Wonderla Holidays Limited — Q4 FY26

Wonderla Holidays Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=BUzzkLbXy24 Published: 5 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Wonderla Holidays Limited Q4 FI26 conference call. As a reminder, 0:10 10 seconds all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should 0:17 17 seconds you need assistance during this conference call, please signal an operator by pressing star and then zero on your touchstone pole. Please note that this conference is being recorded. 0:28 28 seconds I now hand the conference word to Mr. 0:30 30 seconds Shamit Asher from Ambit Capital. Thank you and over to you sir. 0:36 36 seconds Good afternoon everyone. On behalf of Ambit Capital, I would like to welcome you all to the 4Q and FI26 earnings 0:44 44 seconds conference call for Wonderla Holidays Limited. From the management we have with us Mr. Arun Chitella Billy, 0:50 50 seconds managing director, Mr. Saji Luiz, CFO and Mr. Diran Chadri, COO of the company. We would now like to begin the 0:59 59 seconds call with opening remarks from the management post which we will have the forum open for an interactive Q&A session. Thank you and over to you Arun and Saji. 1:30 1 minute, 30 seconds management. Please go ahead. 1:46 1 minute, 46 seconds Ladies and gentlemen, please give us a moment while we check the line for the management. 1:51 1 minute, 51 seconds Don't 2:04 2 minutes, 4 seconds feel Heat. Heat. 2:50 2 minutes, 50 seconds Ladies and gentlemen, thank you for patiently holding. We have time for the management pack. Yes, sir. Please go ahead. Yeah, sorry for that. Uh, as I 2:58 2 minutes, 58 seconds was saying, FI26 has been a year of execution for us where we have not only strengthened performance across our existing parks but also established a 3:08 3 minutes, 8 seconds strong foundation in the new market with a clear focus on long-term value creation and operational readiness. 3:14 3 minutes, 14 seconds During this quarter uh we had our highest ever Q4 uh with an income growing by 32% YI uh about 142 crores 3:24 3 minutes, 24 seconds supported by footfalls of roughly 8 8.79 lakhs. This growth reflects both the strong underlying demand for our 3:31 3 minutes, 31 seconds continued focus on driving higher guest spend across parka for the quarter stood at 50 crores up 3:40 3 minutes, 40 seconds 64% yearon year. uh for the full year income grew by 14% yi 551.1 cr with 3:49 3 minutes, 49 seconds footfalls of 32.19 lakh a bit for the year stood at 192.5 cr up 12% yi the Chennai park which is 3:59 3 minutes, 59 seconds uh commenced operations in December has scaled up uh well and is already contributing meaningfully to the overall 4:06 4 minutes, 6 seconds performance of the company this gives us confidence in long-term potential uh and we hope better for performance happens this year as well. 4:16 4 minutes, 16 seconds Our resort and hospitality business delivered best ever performance also during the quarter supported by strong 4:23 4 minutes, 23 seconds demand and improved occupancy levels. Um we also continue to focus on improving 4:30 4 minutes, 30 seconds the quality of our revenue. U our two trends remain healthy during the year supported by premiumization across FNB 4:39 4 minutes, 39 seconds and retail. um as well as increased adoption of value added experiences. At the same time, we've seen a significant 4:48 4 minutes, 48 seconds improvement in our customer experience scores, reflecting our continued focus on uh delivering uh high quality guest experiences. 4:57 4 minutes, 57 seconds During the year, we continue to invest selectively in enhancing our offerings and strengthening engagement ac across parks and while maintaining a strong 5:05 5 minutes, 5 seconds focus on operational discipline, safety, and compliance. 5:09 5 minutes, 9 seconds Looking ahead, our focus remains u on driving sustainable growth through a 5:16 5 minutes, 16 seconds combination of ramping up new assets, strengthening performance in uh older assets and continuing to invest in differentiated experiences for our guests. 5:27 5 minutes, 27 seconds With improving traction across our portfolio and a fullear contribution expected from Chennai, we remain optimistic about the growth outlook for FI27. 5:36 5 minutes, 36 seconds uh we remain confident in the long-term growth potential of the business and our ability to create sustainable value. uh 5:44 5 minutes, 44 seconds with that I now hand over to Saji to take you through the financial performance in more detail. 5:51 5 minutes, 51 seconds Thank you Aron. Good afternoon everyone. 5:53 5 minutes, 53 seconds Uh let me take you through the financial highlights for the quarter and the financial year. Our revenue from operations for Q4 FI 2026 increased by 6:03 6 minutes, 3 seconds 40% on year-on-year basis. 235 cr compared to 96.7 cr in the 6:09 6 minutes, 9 seconds corresponding quarter of FI 2025. Our AIA for the quarter stood at 43.8 cr registering a growth of 2x on 6:18 6 minutes, 18 seconds yearon-year basis with a bitter margins at 32%age. 6:23 6 minutes, 23 seconds Profit after tax for the quarter came in at 16.4 4 cr compared to 11 cr in Q4 fi 6:30 6 minutes, 30 seconds 2025 reflecting an year onyear growth of 49%age. 6:36 6 minutes, 36 seconds The increase in a beta and pat was primarily driven by expansion of our operations at Chennai along with law of 6:43 6 minutes, 43 seconds certain taxes uh labor code related uh provisions created during Q3 of FI 2026. 6:52 6 minutes, 52 seconds Moving to the fullear performance, revenue from operations stood at 518.8 crores uh as against 458.6 crore in FI 2025 representing a growth of 13%age. 7:06 7 minutes, 6 seconds AITA for the year stood at 160 cr up by 9% on year-on-year basis with AITA margins at 31%age. 7:15 7 minutes, 15 seconds Profit after tax for FI 2026 stood at 81.7 cr compared to 109.3 cr in the 7:23 7 minutes, 23 seconds previous financial year reflecting a degrowth of 25% primarily due to the favorable defa tax recorded in the 7:31 7 minutes, 31 seconds previous financial year amounting to 24.1 cr. 7:36 7 minutes, 36 seconds Coming to the operational metrics footfolds for the quarter stood at 8.79 lakh registering an year-on-year growth 7:43 7 minutes, 43 seconds of 30%age. primarily supported by the newly expanded operations. FI 2026 total 7:50 7 minutes, 50 seconds footfall reached 32.19 lakh as compared to 30.49 lakh in the previous year 7:56 7 minutes, 56 seconds reflecting a growth of 6%age. With this I conclude my remarks. We can now open the call for Q&A session. Thank you. 8:06 8 minutes, 6 seconds Thank you very Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask 8:14 8 minutes, 14 seconds a question may press star and then one on their touchstone phone. If you wish to remove yourself from the question queue, you may press star and two. 8:23 8 minutes, 23 seconds Participants are requested to use handsets for asking a question. 8:28 8 minutes, 28 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 8:33 8 minutes, 33 seconds Again to register for a question, please press star and then one. 8:39 8 minutes, 39 seconds Our first question comes from the line of 8:50 8 minutes, 50 seconds Shamit Asher from Mit. Please go ahead. Hi, am I audible? 9:01 9 minutes, 1 second Yeah. Yes, you're audible. 