Upgrades

Footfalls sustain despite heavy rains; H2 might witness some uptick: WHL reported 12.1% YoY growth in overall footfalls majorly driven by Kochi (+38% YoY, grew by 4% compared with Q2FY24). Other parks such as Bengaluru and Hyderabad reported flat footfalls despite heavier rainfall while Bhubaneshwar despite of heightened rainfall activity this season, reported 3% YoY growth in footfalls which signals stable consumer sentiments. The management expects the footfalls to continue growing in single-digits among mature parks while it expects newer parks to lead the...

Wonderla Holidays (Wonderla) delivered weak operational performance in Q4FY24 – revenue flat YoY, at INR 1bn (ISec estimate: 7% YoY revenue growth), owing to footfalls declining 12% YoY in the absence of large groups in Jan’24
at its Bengaluru/Kochi parks.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q1FY24 with revenue growing 24% YoY to INR1.85bn and EBITDA growing 28% YoY to INR1.2bn led by a 25% YoY ARPU growth even as footfalls decline marginally by 1.4% YoY.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q4FY23 with revenue of Rs1.0bn. As a result, the company has clocked FY23 revenue of Rs4.3bn which is up 58% vs. FY20 while EBITDA has grown 102% over FY20 to Rs2.1bn.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q3FY23 with revenue of Rs1.1bn which was 62% higher than pre-Covid (Q3FY20) levels on the back of total footfalls growing 28% over pre-Covid levels along with average ticket revenue per user (ARPU) up by 34% vs. pre-Covid levels.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q2FY23 which is typically the weakest quarter owing to monsoon with revenue of Rs0.7bn which was 62% higher than pre-Covid (Q2FY20) levels on the back of total footfalls growing 32% over pre-Covid levels along with average ticket revenue per user (ARPU) up by 22% vs. pre-Covid levels.

Wonderla Holidays (Wonderla) delivered a blowout quarter in Q1FY23 with revenue of Rs1.5bn which was 27% higher than pre-Covid (Q1FY20) levels on the back of total footfalls growing 24% over pre-Covid levels.

Wonderla Holidays reported a strong recovery in earnings post reopening of parks at Bengaluru, Kochi and Hyderabad in Q4FY21. Revenue for the quarter improved sharply from | 4.9 crore to | 33.3 crore QoQ though revenue remained down 21.4% YoY as parks were functional only during Thursday-Sunday till February 2021 while they remained open all seven days in March. The company achieved total footfalls of 3.11 lakh against 4.05 lakh last year. Thus, Wonderla managed to clock EBITDA of | 2.5 crore vs. EBITDA loss of | 10.1 crore in Q3FY21. However, it was down 49.3% YoY....

Wonderla Holidays Limited's (WHL's) Q1FY2021 numbers were affected due to non-operation of core assets (amusement parks in Bangalore, Kochi and Hyderabad) as COVID-19 cases soared in India. We believe amusement parks, multiplexes and restaurants would be last in the government list to be given permission to restart operations. We expect operations of entertainment platforms to restart after a significant reduction in the intensity of Coronavirus spread (likely to see gradual opening from H2FY2021). On the other hand, commencement of some international amusement parks...

Footfall growth in single digit; expect recovery in FY20E Wonderla faced challenges in its Kochi Park due to Nipah virus and the floods significantly impacting the business. This led to a 14.1% dip in the footfalls at the Kochi Park, down from 8.8 lakh in FY18 to 7.6 lakh in FY19. This drag overshadowed the double digit footfall growth of Bangalore and Hyderabad Park, thus ending FY19 at 1% footfall growth rate. During Q4FY19, Bangalore Park's footfalls grew by 10.4% while those of Kochi and Hyderabad staged a 4.8% growth each. Going ahead with the initiatives by...

View: Footfall growth expected to continue. Maintain Accumulate Wonderla posted good set of numbers in Q42019. Revenue grew 10.4% YoY, driven by a 6.8% YoY growth in footfalls and a 2.6% rise in ARPU. Kochi park has stabilized after the floods. All three parks witnessed positive trend in top-line and footfall growth in Q4. However, the overall footfall growth during the quarter was restricted by festive season shift to Q1FY20 (vs Q4 last year) and delayed school vacations. We have revised our estimates marginally to factor in Q4 performance. Valuing the stock at 12x FY20E...

