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Wonderla Holidays Ltd
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Ladies and gentlemen, good day, and welcome to the Wonderla Holidays Limited Q4 FY '20 Earnings Conference Call, hosted by ICICI Securities. As a reminder, 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 you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Adhidev Chattopadhyay from ICICI Securities. Thank you, and over to you, sir.
Good evening, everyone. On behalf of ICICI Securities, I'd like to welcome everyone on the Wonderla Holidays limited 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 over the call to the management for their opening remarks. Over to you gentlemen. Thank you.
Hi. Good evening, everyone. This is Arun, Managing Director of Wonderla Holidays. Thank you for joining us today. We would like to extend a warm welcome to all of you to this call to discuss the Q4 results. Very excited to discuss our phenomenal performance with all of you. Record breaking is the word I would use to describe our results and for the period in review.
Across multiple key metrics, we have absolutely smashed previous records and raised our bar to unprecedented heights. FY '23 was a blockbuster year for us, and we have recorded our highest EPS ever and clocking in at about 130% growth over previous peak EPS in FY '20. The process of more than doubling up [indiscernible] registered in terms of high footfalls, revenues, EBITDA and PAT.
The dedication and strategic approach of our team have yielded remarkable results. Strong growth momentum led to an average 39% footfall growth across all parts in FY '23. This was largely enabled by encouraging response from the walk-ins groups and all aspects of our customer base. Our digital marketing strategy has been especially remarkable, and we've been able to do timely promotions and pull crowds. We've also done marquee musical events, festivities and occasions to visit, and our motto has been create more occasions to visit Wonderla.
Q4 also was also the fifth consecutive quarter of double-digit growth for the company, registering 2x growth over Q4 FY '20. The aggregate footfall across 3 parts this year amounted to 33 lakhs averaging over 1 million footfalls [indiscernible]. Again, these are all record-breaking numbers and the full year footfalls compared to pre-COVID base of FY '20. Bangalore Park has 12 lakh footfalls, grown by 33%; Kochi Park with 11.4 lakhs, grew by 47%; and Hyderabad at 9.7 lakh, registered a growth of 37%.
Our average ARPU for the year was INR 1,240 with a healthy growth in non-ticket revenue driven by our strategic initiatives to gain higher wallet share via merchandise and exciting F&B offerings. Our FY '23 revenue at INR 429 crores, which grew by 58%. Our operating leverage led to a record 49% EBITDA margin with EBITDA at INR 211 crores, also doubling over the base of FY '20. PAT for the fiscal year is INR 149 crores, again, more than 2x the profit of INR 65 crores generated in FY '20.
PAT margin stands at 33%, also the highest EPS at INR 26.3. Following this year with the highest profitability in our history, we've also recommended a dividend payout of INR 2.5 per equity share.
Proceeding to the financial highlights for the quarter, we had about 8 lakh footfalls, again, clocking a 2x growth over Q4 of FY '20 and revenue of INR 98 crores over a base of INR 42 crores for the corresponding period in FY '20. EBITDA in Q4 was INR 42 crores against INR 5 crores in Q4 of FY '20 and our EBITDA margin is at 43%.
Being debt-free and cash rich, the company enjoys high profitability. Q4 FY '23 PAT came in at roughly INR 35 crores and a margin of 31%. The Board of Directors recently accepted the resignation of our CFO, Mr. Satheesh Seshadri. Company places on record its appreciation for the invaluable contribution made by him during his tenure. The Wonderla family wishes him the best in his future endeavors.
I'm also delighted to announce the work has commenced in our fourth park in Orissa. Construction is in full swing, and we are also making headway into our Chennai project, which also will be starting shortly. Thank you all for your constant support and now we can open for Q&A.
Thank you. We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from Kaustubh Pawaskar from Sharekhan by BNP Paribas.
Congrats for good set of numbers. My first question is on the quarter 1. So quarter 1 is seasonally strongest quarter for us. So this time in Bangalore, we have seen election period. And also, there was a period of unseasonal rains as well. So considering that, do we see any impact on footfalls for this quarter? Or should we expect steady kind of a growth in Q1, especially for Bangalore for us?
We are actually okay. I mean, there was some dip in numbers here and there, but overall, the numbers are growing compared to last year, and our numbers will be better than last year.
Okay. Okay. Sir, second question, in the media interaction, you mentioned that you are looking at ARPU growth of around 10% to 12%. So I can understand that nonticketing revenues would have a -- would growing for that. But are we -- are we also expecting some kind of a ticket price raise this year? Or if we have taken any increase in the ticket prices?
Yes, we have raised the ticket prices about by 11% already. We usually do about 2 or 3 price corrections in a year. We have taken one already. So roughly about 10% to 12%.
