Sell

Dismal Q3 on weak performance of laminates segment and slow ramp-up of plywood segment

Quarterly Update Q1FY25

Quarterly Update Q4FY24

Wonderla Holidays reported a subdued set of Q4FY20 numbers. Revenues declined 30% YoY to | 42.4 crore led by a 31% drop in overall footfalls. Park wise, the Bengaluru park witnessed a 38% drop in footfalls to 1.37 lakh, Kochi Park saw a decline of 31% YoY to 1.33 lakh footfalls and Hyderabad park saw footfalls decline 22% YoY to 1.35 lakh during the quarter. Kochi park was closed from March 11 while the Bengaluru Park (along with the resort) and Hyderabad Park were shut from March 14 and March 15, respectively. Average revenues per footfall increased marginally by 1.2%...

In view of the termination of Punjab e-governance contract, uncertainty regarding receivables and no near-term growth visibility, we maintain our SELL rating with a TP of Rs 170, based on 20x Dec-19E EPS. BLS International posted a mixed set of numbers in 3QFY18, with beat on revenue, but miss on margins (-450bps QoQ to 18.7% vs our est. of 22.7%). Revenue stood at Rs 2.03bn, up 8.8% QoQ, led by 9.5% QoQ rise in the Visa segment (~75% of rev). Growth in visa business was led by pick-up in Spain visa applications and contribution from newer contracts (Afghanistan). The Punjab e-governance revenue stood at Rs 0.50bn (~25% of rev).

In view of the termination of Punjab e-governance contract, uncertainty regarding high receivables and no near-term growth triggers we downgrade our rating to SELL with a TP of Rs 160, based on 20x Dec-19 EPS (earlier 25x) and adjusting for one-time write-off impact of Rs 10/share. Punjab government has terminated the five year e-governance contact awarded to BLS International in Mar-16. This came in as a major negative surprise as we were expecting closure of only some financially unviable centers out of total 2,147 seva kendras operated by BLS.

International Travel House Limited is a travel management company. The Company's principal business activities include travel agents and tour operators. It operates through travel related services segment that includes air ticketing, car rentals, inbound tourism, overseas and domestic holiday packages, conferences, events and exhibition management. It offers various services, including Business Travel, Car Rentals India, Destination Management Services, World Class Holidays, Discover India Holidays, India Holidays and MICE. The Company has approximately 14 Car Rental Offices in the Indian cities and a fleet of over 900 cars in six segments: Club,...

Background: Tree House Education & Accessories Ltd (THEAL) is India's largest branded self-operated pre-school provider and the only listed self operated pre-school operator in India. It currently operates 720 pre-schools (611 are self operated) in 103 cities. In 2009, THEAL has done a forward integration to provide management services to K-12 schools. THEAL currently provides management services to 24 K-12 schools in 3 states. Geographically, THEAL's pre-schools are skewed towards Western India wherein it operates 56% of its pre-schools. The Pre-schools in other regions are as follows, North (16.5%), South (12.3%) and East (15.1%). THEAL's K-12...