EBIDTA stood at INR879m versus our estimate of INR784m, with the recovery in the online gaming margin (EBIT margin at 24% v/s 14% in 4QFY18). There was an exceptional item related to the gain on the sale of its Fantasy League business to Halaplay Technologies Private Limited. Adj. PAT grew 19% YoY to 31%/29%/29%. revenue grew 21% YoY to INR1,981m, with the segmental EBIT margin expanding 40bp YoY to 36.8%. Online gaming revenue grew 11% YoY, with the segmental EBIT margin up 1,000bp YoY (+500bp QoQ) to 24% (expected to remain at 18-20%, going forward). Hospitality revenue grew 8% YoY to INR236m, with an EBIT loss of INR29.5m. (a) Investment in Jalesh Cruises is ideal, as DELTA has the right to operate casinos in all its cruises. Jalesh plans to add 3-4 new cruises over the next 18-24 months. (b) On Halaplay investment, the platform has already grown 3x, given the ongoing T20 cricket series.

DELTA will invest Rs700m to acquire over 25% stake in Jalesh Cruise (promoted by Mr. Amit Goenka of Essel Group). Jalesh will commence operations with one cruise ship from April 2019. The first cruise comprises 837 cabins with capacity of 1,689 passengers. The cruise will be operational full year with routes across India, the Middle East and South East Asia. It...

EBITDA margin contracted 150bp YoY, recovery in the online gaming EBIT margin (19% in 3QFY19 v/s 2% in the last quarter). However, higher-than-expected tax restricted PAT growth to 13% YoY (INR505m v/s our estimate of INR497m). Casino gaming revenue grew 30% YoY (flat QoQ) to INR2,021m in the quarter, supported by increasing visitations (+18% QoQ to 118K). Online gaming revenue grew 33% YoY (+8% QoQ); EBIT margin contracted 2,100bp YoY, but expanded 1,700bp QoQ to 19% (expected to sustain at 15-20% levels) on account of cost and promotional spend rationalization DELTA aims to cautiously invest in the right channels to sustainably grow a loyal user base. Hospitality revenue declined 17% YoY to INR193.8m; the company recorded segmental EBIT loss of INR59.3m. We roll forward our target price to Dec20E EPS of INR11/share. We continue valuing the stock at 30x P/E to arrive at a target price of INR320/share.

Wonderla Holidays (WHL) in 3QFY18 posted revenues of Rs. 63.8 Cr (down 6.4% Y-o-Y, up 29% Q-o-Q) due to decrease in footfalls by 8% Y-o-Y caused by shift in festive season, which was partially offset by increase of 1.8% YoY in average revenue per visitor.

Wonderla Holidays reported a mixed set of numbers. Revenues declined 6.4% YoY to | 63.8 crore (vs. I-direct estimate of | 74.1 crore) mainly led by an 8% decline in footfall Bengaluru park revenues declined 16.4% YoY to | 24.3 crore while revenues from the Kochi park declined 11.1% YoY to | 20.7 crore mainly led by a decline in footfall. However, Hyderabad park revenues increased 13.6% YoY to | 16.4 crore mainly led by higher footfall EBITDA margin increased from 17.6% to 29.8% in Q3FY18 (vs. I-direct...

DELTA's revenue increased 56.6% YoY to INR1,622m (est. INR1,502m) in 3QFY18. EBITDA margin expanded 1,220bp YoY to 42.4% (est. of 45%), but was still slightly off from the sustainable high, as the quarter witnessed one-off advertisement expense of ~INR80m on account of World Poker Tour and World Gaming Festival organized by the company. EBITDA grew 119.5% YoY to INR687m (est. INR676m). Consequently, adjusted PAT rose 327.8% YoY to INR447m (est. INR433m) in 3QFY18. Casino gaming revenue grew 73% YoY to INR1,560m, whereas Hospitality revenue rose 28% YoY to INR233m. Online gaming revenue stood at INR284m.