Okay. Okay. And my last one is on the EBITDA margins. This year, we have seen our EBITDA margins at around 49%, highest in past several years because of the strong operating leverage. But going ahead, should we expect our EBITDA margin stabilizing at around 45%, 46%?
Yes. That is correct. Yes. Yes. I don't think -- this is probably be a high mark because now going forward, we have new investments and new CapEx. So EBITDA margin, I think, might come down a little bit. But overall, we should be able to manage good EBITDA margins, but higher than this, probably, I don't know, it's probably unrealistic.
Right. And one last if I can, on the Chennai project, so if you can provide some guidance when we should expect this project to start or still there are certain?
We are planning to complete. So the government order says we should -- we have a 2-year construction period, and then we have a 10-year tax holiday on the entertainment -- local entertainment tax. So we hope to finish construction within the next 2 years. And then for 2 years from now, we hope to open this park to public.
Our next question comes from the line of Angad Katdare with Monarch Networth.
First of all, congratulations on the fabulous set of numbers. My first question is a bookkeeping question. So we have reported a total ARPU for '23 is INR 1,243. Can you please give a split of ticket and nonticketing.
75% will be ticket and 25% will be non-ticket.
Okay. Yes. My second question is, so we plan to shift the ratio of ticket to non-ticket from the 75%, 25% to 60%-40%. Can you please give a relative time line for that?
See, that is a long-term objective. It's not something that we can do overnight. We hope to get to a 70%-30% kind of number in the next 2 years and then 60%-40% within the next 5 years. So something like that is what we are planning.
Okay. Sir, so we are seeing frequent [indiscernible] events happening at all 3 parks. Can you please give a split of the total footfall compared -- so coming from these [indiscernible] events, that would be helpful.
We -- I don't think we have -- Satheesh, do you have numbers for the events. I don't think you have separate, we capture that.
We do normally about 3,000 to 5,000 footfall per event. That's what the trend has been. And these are all the mega events what we are doing. And we're also doing -- every fortnightly, we are doing the Saturday events of the parks, which creates the momentum for us. Okay? These things help to create some vibes and move -- put out some contents out. So that's how it is being leveraged.
Okay. Just to clarify, 3,000 to 5,000 includes all 3 parks every fortnight, right?
We told 3,000 to 5,000 per event -- per mega event.
Per event, per park?
Per event, per park. And the frequency is fortnight?
Nor fortnight. This will be maybe once -- yes, so we will about 2 events per quarter, so probably 10,000 per park, per quarter, something like that.
Okay. One last question. Sir, you had started a pilot project on variable tech in Bangalore park. Any update on that?
It's still ongoing. It takes us maybe about 6 months to a year to finish that.
Our next question comes from [ Anupama Mudra ] with [indiscernible].
Congratulations on great numbers. So my first question is, can you throw some light on our [indiscernible] project like when it is going to start and what kind of projections you have as far as the revenue contribution is concerned?
And the second question is regarding margins. You've seen like significant expansion in margin. So what are the drivers for this margin expansion?
Drivers of margin expansion is your ticket to CapEx ratio. So for example, if your -- the amount of your tickets that you can charge -- the ticket price that you can charge by the CapEx. So if your CapEx is high, obviously, your -- and if your ticket prices, you're not able to charge a corresponding ticket price, then obviously, your margin will come down. So that is the biggest one.
Odisha project, we hope to complete in -- we already started work since March. So -- and 2 years is the time line. So hopefully, 2 years from now, we will be able to open the park, or maybe even earlier also, but 2 years is conservatively what we've kept.
And what kind of contribution are we expecting from this park?
Satheesh can give you some numbers.
Okay. The -- we are talking about 5 to 6 lakh footfall, which -- during the year 1, that has been the trend whenever new park has opened. And about [indiscernible] the existing ARPU is what we are looking at in Odisha park.
Our next question comes from Aejas Lakhani with Unifi Capital.
Congratulations on an excellent set of numbers. So three questions. First one is, I was -- I'm not -- I haven't fully understood the Chennai Park comment. I was still under the impression that you had the local body tax concern. So is that done away with. Could you brief us a little bit on that? Because I thought that was...
Yes. We had asked for a 10-year waiver of the local body tax and they have accepted that request. So we don't have that problem anymore.
Okay. Yes. And so therefore, you have started construction effectively now...
We will be starting -- we will be starting soon, yes. But we are already preparing to start work there.
Perfect. And I understood that. And the other thing is that the local body tax waiver for 10 years will start once your construction period is over? Or it includes...
Yes. There is a 2-year construction period, and then after that there will be a 10-year holiday.
