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Wonderla Holidays Ltd
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Ladies and gentlemen, good day, and welcome to Wonderla Holidays Limited Q2 FY '23 Results Conference Call hosted by ICICI Securities. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Adhidev Chattopadhyay from ICICI Securities Limited. Thank you, and over to you, sir.
Good afternoon, everyone. On behalf of ICICI Securities, I'd like to welcome everyone to the Wonderla Holidays Limited Q2 FY '23 Results Call. Today from the management, we have with us Mr. Arun Chittilappilly, the Managing Director; and Mr. Satheesh Seshadri, the Chief Financial Officer. I'd now like to hand the call over to the management for their opening remarks. Over to you, gentlemen. Thank you.
Good afternoon, everyone. This is Arun Chittilappilly, Managing Director of Wonderla Holidays. Welcome to our con call. So welcome to our Q2 and H1 FY '23 earnings call. Joining me on this call is Satheesh Seshadri, our CFO. I hope everyone had a great time over the recent press release.
I'm very proud to share that we've been consistently raising the bar with our performance and scaling new heights. We had a blockbuster results in Q1 FY '23 and as well as Q2, building on the strong momentum that we have registered the best ever revenue performance in our second quarter as well. We have been at the forefront of the experiential industry in India, and people are increasingly exploring their adventurous side and looking for high thrills. And that's what we have seen as a result in our Q2.
Historically, Q2 has been seasonally challenging, and a weak quarter [indiscernible] rains in Southern India. This year as well, we've had unseasonal rains in many parts of our -- including Bangalore, Kochi and Hyderabad. Our strategic efforts are to drive [indiscernible] needed a good response. Initiatives like add-on park type events, enhanced digital marketing, reaching the young audiences and judicious pricing strategy have enabled us to effectively pull our audience. We also ran very innovative marketing campaign like -- during Ganesh Chaturthi, during Onam, during Daughter's day, Grandparents Day, Independence Day, et cetera, et cetera. This was led to [indiscernible] right in footfall, an improvement of 58% in the -- sorry, an improvement of 1,800 basis points from 58% in the corresponding period COVID quarter of FY '20. 76% in Q2 FY '23.
Footfalls gone from INR 3.5 lakhs to INR 4.7 lakhs in this quarter, a growth of 76%. Year-to-date, for the first half, the growth of footfall is 26%. It's hardening to see that our efforts and our teams have made such a tremendous response. All our parks have witnessed double-digit growth in footfall. Bangalore 35%, Hyderabad 18%, and Kochi 38%.
Parks are destinations for all funs, thrills for all ages. We are taking this to the next level and positioning our park as a brand market -- brand market even. The Kochi Park hosted our first ever Sunburn Festival in the city, an electronic music festival headline by -- globally famous DJ called Nucleya. The event attracted around 3,000 people. We're also consciously placing ourselves to become a destination of choice for people who celebrate festivals. In this quarter, we celebrated a lot of festivals like Independence Day, Navratri, Dussehra, special decorations and exclusive assembly offerings were also done in the [indiscernible]. We have a widely recognized and beloved brand, which is we are now leveraging to gain wallet share and grow our non-ticket revenue. We have exciting activities on weekends, and improved merchandise has led to a 20% growth in spend per cap. Coupled with the calibrated hike in ticket prices, we've recorded a 22% increase in ARPUs. Coming to our financial performance of the quarter. We have clocked a robust growth over the peak run rate from FY '20. Revenue has increased by 62% from 40% to 66%. EBITDA has more than doubled from INR 8 crores to INR 23 crores, up 169%. We also saw EBITDA margin expand by [ 1300 ] basis points from 20% to 33%. I'm happy to report that the strong growth has brought increased profitability. We have registered a PAT of INR 10.5 crores, with a PAT margin of 15%. For the first half of FY '23 compared to the corresponding period, revenue is at INR 215 crores with a growth of 36%. EBITDA has increased from INR 81 crores to INR 117 crores, a growth of 45%. EBITDA margin has expanded from 49% to 53%. PAT has grown at 78% increase from INR 42 crores to INR 75 crores. Our parks provide an excellent avenue for families and friends to bond together as wonderful outdoor environment while making [indiscernible]. Customer centricity is at the core of our [indiscernible]. We are undertaking an ambitious project to enhance our customer engagement and experience by extending personalized offerings.
