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ICICI Securities Report
Wonderla Holidays Ltd. saw Q3 FY22 revenue bouncing back to 69% of Q3 FY20 (pre-Covid-19) levels with its Bengaluru and Hyderabad parks remaining fully operational for the quarter and Kochi park operating for 80 days.
While Omicron has impacted January 2022 footfalls and revenue, things are normalising from February 2022.
Also, heading into Q1 FY23, which is seasonally the strongest quarter, Wonderla Holidays' revenue trajectory is expected to improve.
We model for footfalls across parks to recover to 75% of FY20 levels in FY23E and 100% in FY24E and Ebitda of Rs 0.8 billion in FY23E and Rs 1.1 billion in FY24E versus FY20 Ebitda of Rs 1.0 billion.
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