9:02 9 minutes, 2 seconds Yeah. Yeah. Thanks. So, uh basically a couple of questions from my end. So I wanted to know that Chennai park it started on a strong note in December 9:10 9 minutes, 10 seconds with approximately 75,000 visitors. If I look at the numbers for this quarter the footfalls uh were around 191,000. So you 9:20 9 minutes, 20 seconds know which is approximately 64,000 per month. So any reason for the moderation in footfalls in Chennai and secondly in 9:27 9 minutes, 27 seconds a mature park like Hyderabad overall for FI26 the footfalls were down by 7% year on year. So what is going on basically 9:36 9 minutes, 36 seconds there? Could you give us some sense and what initiatives are you taking to you know ramp up the footfall in Hyderabad Park? And lastly I would like to know 9:45 9 minutes, 45 seconds your capex guidance for FY2728. 9:51 9 minutes, 51 seconds Yeah I'll take the first two questions and the CFO will give you the capex bit. 9:57 9 minutes, 57 seconds So um December because it's a it's a because of seasonality because of Christmas vacations uh similar to how 10:04 10 minutes, 4 seconds the amusement park is structured. We obviously started off with 75,000 for also it was a launch month so there was an added expense in terms of marketing 10:13 10 minutes, 13 seconds and so on and so forth. GAN and FEB are usually leaner months. uh but I think despite that we were able to do a lot 10:21 10 minutes, 21 seconds more than we anticipated and uh in fact in its first full quarter it's been able to perform in line with some of our 10:29 10 minutes, 29 seconds mature parts like Kochin and Hyderabad I think we're very happy with the performance uh on your second question regarding 10:37 10 minutes, 37 seconds Hyderabad uh because of some uh environmental issues if if you remember in the summers 10:44 10 minutes, 44 seconds of last year there was uh there was the war uh operations in there were some early monsoons and uh that led to uh a 10:53 10 minutes, 53 seconds softening of the demand which sort of impacted our FI26 for Hyderabad. Uh but we are very confident of the 11:00 11 minutes fundamentals the overall brand salience in Hyderabad and it we're very confident that we will continue to build and ramp it up on a year on two-year basis. 11:10 11 minutes, 10 seconds Hyderabad still shows strong performance. We're very confident we'll continue to grow in the mid to long term. 11:18 11 minutes, 18 seconds So yeah, regarding the capex allocations, we are not planning any large capex in this financial year. 11:24 11 minutes, 24 seconds There will there could be certain sustaining capex about some 35 to 40 crore in the financial year. That's all. 11:35 11 minutes, 35 seconds Thank you. Any other points? We missed anything. 11:47 11 minutes, 47 seconds Yeah, that's it from my endings. Thank you. 11:52 11 minutes, 52 seconds The next question comes from the line of Kesha G from counteryclical CMS. Please go ahead. 11:58 11 minutes, 58 seconds Sir, I'm trying to understand in your best judgment how much time it will take for the Chennai park to mature and uh do 12:07 12 minutes, 7 seconds you expect it to surplus surpass or reach the Bangalore park uh uh levels uh 12:14 12 minutes, 14 seconds once uh the I mean the park matures usually for us a park matures in three to four years and yeah I think it can 12:23 12 minutes, 23 seconds rival Bangalore also we don't know yet it's still a new market uh yeah the Yes, early indicators are very strong. Uh so 12:31 12 minutes, 31 seconds but one we can't predict anything until one year is over and we have a pattern that we can look at. So we'll have to wait and see. But yeah, it looks strong for now. 12:41 12 minutes, 41 seconds Understood. And sir, so in the fullness of time uh I mean how will you rank our all our five sparks uh in terms of the 12:50 12 minutes, 50 seconds revenue potential which will be the number one, number two, number three, four and five? 12:55 12 minutes, 55 seconds I think uh Bangalore and Chennai will definitely be number one uh maybe closely followed by Hyderabad and uh 13:03 13 minutes, 3 seconds Kochin and then Bumha obviously being a tier two tier three city it'll be on the it'll be a much smaller 13:10 13 minutes, 10 seconds and sir what's the outlook for the current financial year you think uh as the early signs are there that can we 13:18 13 minutes, 18 seconds reach the FR24 levels in FR27 hard to say uh I mean it's a lot uncertaintity in the market as you know 13:27 13 minutes, 27 seconds and uh so obviously discretionary you know spend could be under pressure if the war and all continues but we let's 13:34 13 minutes, 34 seconds hope that doesn't happen uh if everything goes well as it was last year I think it should do well uh but having said that you know uh it's uh these are 13:43 13 minutes, 43 seconds uncertain times so you know I can't make a prediction on that right now but it looks good so far 13:50 13 minutes, 50 seconds and sir uh where do we source the water for do we buy it from the tanker source. No, we we have our own water sources. 13:59 13 minutes, 59 seconds Okay. So, underground uh water. Yeah. Yeah. Yeah. Okay. 14:04 14 minutes, 4 seconds Supply also depends on the every location has a different way of that we take water. Some have their own water sources. Some we get from the government. 14:13 14 minutes, 13 seconds No sir, I'm just trying to uh in in uh let's say if in uh future there is a water shortage which is uh quite eminent 14:22 14 minutes, 22 seconds in many places. So in which case the government might curtail the water usage in the uh I mean these water parks since 14:30 14 minutes, 30 seconds it's a so-called non-essential and so on. So is there any threat from that angle? 14:36 14 minutes, 36 seconds Threat for us because we have our own water sources. Uh but we'll have to wait and see. Now we have a very cashri balance sheet. 14:44 14 minutes, 44 seconds So what is stopping us from embarking on uh making new parks because even once we start it will take some uh like 2 years or so to for completion. 14:55 14 minutes, 55 seconds We are already looking at expanding to other cities like I've said before but it just takes time because the nature of our business is that these are you know 15:03 15 minutes, 3 seconds it takes time to conclude uh you know real estate deals uh especially in larger cities. So we are hoping that we 15:11 15 minutes, 11 seconds can close one or two deals this year but again you know it's an uncertain year ahead of us. We don't know how it's going to be but we are hopeful that at least one project we should be able to close. 15:21 15 minutes, 21 seconds Understood sir. And lastly sir in the notes to accounts there is a mention of some pod that the company has started. 15:28 15 minutes, 28 seconds So can you shed some more light on that that point now the new gaming pod named isel commence operation with effect from 15:36 15 minutes, 36 seconds 9th May 25th. that is our extension into our resort and uh that has been uh started uh started in June and that is 15:44 15 minutes, 44 seconds one of the reasons why our resort is showing uh pretty good uh uh growth in numbers. 15:50 15 minutes, 50 seconds Understood. So sir thank you very much. 15:54 15 minutes, 54 seconds Thank you. The next question comes from the line of Ankit Canoria from Zen. Please go ahead. Yeah, thank you for taking my question. 16:03 16 minutes, 3 seconds Sir uh if I look at the long-term in in the since last four years we have gone from 16:10 16 minutes, 10 seconds three parks to now five parks and our total footfalls is still around 32 to 33 lakhs. 16:18 16 minutes, 18 seconds Uh I just want to know do we see from an industry perspective there is a uh there is a problem or there is something where 16:27 16 minutes, 27 seconds not many footfalls are coming or something which is beyond our control. 