Capitaline

Results 17-May-24

Analysis

Wonderla Holidays

Lower operating profit

Standalone net sales (including other operating income) of Wonderla Holidays has increased 1.11% to Rs 99.69 crore. Sales of Others segment rose 4.04% to Rs 23.83 crore (accounting for 23.91% of total sales). Sales of Amusement Park and Resort segment has gone up 0.22% to Rs 75.85 crore (accounting for 76.09% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has slumped 28.59% to Rs 35.11 crore. PBIT of Others segment rose 629.88% to Rs 9.76 crore (accounting for 27.81% of total PBIT). PBIT of Amusement Park and Resort segment fell 47.01% to Rs 25.34 crore (accounting for 72.19% of total PBIT).

PBIT margin of Others segment rose from 5.84% to 40.97%. PBIT margin of Amusement Park and Resort segment fell from 63.19% to 33.41%. Overall PBIT margin fell from 49.87% to 35.22%.

Operating profit margin has declined from 42.92% to 35.53%, leading to 16.30% decline in operating profit to Rs 35.42 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 5.80% to 6.61%. Purchase of finished goods cost fell from 4.96% to 4.74%. Employee cost increased from 12.93% to 17.05%. Other expenses rose from 33.33% to 36.10%.

Other income fell 63.32% to Rs 5.15 crore. PBIDT fell 28.02% to Rs 40.57 crore. Provision for interest up 6.25% to Rs 0.17 crore. Loan funds declined from Rs 6.94 crore as of 31 March 2023 to Rs 5.57 crore as of 31 March 2024. Inventories rose to Rs 13.48 crore as of 31 March 2024 from Rs 9.44 crore as of 31 March 2023. Sundry debtors were higher at Rs 2.87 crore as of 31 March 2024 compared to Rs 1.39 crore as of 31 March 2023. Cash and bank balance declined from Rs 135.72 crore as of 31 March 2023 to Rs 123.87 crore as of 31 March 2024. Investments declined from Rs 120.27 crore as of 31 March 2023 to Rs 90.14 crore as of 31 March 2024.

PBDT fell 28.11% to Rs 40.4 crore. Provision for depreciation rose 12.58% to Rs 10.11 crore. Fixed assets increased to Rs 928.96 crore as of 31 March 2024 from Rs 767.58 crore as of 31 March 2023. Intangible assets increased from Rs 0.73 crore to Rs 0.91 crore.

Profit before tax down 35.85% to Rs 30.29 crore. Provision for tax was expense of Rs 7.68 crore, compared to Rs 12.17 crore. Effective tax rate was 25.35% compared to 25.77%.

Profit after tax fell 35.49% to Rs 22.61 crore.

Equity capital increased from Rs 56.56 crore as of 31 March 2023 to Rs 56.57 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 69.74% as of 31 March 2024 ,compared to 69.74% as of 31 March 2023.

Commenting on the performance during the quarter, Mr. Arun K Chittilappilly, Managing Director said “We are proud to share that Wonderla Holidays Limited has delivered outstanding results for the financial year ending 31 March 2024, achieving a record revenue of Rs.506 crores and the highest Earnings Per Share in our history at Rs.27.93. Despite a challenging fourth quarter, our annual footfalls of 32.52 lakhs reflect our unwavering commitment to delivering unparalleled amusement experiences. We are on track to soft launch our amusement park in Bhubaneswar on 24 May 2024, we are confident that this new addition will further enhance our growth and appeal. Our strong performance is a testament to the hard work and dedication of our team. We look forward to continuing our growth trajectory and enhancing value for our shareholders and guests.”

Full year results analysis

Net sales (including other operating income) of Wonderla Holidays has increased 12.54% to Rs 483.04 crore. Sales of Others segment rose 15.15% to Rs 107.72 crore (accounting for 22.30% of total sales). Sales of Amusement Park and Resort segment has gone up 11.81% to Rs 375.32 crore (accounting for 77.70% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 7.50% to Rs 225.31 crore. PBIT of Others segment rose 19.45% to Rs 48.02 crore (accounting for 21.31% of total PBIT). PBIT of Amusement Park and Resort segment rose 4.67% to Rs 177.29 crore (accounting for 78.69% of total PBIT).

PBIT margin of Others segment rose from 42.97% to 44.58%. PBIT margin of Amusement Park and Resort segment fell from 50.46% to 47.24%. Overall PBIT margin fell from 48.83% to 46.64%.

Operating profit margin has declined from 49.27% to 47.03%, leading to 7.42% rise in operating profit to Rs 227.18 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 5.33% to 5.71%. Purchase of finished goods cost fell from 5.08% to 4.34%. Employee cost increased from 11.90% to 12.95%. Other expenses rose from 28.48% to 30.01%.