We thank you for your unwavering support and try to deliver value in the long term. We can now proceed to Q&A.
[Operator Instructions] We take the first question from the line of Ashwini Agarwal from Demeter Advisors.
So I have 2 questions. During the COVID years, you had taken a lot of steps to cut costs. Now as business comes back, some of these costs will need to be restored. So I was just wondering that the margins that we are seeing in Q1 and Q2, have the costs normalized? Or will the cost normalize going ahead? So that's question number one. And question number two is, if you can give us a granular update on Chennai. Maybe I'm reading it wrong. But in the footnote, the way at least I read it, I expect there was some progress in Chennai, but I could be wrong. So if you could help me understand that.
Satheesh, you want to take the call -- the question?
Yes. Sure. See, yes, during COVID levels, we were -- the priority was to cut the cost, and we brought down the cost to about INR 3.5 crores per month. Okay. Majorly, there was cut in the -- all the fixed cost and also reduction in the labor force and other things. But as we open the park, the resources are back, and we are working as a full one operation. In which case, they cost us back to the original situation plus the inflation of 2 years has included in that. And all the costs in terms of labor, maintenance, advertisement, and the cost of goods for F&B is back on their levels, okay? That's number one. And on the Chennai project, we are closely following up with the government of Tamil Nadu to help us to waive that LBT issue. And we are hopeful that it is at a critical stage now. And I think we are positive, the government will eat to our requirement, and we will be getting some good news in the close future, is what we anticipate.
We take the next question from the line of Mr. [indiscernible] Shah from KZB Investments.
Congratulations on an excellent result in Q2, sir, which is usually quite challenging due to the rains. Mr. Arun, my question is for you. I recently read an interview wherein you mentioned -- and it's even there in your presentation -- about the technical -- technological upgrade and enhancement that we are providing at the Bengaluru Park. So just with regard to that, if you could elaborate on the timeline and the cost involved. And when would we be looking at it for all the amusement parks also?
Sir, I will give you a prelude of this. We are working on upgrading our wearables. See, whenever a guest is coming, we want...
I'll take that question. Yes, I'll take that question. Yes. So what we feel is, people have to interact with our park and our staff in the park, we want to make that more efficient. Right now, a lot of our core things have managed, and we have very limited visibility on how people -- how they spend inside the park, and we don't have too much data on that. So what we are planning to do is, one, is to use like Satheesh said is wearables to collect more data. The other part is also to try and build some software, which will help us to also understand how people -- crowd inside and how -- which are the areas where people spend more time, which are the areas which are non-ticket areas where these people -- what are the kind of things people spend on in terms of non-ticket or how people -- what are the people -- ordering behavior, how people spend time on ride, queuing, a lot of things. So wearables is a big part of it, but there is also a lot of other things that we have to do. So right now, it's a pilot. We are just working on it, we don't have a current -- I think it's going to cost us maybe in the region of -- maybe INR 5 crores, the whole thing. And this will take maybe 1 year, 1.5 years. And of course, once we have -- the piloted cost for us is about INR 2 crores. Once we ready the whole venture of, what do you call it -- once we are happy with the pilot and we see some results in that, and then we will only -- then at that point spend the remaining amount.
This INR 5 crores is only for the Bengaluru amusement park, right?
No. Yes, INR 5 crores, I think, is for Bangalore.
So basically, what we're trying to do is we're trying to figure out the cluster formation, which are going to happen at the past, and then how you can optimize and make it efficient, if I'm not mistaken.
Yes, yes, something like that. Yes. So that's the way we are going to do this, yes.
And these wearables would have payables also, if I'm not wrong? So this...
Yes. So the wearable is -- it has 2 components. One part is we can use it for payment. One is it's got a dual [indiscernible], so we can actually absolutely track the person, how they're using -- I mean where they are exactly inside the park and stuff like that. So yes, so it has 2 strips, which will help us do both the payment and also tracking the person.
Okay, sir. Okay. And we're looking at the timeline is around 1 year, sort of Q2 of next year?
Sorry?
We are looking to implement this by Q2 of next year, right?