16:30 16 minutes, 30 seconds We are doing probably all the right things in terms of giving them the experience but the industry itself is not growing. People are not coming to 16:37 16 minutes, 37 seconds parks. Do you see any any challenge like that? 16:41 16 minutes, 41 seconds See such thing is just that you know like we have added one small park in 2022 which is very small and then we now added a big park in Chennai. So I think 16:49 16 minutes, 49 seconds Chennai will definitely give like a seven to eight lakh visitor kind of number and uh so you'll see that going 16:56 16 minutes, 56 seconds forward. So we are not worried about the long-term potential of the business and even if you look at world over or most of the you know successful companies 17:05 17 minutes, 5 seconds across the world across different regions they are all investing in new locations. So we are also continuing we don't see any reason why that long-term 17:14 17 minutes, 14 seconds potential of the business is uh going to be affected. 17:18 17 minutes, 18 seconds Okay great sir. Sir my second question is uh our non- ticket revenue if I understand correctly it was less than 17:24 17 minutes, 24 seconds 200 years back today it is more than 450 and probably this is one area where uh 17:31 17 minutes, 31 seconds if you can share more color I because I can see there is a lot of potential here if you can just yeah I think on this uh Dan can 17:41 17 minutes, 41 seconds so I think uh like like you rightfully said we also as a business see a potential and I think a lot of focus has 17:49 17 minutes, 49 seconds been done in terms of the offerings uh the assortment of products and how are we able to increase dwelling time and 17:56 17 minutes, 56 seconds customer engagement to be able to increase the non-ticking revenue and I think the numbers speak for it uh self uh it's also about the quality of 18:04 18 minutes, 4 seconds consumers we've been able to pull through our parks and I think that's also helping us uh increase our 18:11 18 minutes, 11 seconds throughput and overall RPO and in the mid to long term we definitely see that uh despite discretionary 18:20 18 minutes, 20 seconds spend softening whatever footfall we will be able to bring we will be able to continue to bring at a good arpoo and that should cushion some of our and mitigate some of the business risks. 18:33 18 minutes, 33 seconds Got it sir. one one followup regarding this. Uh I recently happened to visit our uh Bangalore park and uh I noticed 18:42 18 minutes, 42 seconds uh that in terms of the uh the photos and uh images which has been taken that is something which we 18:50 18 minutes, 50 seconds have outsourced to a to an outsized company. uh do you see any uh any uh 18:58 18 minutes, 58 seconds opportunity there where we can probably put all these things inside uh uh inhouse and probably increase more RO 19:06 19 minutes, 6 seconds there is that possible see wherever we find that there is a market where we can add value we will 19:14 19 minutes, 14 seconds definitely take it inhouse but wherever we feel that a third party can add better value we will go with that so it's a hybrid strategy we'll have mix of our own and then uh third party as well. 19:26 19 minutes, 26 seconds Okay, thank you so much sir and uh all the best. Thank you. Thank you. 19:32 19 minutes, 32 seconds The next question comes from the line of Girish from Brandston Investments. Please go ahead. 19:39 19 minutes, 39 seconds Yeah, on the capital work in progress of uh 102.9 crores uh what is this related 19:46 19 minutes, 46 seconds to because I thought with no new park uh where exactly is this? 19:53 19 minutes, 53 seconds No, this is mainly uh through certain rides which we are opened in the month of April. Uh one is the Sky Wheel tower 20:01 20 minutes, 1 second at our Chennai park and certain other new attractions are in the making. 20:06 20 minutes, 6 seconds Similarly, Bangalore park we just uh opened one uh roller coaster ride. All those uh ride course are sitting in CV 20:14 20 minutes, 14 seconds as of now. So it will be capitalized in Q1 of FI 2027. 20:20 20 minutes, 20 seconds Understood. And uh this employee expenses capture stabilization post the Chennai 20:28 20 minutes, 28 seconds operation or is there scope for further increase with scaling of Chennai? 20:34 20 minutes, 34 seconds The percent increase is with respect to the Chennai as well as the facility which we added in this uh present 20:42 20 minutes, 42 seconds financial year 2026. Apart from that we are not adding a substantial number of employees other than uh the replacements which is happening in the due course. 20:53 20 minutes, 53 seconds Understood and uh you know last quarter their expenses had some ad related 20:59 20 minutes, 59 seconds one-off uh and I thought Chennai did much better than expectation. Uh is there any one-off in this quarter also or in the other expenses? 21:11 21 minutes, 11 seconds Until right now. Yeah, last year we had a launch expense. Ah, yeah. This year we won't have that. 21:16 21 minutes, 16 seconds Yeah, this quarter we don't we are not having any launch expenses but regular marketing expenses will be there. It will not be substantial within which is 21:23 21 minutes, 23 seconds in line with what we spend in our park as well. 21:28 21 minutes, 28 seconds Yeah. Uh so you know uh in the Chennai itself uh I thought uh the footballs uh you know actually positively surprised 21:36 21 minutes, 36 seconds me and uh uh you know Arun is this uh is this sustainable or you know our 21:43 21 minutes, 43 seconds expectation of 1 million uh will be advanced in terms of uh years 21:50 21 minutes, 50 seconds can't say uh as of now it's going very good uh but we don't know until one full year is over because every city has a 21:58 21 minutes, 58 seconds cycle. So until we go through that, we can't we can't make a prediction. Let's hope that it does better than what the other parts have done. So far it's 22:05 22 minutes, 5 seconds looking very good. So yeah, great. And Bones were you know uh there was a positive surprise in terms of football. 22:15 22 minutes, 15 seconds Uh is there any other you know are we doing any existent activities like wedding or other events which is driving 22:23 22 minutes, 23 seconds the football or is the normal operation normal park related operation? normal park operations. Uh and I think we maybe 22:30 22 minutes, 30 seconds doing a little bit of probably a slight change in our marketing strategy and sales strategy. That's it. 22:37 22 minutes, 37 seconds Okay. No adjustment activity, right? No, no, no. Okay, great. Uh thanks uh Arun and Si. 22:46 22 minutes, 46 seconds No worries. Thank you. 22:49 22 minutes, 49 seconds Thank you. The next question comes from the line of Venote Krishna from Aend. Am I audible sir? 22:58 22 minutes, 58 seconds Yes. Yes. 22:59 22 minutes, 59 seconds So there's one first question is on the fundamentals of the park for me for me to understand. So normally when a group or a family comes they don't repeat very 23:07 23 minutes, 7 seconds often right it's not like theater or some other business. So in terms of taking our footfalls to 1 million in each park over the long run I'm not 23:14 23 minutes, 14 seconds saying next year this year. So and second question is what like let's say in Chennai or in hydro in hydrobat do you see competition from any other park 23:23 23 minutes, 23 seconds not other activities but any other park uh in terms of competitive intensity uh in each location because Chennai has other parks or we don't have there's no 23:32 23 minutes, 32 seconds other park which gives the similar value proposition. So if you can help us location wise at least the three big parks Chennai, Bangalore and Hyderabad if you can 23:40 23 minutes, 40 seconds competition we don't have a direct competition in most of our uh uh locations. Hyderabad has another big 23:47 23 minutes, 47 seconds park called Ramoji film city but Ramoji city that is not a amusement park that's a film city so they have a different uh 23:54 23 minutes, 54 seconds revenue model. Uh so I think what we do is slightly unique. So in that sense uh but there are smaller competitors in 24:01 24 minutes, 1 second every geography. So and also we don't consider we don't consider only amusement park as competition. We consider everything any form of 24:10 24 minutes, 10 seconds entertainment day outing as a competition. So that's a way. Yeah. 24:14 24 minutes, 14 seconds So sir so my question was then how do we in the long run model our footfall increase given that people don't come again and again because once a group 24:22 24 minutes, 22 seconds comes they may not repeat every year. Uh so and how do we make sure that we we don't expect very high repeats in this business. 