Other income fell 0.95% to Rs 22.98 crore. PBIDT rose 6.60% to Rs 250.16 crore. Provision for interest up 88.24% to Rs 0.64 crore. Loan funds declined from Rs 6.94 crore as of 31 March 2023 to Rs 5.57 crore as of 31 March 2024. Inventories rose to Rs 13.48 crore as of 31 March 2024 from Rs 9.44 crore as of 31 March 2023. Sundry debtors were higher at Rs 2.87 crore as of 31 March 2024 compared to Rs 1.39 crore as of 31 March 2023. Cash and bank balance declined from Rs 135.72 crore as of 31 March 2023 to Rs 123.87 crore as of 31 March 2024. Investments declined from Rs 120.27 crore as of 31 March 2023 to Rs 90.14 crore as of 31 March 2024.

PBDT rose 6.48% to Rs 249.52 crore. Provision for depreciation rose 8.43% to Rs 38.2 crore. Fixed assets increased to Rs 928.96 crore as of 31 March 2024 from Rs 767.58 crore as of 31 March 2023. Intangible assets increased from Rs 0.73 crore to Rs 0.91 crore.

Profit before tax grew 6.13% to Rs 211.32 crore. Provision for tax was expense of Rs 53.36 crore, compared to Rs 50.21 crore. Effective tax rate was 25.25% compared to 25.22%.

Profit after tax rose 6.08% to Rs 157.96 crore.

Equity capital increased from Rs 56.56 crore as of 31 March 2023 to Rs 56.57 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 69.74% as of 31 March 2024 ,compared to 69.74% as of 31 March 2023 .

The scrip trades at Rs 9123.

Wonderla Holidays : Standalone Results
Particulars	2403 (03)	2303 (03)	Var.(%)	2403 (12)	2303 (12)	Var.(%)
Net Sales	99.69	98.6	1	483.04	429.22	13
OPM (%)	35.5	42.9		47.0	49.3
OP	35.42	42.32	-16	227.18	211.48	7
Other Inc.	5.15	14.04	-63	22.98	23.2	-1
PBIDT	40.57	56.36	-28	250.16	234.68	7
Interest	0.17	0.16	6	0.64	0.34	88
PBDT	40.4	56.2	-28	249.52	234.34	6
Depreciation	10.11	8.98	13	38.2	35.23	8
PBT	30.29	47.22	-36	211.32	199.11	6
PBT before EO	30.29	47.22	-36	211.32	199.11	6
EO Income	0	0		0	0
PBT after EO	30.29	47.22	-36	211.32	199.11	6
Taxation	7.68	12.17	-37	53.36	50.21	6
PAT	22.61	35.05	-35	157.96	148.9	6
EPS (Rs)*	#	#		27.9	26.3
Notes
* EPS is on current equity of Rs 56.57 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Wonderla Holidays : Standalone Segment Results
	% of (Total)	2403 (03)	2303 (03)	Var.(%)	% of (Total)	2403 (12)	2303 (12)	Var.(%)
Sales
Others	24	23.83	22.91	4	22	107.72	93.55	15
Amusement Park and Resort	76	75.85	75.69	0	78	375.32	335.68	12
Total Reported Sales	100	99.69	98.6	1	100	483.04	429.22	13
PBIT
Others	28	9.76	1.34	630	21	48.02	40.2	19
Amusement Park and Resort	72	25.34	47.83	-47	79	177.29	169.38	5
Total PBIT	100	35.11	49.17	-29	100	225.31	209.58	8
Less : Interest		-4.97	-4.28	-16		-20.94	-12.01	-74
Add: Other un-allcoable		-9.79	-6.22	-57		-34.93	-22.48	-55
PBT	100	30.29	47.23	-36	100	211.32	199.11	6

Previous News

Wonderla Holidays standalone net profit declines 35.49% in the March 2024 quarter
( Results - Announcements 16-May-24 18:21 )

Wonderla Holidays reports standalone net profit of Rs 64.38 crore in the June 2022 quarter
( Results - Announcements 11-Aug-22 17:46 )

Wonderla Holidays soars on receiving all necessary Govt approvals for Chennai Project
( Hot Pursuit - 25-Oct-23 13:30 )

Wonderla Holidays standalone net profit declines 59.66% in the September 2018 quarter
( Results - Announcements 29-Oct-18 16:55 )

Wonderla Holidays reports standalone net profit of Rs 8.51 crore in the March 2022 quarter
( Results - Announcements 26-May-22 16:08 )

Wonderla closes its Bangalore Park till 4 May
( Corporate News - 21-Apr-21 20:39 )

Wonderla Holidays standalone net profit rises 755.82% in the December 2022 quarter
( Results - Announcements 07-Feb-23 17:35 )

Wonderla Holidays to declare Quarterly Result
( Corporate News - 23-Oct-18 11:09 )

Wonderla Holidays standalone net profit rises 12.93% in the June 2015 quarter
( Results - Announcements 13-Aug-15 08:17 )

Wonderla Holidays decides to temporarily suspend operations of Wonder Kitchen
( Corporate News - 17-Mar-21 18:40 )

Wonderla Holidays to hold board meeting
( Corporate News - 29-Jul-21 16:26 )