Wonderla Holidays (WONDERLA) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue from operations was INR 172.9 crore (Rs. 1,729 Mn), a 6% decrease year-over-year due to lower footfalls impacted by heat waves, water shortages, and election disruptions in key markets.

• Total footfalls declined 9% year-over-year to 10.02 lakh, with Bangalore and Kochi most affected, while Hyderabad achieved its highest-ever Q1 revenue at INR 53 crore.

• ARPU grew 3% year-over-year to INR 1,680, mainly driven by non-ticket revenue streams; SPH increased 15% year-over-year to Rs. 442.

• Operations commenced at the new Bhubaneswar park in May 2024, expanding the national footprint and creating 450 jobs.

• Board approved exploring equity, debt, or hybrid fundraising to support expansion over the next 7-8 years.

Financial highlights

• Revenue from operations for Q1 FY25 was INR 172.9 crore (Rs. 1,729 Mn), down from INR 184.6 crore year-over-year.

• EBITDA declined 22% year-over-year to INR 95.9 crore, with EBITDA margin at 54%, down 1,000 basis points.

• Adjusted EBITDA was INR 101.8 crore (Rs. 1,018 Mn), down 17% year-over-year; margin at 57.3% vs. 64.4% YoY.

• Profit after tax stood at INR 63.2 crore (Rs. 632 Mn), a 25% decrease year-over-year; PAT margin was 36%, down 800 basis points.

• Basic and diluted EPS for Q1 FY25 were Rs. 11.18 and Rs. 11.14, respectively.

Outlook and guidance

• Management remains optimistic about future growth, aiming to recover footfall losses if adverse weather and travel conditions subside.

• ARPU growth for FY25 is expected to be around 5-6%, lower than earlier guidance due to potential discounting to boost footfalls.

• Expansion strategy includes new parks in Chennai (expected by December 2025 or January 2026) and other states, with active discussions with multiple state governments.

• Focus on enhancing customer experience, digital marketing, and integrating resorts with parks.