24:29 24 minutes, 29 seconds Yeah. Yes. So how do we two or three years? So we get fresh footfalls in most of our parks. So these are new customers 24:36 24 minutes, 36 seconds and we are uh and for us the the the main target is the 10 to like 25 age group and so that will always be new new customers coming in every year. 24:47 24 minutes, 47 seconds Yes sir. But uh so your content on the long run each park will cross 1 million. 24:51 24 minutes, 51 seconds Even with this new customers and your demands sir and then second question is can you elaborate more on if I take three four 24:59 24 minutes, 59 seconds years not one two year how many parks so with a high probability that this many parks we can at least add or will be work in progress new parks 25:07 25 minutes, 7 seconds I understand we want we are right now at five we want to add at least another five more so but in the next five years we have at least out of the five at 25:15 25 minutes, 15 seconds least three four should be we should we should have at least two or three uh uh done. Uh we will announce it uh you know whenever it's ready. 25:25 25 minutes, 25 seconds So can I can I assume that over a four year at least another three parks would be there some would be finished some would be work in progress like that. 25:31 25 minutes, 31 seconds Yeah at least. 25:34 25 minutes, 34 seconds So so at least sir it's not you understand right but it's like high probability thing right? Ah yes yes. 25:40 25 minutes, 40 seconds Yeah. Thank you sir. Thank you very much and all the best probability. So remember that. Yeah I understand. All right. Thank you sir. 25:50 25 minutes, 50 seconds Thank you. Our next question comes from the line of Abhishek Shankar from ICICI direct. Please go ahead. 25:59 25 minutes, 59 seconds Uh yeah. Hi. Uh thanks for the opportunity and congrats on a good set of results. So I just wanted to understand one thing is uh you know what 26:07 26 minutes, 7 seconds has been the early trends in Q1. You know we've been witnessing some heat wave in uh across the country. So uh 26:14 26 minutes, 14 seconds like how how the how has been the trends across parks and also we had elections in Chennai right so just wanted to know on that I'll follow up with the next 26:23 26 minutes, 23 seconds question after this yeah so I think uh so far it's been pretty okay uh I would say Chennai is 26:30 26 minutes, 30 seconds doing very well continues to do well the other parts again it's uh some are doing well some are flattish so uh it's too early to say how it's going to pan out 26:38 26 minutes, 38 seconds but we are hoping that this year the so far at least in our markets the heat wave there's not been much of a damage because of it and if it continues like 26:47 26 minutes, 47 seconds this I think we should be uh we should we should be fine. 26:51 26 minutes, 51 seconds Yeah, thank you. So I think last time you called out that in Chennai you were doing around 11% AITA margins right? So can you just uh let me know like what were the margins this time? 27:03 27 minutes, 3 seconds uh we don't uh we don't know EIA uh if 13% is the so 30% is the EID uh EIDA 27:11 27 minutes, 11 seconds margin uh for the last quarter uh but we don't know how it's going to be it's still in first year so it's not it's not 27:18 27 minutes, 18 seconds easy for us to you know predict that aida is a it's a derivative so you know once the numbers are in then we can give you the numbers 27:27 27 minutes, 27 seconds okay so just last question so uh are we going to maintain the&P spends at 7 to 8%. U which one? 27:37 27 minutes, 37 seconds Uh are we going to maintain the N&P spends at 7 to 8% of the top? Yeah. Yeah. Yeah. 27:43 27 minutes, 43 seconds Okay. Fine. Thank you. I'll get back into the Thank you. 27:50 27 minutes, 50 seconds The next question comes from the line of Naven from I thought PMS. Please go ahead. 27:56 27 minutes, 56 seconds Uh yeah. Uh hi team. Congratulations on a great set of numbers. I hope I'm audible. Yes. 28:03 28 minutes, 3 seconds Yeah. So basically I just want to understand uh one thing. So uh have we capitalized everything regarding the park and like uh you know I'm asking it 28:11 28 minutes, 11 seconds from the perspective depreciation. So it's been increasing year over year. So should we expect it to stabilize until 28:19 28 minutes, 19 seconds we start with an avenue park? Is my assumption right on that front? 28:25 28 minutes, 25 seconds Chennai related most of the uh the cap tax source has been capitalized uh and then if you could see about some 13 cr 28:32 28 minutes, 32 seconds is the total depreciation which is posted for this four months of operation uh on a yearly basis it can touch about 28:39 28 minutes, 39 seconds 45 to 50 crores in the uh present financial year by 2027 for Chennai alone you're saying right 28:47 28 minutes, 47 seconds alone I'm saying yeah awesome yeah thanks a lot that would be the incremental depreciation which is getting posted for the 28:56 28 minutes, 56 seconds understood understood correct so one more thing is so let's just set aside uh macro variability and all those kind of 29:05 29 minutes, 5 seconds issues that we don't have control over so my understanding is that there has been some amount of cost pressure because like of building the parks and 29:13 29 minutes, 13 seconds like you know the launch events and all that stuff so far so would I be assuming that from business angle like we should expect our margins to improve as 29:21 29 minutes, 21 seconds footfalls improve for Chennai like is my start of this city. 29:26 29 minutes, 26 seconds Yeah. But uh at present it is at uh it can increase historically if you observe the a bit margin of under about some 29:34 29 minutes, 34 seconds 40%age on a last five 10 years of an average barring the co years. So we would be able to should be able to reach 29:43 29 minutes, 43 seconds there the last one or two years we had continuous uh launch of parks and resorts. uh I think it will settle down in the next financial year then we'll be 29:52 29 minutes, 52 seconds able to reach at that level one as long as all the parks are delivering the the expectation including the Chennai park. 30:00 30 minutes Got it. Got it. But this is obviously subject to any macros or if you get to launch a new part like subject subject to change this right. 30:09 30 minutes, 9 seconds Yes. Yes. 30:11 30 minutes, 11 seconds Awesome. Yeah. Thanks a lot. I'll jump back in the queue. Thank you. 30:16 30 minutes, 16 seconds Thank you participants. You may press star and then one to ask a question. The next question comes from the line of 30:23 30 minutes, 23 seconds prolin pinandu from Pete advice. Please go ahead. 