Wonderla Holidays (WONDERLA) Q4 14/15 earnings summary

Executive summary

• FY15 income from operations was Rs. 18,186.96 lakh; net profit rose to Rs. 5,063.05 lakh from Rs. 3,989.20 lakh, while park footfall reached 23.40 lakh.

• Hyderabad park construction was progressing, with operations targeted for early FY2016-17; ticket and non-ticket revenue had grown at 17% and 37% CAGRs, respectively, from FY11 to FY15.

Financial highlights

• Income from operations increased to Rs. 18,186.96 lakh from Rs. 15,362.59 lakh; total revenue was Rs. 19,211.66 lakh vs. Rs. 15,603.19 lakh.

• PBT rose to Rs. 7,294.46 lakh from Rs. 5,791.05 lakh; net profit increased to Rs. 5,063.05 lakh from Rs. 3,989.20 lakh.

• Other income rose to Rs. 1,024.70 lakh from Rs. 240.60 lakh, including Rs. 747.10 lakh of mutual fund dividend income vs. Rs. 85.35 lakh.

• Capital expenditure, including capital work in progress, was Rs. 3,749.61 lakh vs. Rs. 2,984.79 lakh; net fixed-asset block was Rs. 13,936.12 lakh vs. Rs. 14,545.54 lakh.

Outlook and guidance

• Hyderabad park operations were expected to commence in early FY2016-17; estimated park capex was Rs. 250 crore.

• The Indian amusement park industry was projected to reach Rs. 50–60 billion in five years, with 15–18% revenue CAGR and 78–80 million visitors over the next couple of years.

• Rising non-ticket spend and resort-led holiday positioning were identified as growth opportunities; non-ticket revenue was ~20% of revenue vs. 50% for international parks.