any given time.
→New large projects will require investment funding, which will be covered through the planned fundraising activities.

Order book

→The revised CAPEX for the Chennai Park is Rs.515 crores, which includes land cost and an increased number of rides compared to the initial budget.
→As of March 31, 2024, about Rs.194 crores has been spent or committed in orders for the Chennai project.
→Odisha Park had a budget of around Rs.189-190 crores, with the project near completion.
→No specific figure stated for total pending orders, but expenditures and commitments indicate ongoing project-related orders amounting to approximately Rs.194 crores for Chennai and completion budget for Odisha.
→The company is close to signing a few deals for new projects after Chennai, but details remain undisclosed until finalized.

Capex plans

Yes

→Revised CAPEX is Rs. 515 crores, up from an initial budget of Rs. 350 crores, including land cost (Page 15).
→Rs. 194 crores already spent on the Chennai Park project, including committed orders (Page 15).
→Bhubaneswar Park was completed in 13 months and is operational; Chennai Park expected to be commissioned by Q2/Q3 FY'26, with completion expected within 2 years (Pages 5, 6, 11).
→Future projects under consideration include new parks in Gujarat, Punjab, Uttar Pradesh, and Madhya Pradesh with plans for at least five new locations by FY'30 (Page 7, 9).
→Fundraising planned through a combination of debt and equity depending on project size, with an aim to remain EBITDA positive and manage debt efficiently (Page 16).
→Maintenance CAPEX approximated at 10% of top line per park for replacement and new rides (Pages 12, 17).
→Investment also directed to digital transformation and IT enhancements (Page 11).

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