30:28 30 minutes, 28 seconds Hi Arun. Um thank you for taking my question. Um just uh you know uh it's been uh more than now uh one year uh or 30:36 30 minutes, 36 seconds for that matter uh almost 18 months since we raised money right uh QIP and uh during that time you know the idea 30:44 30 minutes, 44 seconds was to expand and open more parks. Uh so uh you know I understand that you know you are dealing with government and there are delays but it's been a uh you 30:53 30 minutes, 53 seconds know has anything changed uh since we raised the money for QIP and now which has led to further delays on decision- 31:00 31 minutes making and as to you know how do we go about expanding where we go about expanding uh which are beyond our hands 31:07 31 minutes, 7 seconds right uh I mean has has and has the uh opportunity uh size or the uh you know uh time it 31:15 31 minutes, 15 seconds takes to deal with the government chain since last 8 16 to 18 months. 31:20 31 minutes, 20 seconds Uh no it's I think see we we so in the past lot of uh acquisitions have happened quickly also but at the same 31:28 31 minutes, 28 seconds time some acquisition acquisitions take time. So now we are going to larger cities like so initially we were we had 31:35 31 minutes, 35 seconds a a plan of doing smaller parks but then we we recalibrated and we felt that we will do tier one we will focus on tier 31:43 31 minutes, 43 seconds one more than the tier 2 cities. So because of that we are focusing more on tier one cities as you know tier tier 31:51 31 minutes, 51 seconds one cities like Bombay, Delhi and Ahmedabad it's much harder to find uh good parcels parcels of land and then also dealing with the government takes a 31:59 31 minutes, 59 seconds little bit more time. So that is the only delay. Uh we don't see any other structural uh issues. The delay is not 32:06 32 minutes, 6 seconds any structural or any kind of uh other issues. It's just a slight recalibration of where we want to go first. 32:16 32 minutes, 16 seconds Okay. Uh and so I mean you sound very confident on you know uh at least uh announcing something uh in this one year 32:25 32 minutes, 25 seconds right? So are there any discussions which are at advanced stages which gives us this confidence that we'll be announcing something soon? 32:33 32 minutes, 33 seconds Oh yeah we have we have we have never stopped discussing. We've been we are at least talking to at least four state governments at any given point in time. 32:40 32 minutes, 40 seconds uh like I said before once any deal is uh finalized we will you guys will be the first to know 32:47 32 minutes, 47 seconds okay but no color on where we are on these discussions right uh we we wouldn't learn we we don't want to you know speculate on that at this 32:55 32 minutes, 55 seconds point because once it's done we will announce it so that's the thing that we usually do okay yeah and uh one last question on how Q1 is 33:03 33 minutes, 3 seconds panning right so can we say you you you sounded very I mean fairly confident as to you how has been the start of the 33:11 33 minutes, 11 seconds summer season and summer is also in some sense important for us right uh seasonally uh right so uh can we assume 33:18 33 minutes, 18 seconds that China is a new park right but in rest of your parks can we assume that the footfalls this year uh so far for Q1 33:25 33 minutes, 25 seconds have been higher than last year's number at least is that something which is giving you confidence across all your parks 33:32 33 minutes, 32 seconds no I think see some are doing well some are flattish like I said before so uh that is why we are we are confident uh 33:40 33 minutes, 40 seconds but like I said you know it's not over until it's over and so we would we always hesitate giving uh forward-looking you know thing on like 33:49 33 minutes, 49 seconds especially footfall but it's looking good now and let's hope that it continues till end of June so I think we should be home 33:57 33 minutes, 57 seconds sure I'll try for one last question Aron if that's fine just wanted to understand you know how how how much predictability 34:05 34 minutes, 5 seconds should be ascribed to your kind of a business right Because uh what we have seen across you know 3 4 years there was 34:12 34 minutes, 12 seconds uh lull because of covid then there was a revenge uh you know uh whatever you want to say buying or experience that 34:19 34 minutes, 19 seconds came into the picture then in the past couple of years we had some uh you know uh uh weather related issues etc etc. So 34:28 34 minutes, 28 seconds uh when uh you know you think about the business uh from a uh you know uh from in the past the experience has been how 34:35 34 minutes, 35 seconds how how are we able to you know change the behavior of the customer despite these headwinds right which are something which are beyond our hand. Can 34:44 34 minutes, 44 seconds we do more promotion and ensure that you know we get over uh things which are outside our control or there's only so much we can do and weather is weather. 34:53 34 minutes, 53 seconds So how how do you think about I think so there will be high variability in our kind of business because we literally have to bring customer to the park right we are a 35:01 35 minutes, 1 second location based entertainment and we are we are outside the city so variability levels and effect of weather and other 35:08 35 minutes, 8 seconds macro factors will be high and this is across the world uh but having said that I think if you look at numbers precoid 35:15 35 minutes, 15 seconds postcoid uh all that and you compare it to like global and Indian peers I think we stand ahead because we first of all 35:22 35 minutes, 22 seconds we beat pre-COVID numbers by a fair margin by now. Uh the second one would be that even compared with the local 35:30 35 minutes, 30 seconds peers, I think the variability for our football is relatively lower. That is because we are in multiple cities and even if one you know dips then another 35:39 35 minutes, 39 seconds one usually takes over. So which is why we want to be in the larger cities. Uh and also we are in the southern part of the country which is you know it's 35:46 35 minutes, 46 seconds usually hotter and it's the weather variability is less. uh but having said that uh like I said before there will always be variability in a business like 35:55 35 minutes, 55 seconds ours. So I hope that answers your question and of course yeah we do marketing and we do everything to make sure that uh you know we get our 36:03 36 minutes, 3 seconds footalls thank you so much Aron all the very best. 36:08 36 minutes, 8 seconds Yeah thank you participants you may press star and then one to ask a question. The 36:16 36 minutes, 16 seconds next question comes from Dwang Patil from Sami Capital. Please go ahead. 36:22 36 minutes, 22 seconds Uh hi sir, you earlier mentioned uh you know aggregating land is something that is delaying our capeex and also that we 36:29 36 minutes, 29 seconds are talking to four state governments. I wanted to understand what are we expecting from state government? What kind of deal uh are we expecting from 36:37 36 minutes, 37 seconds state governments? Uh is there a delay in getting those uh in place or is it uh the land acquisition that is getting 36:44 36 minutes, 44 seconds delayed? and uh how many of our new parks are we looking at uh on an asset like basis? 