Yes. So we hope to have more clarity on this. We should be able to do the final testing by -- with another 6 months. And after that, we will see how we can roll out. So the whole process, yes, by Q2 of next year.
[Operator Instructions] We'll take the next question from the line of Mr. Dhruvesh from Prosperotree.
Sir, I missed the comments on Chennai project. The 2 parks that are ongoing, if you can elaborate what is the CapEx, which is already spent. And looking at the cash flows now, can't you get the confidence and urgency to move ahead with slightly more speed in achieving both the parks, including Chennai?
Sorry, I didn't hear you correctly.
Am I audible? Should I repeat?
Yes. Just can you give me repeat? I think I lost you a little bit.
So all I'm trying to say is the 2 parks, which are planned, if you can help us understand what is the spending, which is already done in the last 6 or 12 months, [indiscernible].
Satheesh can answer that question.
The second is in connection to that, looking at your existing cash flows and the better times that we may see in the next 6 months, you may be looking at more than INR 250 crores of cash flow this year. Is there a sense of urgency to probably get the Chennai thing or some other [indiscernible] done, so that we can see the fruits in the next 3, 4 years for other 2, 3 parks?
Yes. Of course, I mean, we are trying to get Chennai and Bhubaneswar off the ground. So hopefully -- but I am reasonably confident that we will be able to start both before the end of this financial year. We are planning to start Odisha -- next month. It will -- we already started work there. So I think in Odisha, we don't have too many delays. Chennai still -- we don't -- we haven't heard final the thing about the tax exemption yet. So until that happens, we can't do anything concrete on that. But what we are hearing is it should be done in the next -- I mean, hopefully, very soon. And -- but that's the government matter, right? So soon could be 1 month, soon could be 1 year. So we are hoping that it should be done in 1 month and maybe less than 1 year. That's what it was -- that's all I can say at this point.
Once it's done, of course, we'll...
Yes.
Is it not making you think that okay, now things have stabilized, bounced back so sharply? Let's move ahead with another 2 projects because things...
We also have, invested money already there, right? So we want to see that also to a logical [indiscernible] I cannot take my eyes off that. Chennai is a big market for us. So we want to finish that. And reasonably sure that it will get done. And we are looking at other opportunities also, but we don't want to do more than 2 projects simultaneously. So we are talking to other players -- other states and something we could be looking at another project also. In case we feel that Chennai doesn't come through, definitely, we will look at another one. We'll start working on the other one.
Sure. And the numbers you were asking somebody to answer that.
Satheesh, given that efforts...
So we have got about INR 330 crores for Chennai, of which we have already invested close to INR 115 crores. And Odisha is about INR 120 crores, and we have already invested about [ INR 7 crores to INR 8 ] crores in Odisha.
We take the next question from the line of Mr. Bhavesh [indiscernible] from [ MGB ] Capital.
Congratulations on the good set of numbers. So what I wanted to ask was -- with respect to cash flows. So I noticed about an investment of INR 8 crores spend on the investing activities. So at least give us some light on that.
It's more of a sustaining CapEx, which we have taken during the quarter.
Okay. And the next question is with respect to -- like we have registered good growth in footfalls, but we are able to see a significant uptake on the Hyderabad footfalls, Hyderabad Park footfalls. So like could you give us like how are you planning to upscale it?
Could you please repeat that again? [indiscernible].
So my question was that we have registered a good growth in our footfalls, but we are yet to see a significant upside of footfalls in the Hyderabad Park. So can you, like, help us, like, how you're planning to scale it up?
Hyderabad has been one of our top performers. If you look at our first half, Hyderabad has outperformed. I think, Hyderabad -- before COVID, Hyderabad used to do less than 20% of our revenues. Now as I understand it, it's almost 27% of my total revenue. So Hyderabad is definitely performing better. But yes, I think there is definitely more to be unlocked in Hyderabad, especially in the group segment. That, again, is something that we have to work -- we are working on. It's not going to bounce back immediately because we are still building our sales thing in Telangana and those markets. I think next year, we will probably have a better group visibility. This year, because we are coming out of COVID, I think, group footfalls are very erratic. So sometimes we get them. Sometimes we don't get them. It just depends on -- there are so many factors at play. We are getting good footfalls, but yes, it can be better. I think it will -- in the next 1 year, we can see Hyderabad contributing even better [indiscernible].