Wonderful. My second one is that if you could explain the unit economics of how the Odisha park and the -- which is the more asset-light park work. So do you have a lease payment to be made during this with state government? Your unit economics, if you exclude the cash...
We don't have too much CapEx in terms of land because that is a big saving for us. Typically, we spend between [ 32 ] -- it gave us, Chennai, almost INR 100 crores on land. So that whole component gets completely erased. We have a very minute payment of lease. So practically, it's not a big amount at all for us. So that takes care of one -- that takes away one big chunk of CapEx for us.
The other thing that we will do in our asset-light parks is we will be a bit careful in choice of rides and attraction. And we'll have a higher mix of our in-house developed rides. Of course, we will also have imported -- some big rides having attractions also. But the mix will be slightly different and also if you cater to a Tier 2 city and also in getting with the taste of that area and the weather and things like that. So that is how we are able to bring down the CapEx by some, let's say, INR 350 crores to INR 400 crores to less than INR 150 crores.
So INR 150 crores will be the rough CapEx that we are planning. And we will be able to charge roughly INR 600 to INR 700 ARPU there. So that will obviously give us a good footfall to investment -- sorry, ARPU investment ratio will be much higher there or equal to what we do like, for example, in Bangalore. So we'll be able to [indiscernible] will work out for us. But I mean, this is how the rough calculations we have for now.
Got it. Sorry, did you say the ARPU to CapEx ratio would be similar for a big park as well as a [indiscernible] power?
Yes. Yes, yes, it will be. In fact, it will be slightly more favorable, I think.
Okay. Basically -- and is it fair to say that this asset-light model is what you would look to replicate with other state governments in the future? Or are you still open to purchasing land and then putting up your own park?
We are not -- we prefer not to do land purchase going forward because that makes our balance sheet very heavy. We are already a very asset-heavy company. So going forward, we would like to do more asset-light model. But the asset-light model can be done in a Tier 1 and a Tier 2. So right now, we are doing Tier 2, but Tier 1 is also possible.
Wonderful. And just you've been -- there's been an impetus at your end to ensure that ticket sales are more retail versus the wholesale one where you've increased the group sizes and commission paid, you're trying to curtail that. So could you just give some color on probably over the last, like, say, a couple of years back, how that retail to wholesale mix in your ticketing revenues have been?
Satheesh can give you some details on that.
Yes. Yes. We have done about 33.1 lakh footfall. In that, about 13.1 lakh is groups and close to 20 lakhs is retail, that is walk-ins. So the ratio is about 60%-40%.
Wonderful. And what was this ratio, say, 3 years back prior when you did not have this endeavor?
It is just 1% here and there. That's it.
Okay. So your recent efforts to increase more online sales, more -- convert them -- convert more retail. Could you speak a little bit more about the initiatives you are doing there to increase this retail ticket sale contribution?
So as a policy, we are -- we like retail. So we are constantly tweaking our discount policies to ensure that we have more retail visitors. And also, it's also a function of marketing. Our marketing strategy is also competing different. It's not a full -- it's not a [indiscernible], but we still did a lot of discounts to get footfalls back. And -- so because this is last -- FY '23 is our first year after COVID.
So our full -- I mean, sorry, our retail to group ratio wouldn't remain the same. But this year, I think you'll see more focus on retail as against groups, and which is the way for us -- we feel that is the way for us.
Got it. And lastly, could you speak -- you've spoken about trying to use variable technology to reduce or to observe how people are spending time inside the park to improve your...
This is still at a piloting stage. So once we have some results, we will share.
Okay. And any efforts on building the team for these activities or these mega 3,000 to 5,000 -- you mentioned that you wanted to build a better team in place to execute. So any...
Yes. So this year, we can expect an expansion to our leadership team. We are looking to induct technology head and we are looking to induct a HR head, people function. So we will see some induction to our leadership team this year, maybe three people. Also, Satheesh has put in his paper. So we are also looking at a new CFO candidate. So three -- I mean, we can expect maybe 3 to [ 5 ] people be added to our leadership team this year.
Wonderful. And you've been speaking to other governments for a similar PPP model. Any update on, say, an MP or any of the state government?
They are all very bullish. In fact, Punjab and MP have been extremely bullish for a Wonderla project to come in, in their state. So we can expect some announcement on these two. But we are also talking to Goa and also may be slightly Gujarat also, we will initiate some discussion. So these are some of the plans. As and when there is some results, we will keep you updated.
Our next question comes from the line of Ashwini Agarwal with Demeter Advisors.
Since there is no response from Ashwini, we move on to our next question, which is from the line of Keshav Garg with Counter Cyclical PMS.