36:52 36 minutes, 52 seconds Yeah. So I think uh like I just answered for the previous question also I think we are talking to at least four state governments and most of them are large 37:00 37 minutes cities. So uh there will be delays uh in terms of getting the light right kind of property uh you know and we have our own 37:08 37 minutes, 8 seconds constraints uh like I like somebody asked before about water availability and so many things that we have to consider before we even look at we 37:17 37 minutes, 17 seconds finalize on uh a particular piece of land and parallelly we also usually work with the state government to make sure that we get the right support because 37:25 37 minutes, 25 seconds this is an industry which is highly regulated we need at least 50 to 60 licenses uh from the state governments every year 37:33 37 minutes, 33 seconds which has to be renewed and etc etc. So there is a lot of paperwork that has to be done. So until we get a say what do 37:40 37 minutes, 40 seconds you call it um uh some confidence that we can go ahead with a particular uh location or a particular state we will 37:48 37 minutes, 48 seconds not sign on it. So that is the reason for the delay. Uh this is a structural thing in India I think that always 37:55 37 minutes, 55 seconds happens. uh uh and asset light models also we are exploring uh even in the larger cities uh we we will definitely 38:03 38 minutes, 3 seconds keep you posted when we when we conclude the deal because we don't like we don't want to keep speculating on it halfway through when it's done that is why we 38:11 38 minutes, 11 seconds don't want to give too much uh detail on it got it sir thank you so much 38:20 38 minutes, 20 seconds thank you ladies and gentlemen in order to ensure that the management is able to address questions from all the participants in the conference. Please 38:28 38 minutes, 28 seconds limit your questions to two each per participant. You may rejoin the queue for any follow-up questions. 38:51 38 minutes, 51 seconds The next question comes from the line of Adita from securities investment management. Please go ahead. 38:58 38 minutes, 58 seconds Yeah. Hi sir, thanks for the opportunity. Uh so I had a question on your Hyderabad park. Uh so if I look at your footfalls for Hyderabad Hyderabad 39:05 39 minutes, 5 seconds uh we have Dgroup for the second consecutive year. Uh so just wanted to understand what challenges are we facing there you know which is impacting our 39:12 39 minutes, 12 seconds footfall growth. So is it location is it pricing or existence of Ramoji due to which you know our footfalls have not been growing. 39:21 39 minutes, 21 seconds Yeah. So I think one of the major factor was the uh the summer season which is 39:29 39 minutes, 29 seconds very big for park like Hyderabad. uh we had early monsoons and other weather conditions that impacted and uh this 39:37 39 minutes, 37 seconds year around there was a bit of softness in the uh school groups that actually usually come in quarter 3 and you would have seen that in the quarter 3 numbers 39:45 39 minutes, 45 seconds there were certain road incidents due to which there was a ban on school groups so that actually pulled back some of our 39:53 39 minutes, 53 seconds footfall in estimate of 50 to 60,000 again it's a one-off incident uh I think from a location perspective, we are very 40:02 40 minutes, 2 seconds well located. We continue to invest and build the brand and uh we are confident things will uh turn around for Hyderabad. 40:13 40 minutes, 13 seconds Understood sir. But uh and sir uh is the potential for Hyderabad past you know is it potential is it possible for it to 40:21 40 minutes, 21 seconds reach the levels of Bangalore or do you think Hyderabad would be a lower footfall location? 40:28 40 minutes, 28 seconds See, Hyderabad is a tier one city. I think it's in the top 10 cities in India. So, we don't see any reason why it should uh you know, it should uh uh 40:37 40 minutes, 37 seconds not be less than Bangalore. I think it's almost close to Bangalore. So, we are hope we are we are also hoping that it'll kind of uh reach Bangalore numbers 40:45 40 minutes, 45 seconds at some point. Uh we do have some work there because it's one of our newer parks. If you look at it, uh it's just 40:53 40 minutes, 53 seconds completed uh 10 years out of which two to three years we lost during COVID also. So we have only had about six seven years of work work working years 41:01 41 minutes, 1 second there. Uh yes we will I think there is still potential in terms of footfalls. 41:06 41 minutes, 6 seconds Uh maybe you know so we hope that we can you know cross those hurdles and get to the 1 million mark. 41:15 41 minutes, 15 seconds Understood sir and sir I just wanted to reconfirm you mentioned that Chennai Park did 30% AIDA margins this quarter. 41:23 41 minutes, 23 seconds Yeah. 41:25 41 minutes, 25 seconds And on the company level also we did 30%. Right? Yes. Yes. 41:32 41 minutes, 32 seconds Understood. So there are some parks which are operating below 30% currently the older parks. 41:37 41 minutes, 37 seconds No most of the parks will be about from 40 to 45% depending upon the quarter to quarter. Uh but on average basis 40%age 41:45 41 minutes, 45 seconds will be uh recovering from each of the parks except the new parks like Bonesar and Chennai. 41:56 41 minutes, 56 seconds Okay. Understood sir. Thank you sir. Thank you. 42:00 42 minutes Thank you. The next question comes from the line of Rich from Equity Master. Please go ahead. 42:06 42 minutes, 6 seconds So thank you for the opportunity. My question is related to I just wanted to understand what is the potential uh you know footfall at maturity for Bhneshwar 42:15 42 minutes, 15 seconds and you know how do you think uh we have progressed? How do you assess yourself? 42:20 42 minutes, 20 seconds what could we do to you know drive football's growth further from that park uh so we've been able to get close to 42:28 42 minutes, 28 seconds two lakh footfall uh this year this was a full year uh I think in the midterm ranging about 2 to four years we see 42:36 42 minutes, 36 seconds this definitely go to 3 3.2 two uh so uh there is a good headroom and our focus would be on how do we get to maybe in 42:45 42 minutes, 45 seconds this financial year at least around 2.5 to begin with. 42:50 42 minutes, 50 seconds Sorry could you repeat that last time I said we are hoping to see at least about uh our aim is to get to about 20% 42:58 42 minutes, 58 seconds growth this year because there is a headroom of about 1 1.2 lakh for to get to uh it in a mature stage. So our first 43:06 43 minutes, 6 seconds milestone is can we get to around 2.5 lakh footfall in the coming financial year. 43:11 43 minutes, 11 seconds Okay. Okay. Uh and sir uh you know now uh you know the economy is unfolding as such that there's a lot of uh you know 43:18 43 minutes, 18 seconds concert economy live events etc going on going on. So I'm assuming that you account for these revenues in your uh non- ticket revenue right? 43:30 43 minutes, 30 seconds Yeah we do we do about roughly about two to three concerts. So it's not a very big uh revenue source 43:38 43 minutes, 38 seconds more of a marketing yeah more of a marketing brand partnership association that we look at and not as a primary uh revenue source. Whatever is booked we book it under non- ticketing revenue. 43:49 43 minutes, 49 seconds Okay. So this is not going to be a major driver for you. I mean this is for marketing and visibility of $1, right? Exactly. Exactly. 43:57 43 minutes, 57 seconds Okay. And sir, but what is your estimate about you know growing this non non- ticket revenue company like how much can it grow uh on a year-on-year basis and for how long? 44:08 44 minutes, 8 seconds So in a mature countries uh you know non- ticket revenue will be higher than ticket revenue. Uh we here I think uh 44:15 44 minutes, 15 seconds non- ticket revenue is only 30% and uh ticket revenue 70%. So there's a lot of headroom as we add more parks and as we 44:23 44 minutes, 23 seconds add more uh value added offerings, resorts and other things. I think that uh skew will slow you know it'll skew towards the non- ticket revenue slowly. 