Just to add that also for you, for the current 2 quarters, if you see compared to the pre-COVID levels, we are 33% up, okay? On Hyderabad, there is still scope to improve. We are working on it, as MD told you.
So this question was purely that just because the Kochi Park is older, right? But still, it is outperforming. So that is why.
Yes, got it. He has answered you.
We take the next question from the line of Mr. Sachin Kasera from Svan Investments.
Congratulations for a good set of numbers. I had first question on the Chennai. So how fast can we try to reduce the timeline, also receive the approval? Is it that simultaneously getting a lot of preparatory work? And hence, in a normal scenario, the time taken is 100%, we'll be able to finish this project in 60%, 70% of the timeline?
In Chennai, I think once we get our approval, we need roughly about 18 to 24 months to finish the park. We are opening to finish in '18, but it could take maximum '24. We will not take that -- more than that. So I think in about 2.5 years from now, keeping some time for this approval and all that to -- also come through. I think 2.5 years from now is a reasonable time that's what we generally expecting.
Sure. Secondly, I think you even talked about increasing share of ancillary revenues in the last conference call. Can you tell us how the trend has been for this quarter? And any specific initiatives that you are looking to take to further increase the share of ancillary revenues and the overall revenues?
Yes, we have done a lot of things. I think it will be there in our presentation also that we are doing a lot of non-ticket revenue. We want to improve out cost ticketing. So a lot of things. We are revamping our restaurants. We are revamping our resort also actually because the resort has given a lot of room nights and revenue to us [indiscernible] pleasant surprise. So we are investing more in each of those verticals so that we can get more out of it. Yes. So you will see that coming to fruition in the next few quarters. Yes.
Sure. And last question was -- you had also indicated that you are looking at 2 more options for growth. One was if you could explore some sort of a franchise model. And second was the -- some of the surplus land that we may even after assuming the planned expansion for the existing parks. You were looking at some sort of...
We've never said that we are going to sell land and existing cost. I think you have the wrong in terms.
No, I did not say -- I didn't said that. I said that you had mentioned that you could look at options of how to unlock and monetize...
Yes, monetize. Yes, yes. So we are looking at that. Yes. So we want to do more maybe adventure based type. So that's what I already told you, right, of the resort, hence we will be using some of that land for expanding our resort back -- doing an adventures and adding more into the resort. Our resort is running out of capacity now, so I think it's time for us to add capacity to our resort and then make it a slightly more larger business. And so that there we can think about replicating in our other parks also. So we will be doing more experiments on that in our Bangalore Park in the next 1 year. And then once that comes through, we will do that in the other parks as well.
This would -- this thing that you're in doing Bengaluru would help you handle more visitors on a daily basis? Or if you could give us more details on that?
Yes, yes. So we don't have too much detail on it. So I will -- once it's ready, we will let you know. .
Sure. And are you also looking to extrapolate anything on the franchising side in terms of opening new parks on a more...
We have been focusing more on doing projects in the last quarter. So we've not really looked at franchise. It is the only thing we've had too much to do. Once we -- we want to get Chennai and Odisha off the ground, and that's what we've been working on. Franchising models are there, but it's not really -- actually, honestly, actively, we've not been able to follow it up, especially in the last quarter.
[Operator Instructions] We take the next question from the line of Mr. Venkatesh Subramanian from Logictree Investment Advisers.
Mr. Arun and team, congratulations on a very nice performance. I have 2 questions. So one is a big picture question, which is I think in your last calls and in your presentation, you have highlighted it. Broadly, can you give us an idea, say, over a 3-year timeline, 3, 3.5 year timeline, considering that by then, hopefully, Chennai would be commissioned, we would have made progress on Odisha. And last call, you had mentioned of some interest in Gujarat as well. Over a 3.5 year period, if I were to just watch and be a very passive participant in the growth of the company, how -- where do you think we could be, A, in terms of footfalls; B, in terms of number of parks; and C, in terms of ARPU at that point of time? I know that this could be -- I'm just -- I'm not going to hold you. Just broadly, do you have like a vision saying 3 to 4 years from now, this is where we want to get to? And how to get there?
