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ICICI Securities Report
Wonderla Holidays Ltd. delivered another strong quarter in Q2 FY23 which is typically the weakest quarter owing to monsoon with revenue of Rs 0.7 billion which was 62% higher than pre-Covid (Q2 FY20) levels on the back of total footfalls growing 32% over pre-Covid levels along with average ticket revenue per user up by 22% versus pre-Covid levels.
As a result, Q2 FY23 Ebitda of Rs 0.2 billion was up 2.5 times over pre-Covid levels.
While we have increased our total footfall assumptions by 2% each for FY23/24E, we have raised our ARPU estimates by 10- 15% across parks leading to FY23E Ebitda of Rs 1.9 billion (82% above FY20 levels where Q4 FY20 was a Covid impacted quarter) and FY24E Ebitda of Rs 2.2 billion (110% above FY20 levels).
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