44:34 44 minutes, 34 seconds Okay. But do you see uh it moving to 50/50 or will it be more like 40 60 only? 44:40 44 minutes, 40 seconds Near-term it'll be 4060 only. Uh but definitely I think in the next four five years it should move uh to the 50/50 mark. 44:48 44 minutes, 48 seconds Okay. Okay. Uh and currently like we have current investments of 4 billion odd. So where are these parked like where is this money invested exactly? 44:59 44 minutes, 59 seconds Which one? 45:00 45 minutes Uh current investments of around 4 billion I think uh in the balance sheet. 45:06 45 minutes, 6 seconds So we had what only 1,000 cr 1,200 crores of investment in assets as of now. 45:14 45 minutes, 14 seconds Okay. Okay. So I'll double check and get back. Thank you. Thank you. 45:21 45 minutes, 21 seconds Thank you. The next question comes from the line of Ankur Kumar from Alpha Capital. Please go ahead. 45:28 45 minutes, 28 seconds Uh hello sir, most of my questions have been answered. Just wanted to confirm on the depreciation number. What should be the depreciation number going forward for for every call for quarter? 45:40 45 minutes, 40 seconds uh depreciation number at present is about uh 80 80 83 crores and then once 45:48 45 minutes, 48 seconds Chennai alone will have about some 45 to 50 crores in the for a full year. So this year uh I think there is about some 45:56 45 minutes, 56 seconds 13 14 crores depreciation for Chennai park. So additionally about some 50 55 46:03 46 minutes, 3 seconds cr can get added to the depreciation in the next year perhaps. 46:09 46 minutes, 9 seconds So from this year as in the quarterly run rate we have reached to 28. So we should expect like 40 odd cring 46:19 46 minutes, 19 seconds Chennai park for 4 months the depreciation is about uh 13 crores. So annualized depreciation can range up to 46:27 46 minutes, 27 seconds 45 to 50. So that could be the incremental depreciation going for the organization as an old. 46:33 46 minutes, 33 seconds So roughly you can compute whatever investments we do 8 to 10% will be the depreciation I hit into the PN account. 46:42 46 minutes, 42 seconds Got it sir. And sir on on this uh April and May numbers I think last year was last year was very weak because of this 46:51 46 minutes, 51 seconds war and monsoon. So given those things can we expect some growth in in our mature mature funds? 47:04 47 minutes, 4 seconds No we our attempt is to grow on a year on year basis. Uh last year unfortunately we had India park tension and then certain summer related issues. 47:14 47 minutes, 14 seconds This year as of now there are certain tensions in the other West Asia and all those things uh which is impacting 47:20 47 minutes, 20 seconds certain supplier related concerns uh uh not completely impacted our uh numbers as of now but we need to wait and see how it will conclude. 47:32 47 minutes, 32 seconds Sure sir. Thank you and all the best. Thanks. 47:36 47 minutes, 36 seconds Thank you. The next question comes from Venote Krishna from a please go ahead sir. 47:44 47 minutes, 44 seconds Yeah, we have started opening resorts. So what is your thinking like is it uh we are using our free cash to do it as is the 47:52 47 minutes, 52 seconds separate line of business. How how like in the long run we are seeing lots of opportunities in multi because you that you can do in more locations than uh 48:00 48 minutes just uh like like it's it can go to more cities than where our parks can go. So should we see it as a uh adjacent 48:08 48 minutes, 8 seconds business which we will pursue in the long run and uh so how should we look at it sir or only it's around the parks 48:15 48 minutes, 15 seconds only the cities where we have parks will do it. 48:18 48 minutes, 18 seconds So now for now we are looking at it as an adjacent business to our amusement park business. uh but we want to focus on it because as our parks mature there 48:27 48 minutes, 27 seconds is a demand for you know uh premium resort offering and that and I just uh especially after covid people are you know preferring more stations and things 48:36 48 minutes, 36 seconds like that so there is definitely new demand for something like this uh postcoid compared to precoid uh so I 48:43 48 minutes, 43 seconds think we would like to invest in it now whether we will do more of them than in other parts that is that is still I mean we are also debating that we might do it 48:52 48 minutes, 52 seconds uh but As of now, we want to do expand to other cities where we already have parks and we have properties uh with 48:59 48 minutes, 59 seconds free land available. Uh so that is our for now that is our strategy for the resort uh business. Uh but yes going 49:07 49 minutes, 7 seconds forward we could have it in more cities as well. Thank you sir and all the best sir. Thank you. 49:15 49 minutes, 15 seconds Thank you. Next question comes from Abishek Shankar from IT. Yeah. Thanks for the opportunity again. 49:24 49 minutes, 24 seconds So I just wanted to understand that you know there was a recent refurbishment of the resort in Bangalore. So uh like uh how much area can we expect from this? 49:33 49 minutes, 33 seconds Because I think now we are doing current area of about 6,300 rupees. So where can it grow uh from here? 49:43 49 minutes, 43 seconds We expect about 7 to 12% increase in area after 7 to 12%. Okay. Okay. Okay. Yeah, thank you. 49:56 49 minutes, 56 seconds Thank you. Your next question comes from the line of Rajnar Kokura from Sim. Please go ahead. 50:02 50 minutes, 2 seconds Uh, thank you for the opportunity. Uh, two questions. First question is, is the Chennai park has generated around 30% 50:10 50 minutes, 10 seconds eida margins and older parks generate around 40% AIA margins. So on corporate 50:17 50 minutes, 17 seconds level for FY26 why are our beta margins you know at 30%. It should be more than 30%. This is my first question. 50:34 50 minutes, 34 seconds Sorry to interrupt. Really sorry to interrupt. May we request you please. 50:42 50 minutes, 42 seconds Okay. 50:43 50 minutes, 43 seconds Thank you. Yes. Uh management please go ahead. Sorry. 50:58 50 minutes, 58 seconds Management. 51:20 51 minutes, 20 seconds Hello. 51:24 51 minutes, 24 seconds Um, please give us a moment as we check the length. 51:39 51 minutes, 39 seconds Ladies and gentlemen, please hold the line while you check the line of the manager. 52:20 52 minutes, 20 seconds Thank you for patiently holding. So we have the line for the management back. Yes sir, please go ahead. 52:27 52 minutes, 27 seconds Hello. 52:29 52 minutes, 29 seconds Yes sir, you're audible. Please go ahead. 52:32 52 minutes, 32 seconds Yeah. So what I was saying is that even though we have parts are performing about some 40 45% beta market, we have a 52:40 52 minutes, 40 seconds corporate host sender to that which will be controlling all the parts all the heads of each of the functions will be 52:48 52 minutes, 48 seconds sitting under corporate that's how we manage and then fi 2026 we had certain one-time expenses because of the labor 52:56 52 minutes, 56 seconds code changes. uh and then uh compared to previous years we had ESOP expenses comes into picture and then the launch 53:04 53 minutes, 4 seconds expenses of our Chennai park and then uh previously the corporate setup is also 53:10 53 minutes, 10 seconds having certain cost. So these are the uh other cost which will be absorbed through the AITA margin of the parks. 53:22 53 minutes, 22 seconds Okay. And uh second question is uh you know why are are new rides not able to 53:28 53 minutes, 28 seconds drive repeat rates? As you mentioned you know footfall is largely driven by fresh visitors. Is there any drag effect? 