Yes. I think in 3 years from now, we will definitely have 2 more parks up and running. So obviously, our number of footfalls would have at least gone up by a factor of 1.5x, where we are right now or 1.6x. And ARPU also would have 3 years, you can compound, let's say, about 7% per year. We're planning to take about 5% to 7% price hike every year. So you can -- hopefully impact that.
Right. And apart from the 2 more parks, are you planning to initiate anything across other states and places?
Yes, we will do that. But then again, like 2.5 years, if you want to see where revenues coming in from, I don't think it will be more than [indiscernible] into 3 years. Two more parks will contribute revenue -- 3 years, but we will be definitely working on more projects also.
Anything on Gujarat [indiscernible]?
Gujarat also, we have given -- we've been talks with the government, but we've not initiated any solid plan for Gujarat yet. Most likely, in Ahmedabad it's the place that we want to do something. We are -- we have been talking to the government, and they've been proactive, but we are not sure whether we will invest directly or -- like somebody has mentioned we would do it in a franchise model. So we are exploring those kind of things like that.
Okay. So just to summarize what you're saying is over the next 3 years, the realistic global thing is 2 parks and 1.5x the number of footfalls that we have. That's probably a goal?
That's -- something like that is possible, yes.
Okay. Anything -- any update on the gaming part, I think you had mentioned something in the last year's annual report.
So in gaming, I think -- so we will not be doing -- because we are not a software company. We will be partnering with somebody, and we are looking to see how we can do that. So again, it's a very experimental page. It probably want to take some time for us before we can have a concrete plan on that front. Because -- also, we don't want to do what other people are doing in games like we are [indiscernible] get into some gambling, those kind of games. So I think it's also an evolving kind of feel. So we are observing it very closely. We are watching what's happening. And at some point, we will definitely want to get into it. So we are in the process of looking, meeting different companies and planning what they're doing. So it's more like a learning phase for us right now.
And then last one, which is the -- Q1 and Q2, considering that pre-COVID cost and during COVID [indiscernible] cost, the current EBITDA margins and net profit margins broadly are sustainable over the next few quarters?
I think so. We should be able to -- of course, it will keep fluctuating a little bit. It will not be exactly the same. Every quarter it is -- so probably different numbers. But yes, I think this year -- after the end of this year, I think we can probably have a new baseline on to how our numbers will be, because this is still only 2 quarters of post-pandemic era, right? So I'm also eager to know how Q3 and Q4 will perform. Honestly, they're doing well. We are doing very well. But finally, the numbers and ratios we like to wait and see. But I think we should definitely do far better than what we've done pre-pandemic.
Okay. So currently, in October, November, you are quite doing quite well in the third quarter, broadly. Yes?
Yes, yes. We are doing -- we are doing probably -- we are doing better than pre-pandemic and then [indiscernible].
[Operator Instructions] We take the next question from the line of Himanshu Upadhyay from O3 Capital.
My question is on the group bookings, okay. So what growth we are seeing? Is the mix changed dramatically? Or in Q2 FY '23 versus Q2 FY '20, are the group bookings remain the same proportion of footfalls what they were pre-COVID, some idea on that? And what can be the sustainability of this growth in footfall means? How do we understand that?
Can I take this on, Arun, sir?
Yes, yes. Sure, sure.
Yes, your observation is good. Compared to -- during the pre-COVID, we were groups were 42%, and walk-in of 58% in Q2. And now it is 23% and 77%. The walk-ins -- the retail footfall actually increased in Q2 of this year. But if you take an H1 scenario, okay, you take the complete H1, the scenario is 21% was groups and 79% was walk-ins, and 23% was groups and 77% was walk-ins in current year. So in H1 scenario, it is almost evened out, okay? But in Q2, yes, your observation is correct. The retail footfall left, not just up. And going forward, these 2 quarters, if you take Q3 and Q4, it's normally a group quarter for Q3, and we can expect bigger groups for coming during this quarter. And the end of the year, we have the seasons, so we will have a good walk-in during the season time, that is starting from 15th of December.
And one thing, we had a lot of focus on group activities through schools and colleges and offices. So have all our channels started focusing? And are we back to pre-COVID level in terms of activations and everything on the group activities?
