The aggregate carrying value of land owned by the Company as of 31 March 2025 is ₹ 52,456.24 lakhs (₹ 52,260.19 lakhs + ₹ 196.05 lakhs)
‘Assets held-for-sale’ as at 31 March 2025. This relates to 1.35 acres of land located in Sardar Nagar Revenue Village, Telangana, which the Company decided to dispose of ( Value ₹ 196.05 lakhs)
This will be the value on books at time of purchase. Looking for land rate as of today, I believe it could be higher.
The Company maintains a deferred tax liability related specifically to the difference in value recognized for tax purposes, identified as the “Fair valuation of freehold land” The DTL balance attributable to the fair valuation of freehold land stood at ₹ 5,012.59 lakhs as at 31 March 2025. This is easily available in financial reports .
An update about Wonderla Chennai.
Wonderla Holidays -
Q2 FY 25 results and concall highlights -
Revenues - 88 vs 71 cr, up 24 pc
EBITDA - 7.5 vs (-) 1 cr { margins @ 9.3 vs (-) 1.6 pc }
PAT - (-) 2 vs 15 cr ( due a tax reversal LY )
Footfalls - 5.05 vs 4.51 lakh, up 12 pc
Avg ticket price - Rs 1017 vs Rs 983, up 3 pc
Avg non-ticket price - Rs 461 vs Rs 431, up 7 pc
ARPU - Rs 1478 vs Rs 1414, up 5 pc
Park wise revenues -
Bengaluru - 30.5 vs 28.3 cr, up 8 pc - due 8 pc increase in ARPUs. Footfalls were flat YoY @ 1.96 lakh
Kochi - 27 vs 19 cr, up 37 pc - due 37 pc rise in footfalls from 1.39 to 1.92 lakh. ARPUs @ Kochi were flat YoY
Hyderabad - 14.5 vs 13.4 cr, up 8 pc - footfalls increased by 1 pc to .93 lakh from 0.92 lakh. ARPUs were up by 7 pc
Bhuvneshwar - 2.8 vs 2.6 cr, up 9 pc. Footfalls increased by 3 pc from 0.23 to 0.24 lakh. ARPUs increased by 6 pc
Wonderla resort & Isle - 5.6 vs 3.6 cr, up 53 pc. ARR increased 8 pc from 5.6k to 6.1k. Occupancy improved from 43 to 59 pc
Notes from Q2 concall -
Chennai park’s commercial operations should commence wef 02 Dec 25
Company designs, makes, operates and maintain its own rides. Buying / Importing similar rides would cost the 2-3 X ( on an avg )
In Q1, revenues, footfalls in Bhuvneshwar Park were @ 8.6 cr and 0.96 lakh with APRUs @ Rs 1308. In Q2, ARPUs were @ Rs 1123
Company has already spent 600 cr towards its Chennai Park
Q2 is always the weakest Qtr for the company ( due monsoons )
Company’s preference is for large format parks near tier 1 cities ( wrt future expansions ). For tier 2 cities, company shall only go ahead if they get a sweet deal wrt long term lease at attractive rates ( like they got in Bhuvneshwar - 6 cr for a 90 yr lease ). Otherwise, its difficult for the company to run a profitable park near tier - 2 cities
Bhubneshwar Park’s size is aprox half of Chennai Park’s size
Broad split of their ticket : non ticket revenue at present stands @ 70:30
Chennai Park’s peak capacity stands @ 10-12 lakh visitors / yr. ( Assumption : That should translate into a peak revenue potential of aprox 213 cr @ an ARPU of Rs 1800 ). Company is hopeful of achieving this inside 3-4 yrs
Aprox 35-40 pc land is still un-utilised @ their parks in Kochi and Bengaluru. This figure for Hyderabad park is aprox 25 pc. Company keeps slowly adding newer attractions, restaurants, rides, resorts etc @ these available land banks
Company’s avg price of land would be around 5 cr / acre
I had a quick look into the google trends to see the interest in wonderla - for an 18 month period, the interest is at its peak currently - usually the trend peaks during the summer months and the current spike can certainly be attributed to the opening of new park in Chennai.
https://trends.google.com/trends/explore?date=2024-08-01%202025-12-02&geo=IN&q=wonderla
Disclaimer: Consider my views as biased as I’m a shareholder from past several years and have added to my holdings recently.
