Sustainable theme park business:
- existing 6; upcoming 10 [revenue contribution : 60-65%]
- only player
- PAT: 20%+
- strong H2 due to rains in H1
- business model: EPC revenue; revenue sharing with Govt [ticket, F&B, shop rental, adventure activity, retail]
- 80-90% parks- revenue sharing मॉडल
- 20 years contract [investment is recovered in 1-1.5 years]
- Building sports park in UP [upcoming games like pickleball which is a rave in US]
25% margins in waster water management- sustainable [Mazda- compete]
Vision of the co- sustainability [sustainable parks, waste water management] & geotechnical business [designs & constructs infrastructure such as flood protection systems or river embankment systems]
Triggers:
- upcoming 10 theme parks [starting oct to march- each month one park would open]
- 20 tenders for theme parks [to win majority- by dec’24]
Industry triggers [theme park]:
- Typical theme park costs 20 times more than sustainable theme park
- Govt pay back period < 1 year [eg. waster to wonder Delhi park]
- Ticket is barely Rs 100 vs Rs 1000 for typical theme park
- States / municipalities get better swachchh rating if they do waster to art [soft trigger]
Guidance:
Revenue FY 25: 120 cr [vs 67 cr in FY’24]
PAT FY’25: 20 cr [vs 8 cr FY’24]
FY’26 [soft guidance]: follow growth of FY’25 [but min 50-60% growth]
order book [end of FY’25]- 200 Cr+
To be monitored:
- Optionality:ad revenue in park
- size of TAM for theme park
- International expansion to increase TAM [higher margin]- H2 FY’25 strategic team to be in place
- Parks won on revenue sharing model
- Govt receivables
Disc: Invested