On the activations on the groundwork on the legs on the road, everything is happening. And we have got a good traction of colleges and the corporates in Q1 and Q2, which was really good. And Q3 is normally the school group. So we are hoping that the school group comes back to us.
And the realizations, how different are they? Let's say, group versus footfall?
It's like a retail versus wholesale because the retail footfall is almost full ticket. And group footfall, the discount starts for anywhere between 20% and goes more than 30%, plus the commissions also.
Sir, my question was, is it similar to pre-COVID? Or are we able to reduce the discounts in comparison to pre-COVID because there...
We have reduced the -- we have -- what we have done is, we have increased the group size. Pre-COVID group size was 10 plus. Now we have made it 20 plus. So we have put the barrier, it has been increased for the group. So what we are trying to do is, you come in a large number than you ask for discount. We don't want to entertain a smaller number. Smaller number will be still the retail ticket and full ticket. Yes.
We take the next question from the line of Sourav Dutta from Minerva India Underserved.
Just wanted to know if you can provide me the park-wise mix of walk-ins versus groups?
For the H1 or Q2?
For both possibly.
Okay. I will just share it with you. Okay. Park-wise mix for group for H1 was like this, okay, annual park for H1 is about 30 -- Okay. H1 is like a consolidated level was 79:21; and Bangalore is 83:17; Kochi is 70:30; and Hyderabad is 84:16. Sorry. Yes, 88:12 -- 86:14 Hyderabad; Kochi was 58:42. Bangalore was 85:15; and overall was about 77:23. That is the H1 numbers. I repeat it. Hyderabad was 86:14; Kochi was 58:42; and Bangalore was 85:15. And overall is 77:23. Walk-in versus group percentage, H1.
For Q2?
You want for Q2? Hyderabad was 81:19; Kochi was 68:32; Bangalore was 81:19; and overall was 76:24.
We take the next question from the line of Ashwini Agarwal, Demeter Advisors.
This is a follow-up to the opening remarks about second half -- or rather the current quarter also looking quite strong. So obviously, we are hearing of a lot of revenge tourism that is happening, and you might be benefiting from that as well. I mean is there any way for you to kind of figure out if this is an extraordinary period? Or do you think that this trend of strong footfall will continue into fiscal '24? And connected question is that over the next 4 to 6 quarters, still Bhubaneswar and Chennai start kicking in maybe 4 to 8 quarters from now. What's going to be driving the growth? Or is it going to be a record fiscal '23 and then probably consolidation in fiscal '24?
Yes. I think so your guess is as good as mine in terms of how next year will be, will that be better or worse in this year is, I mean, we love looking at a crystal ball for that, and even that may not give you. But I think we should be able to -- hopefully grow on this and not see too much of a dip next year. I don't think there'll be a dip next year. That's what we are counting on.
And also, I feel like at our group footfall still not have rebounded to pre-COVID levels, figuring more retail footfall. So now will that pattern change, next year? Again, we don't know, but I think we want to definitely improve our group segment. So we do expect more upside there next year. So yes, I think next year would be more consolidation, but I think we'll see some growth also. That's what we are hoping for. And then, of course, further growth would happen from maybe new parks. It will happen in 2 years from now and onwards.
So one question that I didn't ask, but I implied and I was wondering, is there any way for you to increase footfalls at your current parks? Are there capacity issues especially during weekends or during the holiday season that you can address? Is there something that you could share with us?
We are doing -- we do have capacity. I mean, of course, we don't get even footfalls at any point in time. So they are highly fluctuating and volatile, depending on many, many factors. So we never -- we'll be able to say that we will run at capacity every day, but it just doesn't work like that. Now one of the ways to improve your capacity utilization is to have more digital presales. That's what's happening now more on the online ticket sales and more retail. That ratio is growing, we see could be 5% going forward. And now it's more like 20% of my total [indiscernible]. So that, I think, is a good indicator for us to -- so that we want to grow, and then hopefully, that will help us say that, okay, this is the kind of footfall we'll have. Sure.
But I mean still -- it's going to be -- this business will always have an element of unpredictability to it. I don't mean we can completely wipe that out. Yes. Hope that answers your question.