53:39 53 minutes, 39 seconds We are not able to uh hear you properly. Could you please repeat the question? 53:44 53 minutes, 44 seconds Uh my question is why are the new rights not able to drive repeat rates across 53:51 53 minutes, 51 seconds parks? As you mentioned footfall is driven largely by fresh visitors 53:59 53 minutes, 59 seconds you know. Yeah. See that's the structural thing of this business. 54:02 54 minutes, 2 seconds People don't visit parks uh you know multiple times a year because this day outing needs a lot of planning. Even if you have new rides, if somebody has 54:10 54 minutes, 10 seconds visited this year, even if we just launch a new ride, unless they are in the right age group, they may not want to come back to us. If they're a college 54:17 54 minutes, 17 seconds kid, yes, but if you're a working or if you are a, you know, family with small children, you may not want to do another trip in the same year. So, there will be 54:25 54 minutes, 25 seconds some lag and that's just the structural to the business. 54:36 54 minutes, 36 seconds Uh ma'am, you have any further questions? No, thank you. 54:41 54 minutes, 41 seconds Thank you. Your next question comes from Na CMS. Please go ahead. 54:47 54 minutes, 47 seconds Yeah. Uh I thanks a lot for the opportunity again. So I just have one question. So uh I know uh the J Park is 54:54 54 minutes, 54 seconds fairly recent but uh you know we've spent a lot of time working in the market like um putting up the park and like all the same footfalls now. So 55:02 55 minutes, 2 seconds overall at least from your experiences so far I just want to understand if you have any view on like the competitive environment in Chennai why I ask this is 55:11 55 minutes, 11 seconds because uh Chennai is one location that already had a couple of water parks and you know there's an audience that you know is familiar with the concept of a 55:19 55 minutes, 19 seconds water park and like they know this right so uh I just want to understand from your perspective uh do you find it easier or more difficult entering this 55:28 55 minutes, 28 seconds kind of a market rather than somewhere where you have to introduce the concept of a water park to the people itself like they haven't used on this broadly 55:36 55 minutes, 36 seconds like even if it's not like any farms and fish hasn't done which already has many water parks it's easier for us to kind of uh you know the 55:44 55 minutes, 44 seconds category has already been created so it's easier for us to kind of expand into the market and expand the whole market itself. 55:51 55 minutes, 51 seconds Got A small followup to this would be uh you know in the future uh would this influence your decision making regarding 55:59 55 minutes, 59 seconds like where you would prefer to set up parks like would you prefer more marketing where you answering the previous question also that we are prioritizing larger markets 56:08 56 minutes, 8 seconds because you know it's just easier to kind of ramp up in a in a mature market. 56:14 56 minutes, 14 seconds Uh but having said that there are opportunities in tier one and tier cities tier two cities across India. So you know it just depends on what we find 56:22 56 minutes, 22 seconds as the most suitable for our uh investment. 56:27 56 minutes, 27 seconds This is very clear but I was a little more specific about markets that already have water parks versus those that don't. Do you make that difference? Do 56:35 56 minutes, 35 seconds you differentiate between these two markets or is it just like a population affluent kind of yeah I mean that is I mean yeah if there is already a water park like I said it 56:44 56 minutes, 44 seconds will be more attractive for us to set up. It depends on the size of the market also. It is a larger market like Chennai is all it's one of the largest cities in India. So obviously it's it's a no-brainer for us. 56:55 56 minutes, 55 seconds Got it. Got it. Thanks for laughing. 57:00 57 minutes Thank you. The next question comes from Abinov and individual investor. Go ahead. 57:09 57 minutes, 9 seconds Uh can you hear me? 57:12 57 minutes, 12 seconds Yeah. Yeah. Uh congratulations on the good quarter. uh I want to understand uh 57:20 57 minutes, 20 seconds what would be the estimated uh value of the land we are holding uh so I mean I 57:26 57 minutes, 26 seconds have seen stats in the area 3,000 to 4,000 so it would be the approximate land 57:34 57 minutes, 34 seconds holding if we have have to make an estimate very hard for us to estimate we have done some estimate I think when did we 57:42 57 minutes, 42 seconds do the reevaluation in time of migration to the new econics standard 21. 57:47 57 minutes, 47 seconds Yeah. Before like 178 20 Yeah. So we don't know the current value of land. We I think our valuation what we have in our books is from 2017 57:56 57 minutes, 56 seconds or we revalued it at about uh 385 crores at that point of time. So which has been added to the yeah but that's the old value that is 58:04 58 minutes, 4 seconds 2017 or 2018. Uh I think obviously the value has gone up significantly now. Uh but we have not revalued it after that. 58:13 58 minutes, 13 seconds Got it. 58:16 58 minutes, 16 seconds Go ahead. Yes. Thank you. Thanks for that. 58:21 58 minutes, 21 seconds Thank you. The next question comes from Keshov Girk from CounterCycle PMS. Please go ahead. 58:28 58 minutes, 28 seconds Uh so I'm uh trying to understand that what times generally we shut the park at 58:35 58 minutes, 35 seconds night and do we have the liquor license with us and is there any possibility for night life related activities especially on the weekends? 58:46 58 minutes, 46 seconds Now, we shut our parks usually around 700 p.m. Only on certain key occasions, we keep it open beyond 7 p.m. which is 58:54 58 minutes, 54 seconds max 10 p.m. We don't have a proper liquor license. Uh we take one day liquor license bases certain groups or 59:03 59 minutes, 3 seconds corporate gatherings that we do and if if they've requested for it, we take the license and provide them liquor barring our resort obviously which has a liquor 59:11 59 minutes, 11 seconds license. We don't want to look at it and build a core liquor business because at the end of the day we are a family 59:18 59 minutes, 18 seconds entertainment destination. We have to also keep safety uh uh as a key focus in mind and we want to continue to 59:26 59 minutes, 26 seconds prioritize our core business which is uh the amusement park entities. 59:33 59 minutes, 33 seconds Understood sir. So is there any other way that I mean at night let's say post 700 p.m. uh when I mean is there 59:41 59 minutes, 41 seconds anything that can be done in the parks rather than just keeping them shut? 59:47 59 minutes, 47 seconds No we are opening them now so we have night parks and so depending on like right now summer so and sometimes we have heat waves so we do change it in 59:56 59 minutes, 56 seconds such a way that people spend more time in the night. So yeah, we do use the parts in the night especially in summer and we charge. 1:00:05 1 hour, 5 seconds Okay. Thank you. Yeah. 1:00:09 1 hour, 9 seconds Thank you ladies and gentlemen. As there are no further questions, I would now like to hand the conference over to the management for closing. 1:00:18 1 hour, 18 seconds Uh so thank you all for joining our conference call uh for our Q4 FI26 and 1:00:25 1 hour, 25 seconds FI26 uh full year uh review. uh we are confident that the business uh will continue to grow. So hope to see you guys in the next quarter. Thank you. 1:00:36 1 hour, 36 seconds Thank you on behalf of Wandala Holidays Limited. That concludes this conference call. Thank you everyone for joining us.