And another thing is that on sort of F&B and other products that you sell in the parks. I mean, 2, 3 years ago, you started in earnest. And I'm very happy to see -- and great job done by all of you in terms of the sales, which are other than the ticket sales, that's continuing to grow. Do you have any sense that you could share with us as to what's the headroom there? I mean you must have done analysis that some people spend, let's say, INR 500, others spend nothing. And how do you activate...
We are still building our intelligence in this aspect. Like I said, we really don't have too much insight on how people are spending and spending patterns. It's still -- we don't have too much intelligence there. We do know what the people are spending and certain numbers of -- these [indiscernible] are doing so much. But I don't have behavior patterns of how people spend. So that will take -- like I said, once we have our system and all in place, it's going to take us more time to understand how people spend.
But what we are doing in the meanwhile is to make sure that we have better offerings, we are seeing more non-ticket revenue spends. And that means that we are getting higher-paying customers compared to pre-COVID. Ticket prices also way higher. If you look at our ticket prices, it has gone up by almost 20%, 25% compared to pre-COVID. So that obviously is changing the profile of non-ticket spends also. So now according to that spend, we have to up the game in terms of non-ticket revenue [indiscernible]. So that is what we are doing right now. Now what ratio? I think 65:35 is possible in India, but the global -- this thing is about 60:40, but we may not get there because I think [indiscernible] the resort also, and a lot of non-ticket spend have to grow. It will grow eventually. But I think right now, we are at 70 -- 75:25. That can become maybe 65:35 or maybe 70:30 first; and then go to 65:35, that's the way you look at it.
We take the next question from the line of Himanshu Upadhyay from O3 Capital.
See, we have seen a significant growth in non-ticket revenue. So 311 has become 364 over last 3 years, okay? But can you give some idea of what percentage of this growth in non-ticket revenue is from volume and value and more number of customers buying more, some...
Satheesh will be able to give you more details on that.
Yes. Yes, you are -- there is an impact on inflation also in this account, and we are about to 10% price increase. Okay, the balance is on account of volume there. And coming to the offerings, it is not just -- we can't tell the number on volume because the offerings we are trying experimenting various thematic food and also seasonal food items with our visitors, which have been very well welcomed by the visitors. So value, there has been a 10% decrease on account of inflation, and the remaining also on volume.
Okay. And any -- so the median -- this is 364 is mean, okay? And 311 was mean. But how is the median moved? Let's say, how many people are spending more on -- so some more clarity on that. Or what we are doing has been helpful? Are people are appreciating those services? How do you get a better understanding of that?
Our NPS is more than 90%. We have continuously clocked [indiscernible] despite this good visitor improvements and growth. Our NPS has been consistently above 90%. And we are closely watching that our conservative levels. We are focused on the customer experience. So it has been very consistent. .
Sir, my question was on the non-ticket revenue. Let's say, x percentage of people were spending above 311. And now what is the number of people who will be -- so the percentage of people who are coming to the -- our space would be spending more. And one more thing. When the retail people are moved, would have the...
It is difficult to answer because we are not talking about one segment of people, okay? We are talking about a college group. We are talking about school group. We are talking about the corporate, okay, and also the walk-ins. The walk-ins normally spent -- that is 60% of the crowd do a good spend, okay? But if you take as a crowd -- walk-in or you take it as a group or college, the spend is going to be lesser, okay? I can very well put that. Nearly 60% of the people spend over INR 300, and the remaining 40 will spend INR 250 or 300 rather.
So because what you stated earlier was the retail and -- the walk-in versus this has increased in this quarter versus Q2 FY '20. So again this footfall -- or the change in the footfall mix also helps in better...
It will be -- one of the -- if you go back -- Arun has been insisting that currently, our group versus walk-ins is at 40:60. We want to slowly move towards 75% walk-in and 25% group. So that is what our focus, more the retail, the ARPU will be better.
Ladies and gentlemen, that was the last question for the day. I now hand the conference over to the company management for closing comments.
Thank you all for attending our Q2 investor call. We hope to do better in the coming quarters. And like I said, I'm really looking forward to this year being a spectacular year for us. And yes, I hope to see you all soon. Thank you very much.
Thank you. On behalf of ICICI Securities, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.