Sir, I'm trying to understand so that our fourth quarter revenue is less than the third quarter revenue. But sir, the past trend is that our fourth quarter revenue used to be more than the third quarter revenue. So sir, am I missing anything? Or what is the reason for the same?
Usually, our fourth quarter is lesser than third quarter revenue. Are you sure you're looking at the correct number? I'm not really sure. Satheesh?
You're right, sir. Normally, we do about 30% during the third quarter footfall. And it's about 20%. That's all with us...
So fourth quarter is all bigger than third quarter. So I don't know [indiscernible]
[indiscernible]
Third quarter, yes, you're right.
Sir, also, sir -- sir, we already have INR 250 crore net in our balance sheet, plus we are generating around INR 200 crore operating cash flow every year. And I understand that for the Chennai park, the land has already been acquired. Sir, so what I am trying to say that, sir, don't you think that we are a little too conservative in our growth and that maybe we can take more projects simultaneously?
So we are uncomfortable doing so many projects. Simultaneously, we have been doing two projects already, Chennai and Odisha. That will take care of our CapEx for the next 2 years. But also we are -- like I said, just now we are looking at new projects also. So we are building a pipeline of new projects that we can execute. So as and when our existing projects under WIP complete, we can start new projects.
Sir, but in the next 2 years, we won't start any new projects. That, we are sure of?
Not sure. As of now, we have these two completely greenlighted. So we will proceed with those. As and when we get new projects, again, greenlighted, we will evaluate and take a decision at that point.
Sure, sir. And sir, lastly, sir, for this FY '24 financial year, sir, I missed that you said that you have already taken some kind of price hike. And sir -- sir, so what more price can we expect for this financial year?
That is a function of adding new rides and footfall growth and yield and things like that. So as of now, we are not planning anything else. But from time to time, we will do it.
Our next question comes from Dhruvesh Sanghvi with Prospero Tree.
Great set of numbers, Arun. Congratulations to the team. And just one, what has been the tone for the current quarter because this being one of the best one in the cyclicity of things. The coming quarters, we have already probably closing the month end for May also. So I think you have guided on 10% type of a footfall growth. So are we seeing the similar trend for the...
5% to 10%. 5% to 10% is what we have predicted. And I think we'll be there somewhere there. We don't know yet. But as of now, we should be able to do that.
Right. So why I was asking this particularly is that particularly when we see the Kochi park, before 2020, we used to struggle around 7%, 7.5%. And like we have come back with the vengeance like anything about 11.4 lakh footfall.
Kochi and Hyderabad, both have been top performers. I mean in fact, Kochi continues -- both continue to be very good performers.
Even for the current ongoing year of FY '24, you feel that, that -- or the higher base, we will be able to do better than this, right?
Yes, I think so.
Okay. Okay, fine. And just one more part in terms of the initiatives post COVID that you have taken in terms of other non-ticket revenues, which predominantly in the past used to be food, let's say. But that other part of the non-ticket revenues, what is the total percentage today, is it already significant in terms of events taking up, let's say, 5%, 7% of the total revenues this year or some light on that?
It will be incremental, so you can expect maybe 1% or 2% improvement in our non-ticket revenue because of this.
No, sorry. What I am trying to understand is the initiatives -- the new initiatives taken after COVID on the non-ticketing side. Are they already significant in terms of 4%, 5% of the rural revenues or no?
That comes in both. That comes in not only non-ticket, it will come in ticket also. [indiscernible]. So we see a small improvement in both.
Our next question comes from [ Sourav Dutta ] with Minerva Asset Advisors.
I had a quick question on the CapEx side. You had earlier guided for a CapEx of around INR 9 crores to INR 10 crores per park on the higher side, which would be around INR 30 crores per park totally for the full year. But for FY '23, the total CapEx is around INR 45 crores. So just wanted to understand, is this because of the Bhubaneswar projects? Or is there some one-off here?
Sorry, I didn't understand your question.
Earlier, you had guided for around INR 9 crores to INR 10 crores of CapEx per park. That would be around INR 30 crores...
This additional CapEx will be INR 10 crores -- not INR 10 crores. It will be 10% of our top line. So if we have done about INR 50 crores this year, we will keep aside INR 45 crores for CapEx in our existing projects.
Okay. So INR 10 crores of the top line would be...
Not INR 9 crores to INR 10 crores. It will be 9 -- 10% of our top line we will use for new CapEx.
Yes. Understood. Secondly, previous participant asked a similar question. I just wanted to understand that since our future products are likely to be asset-light, and we would be generating around INR 200 crores of cash flow every year and have a CapEx of [indiscernible] every year. So our cash would swell by around INR 160 crores, INR 170 crores each year. Just wanted to understand why this was to paying out dividends -- higher dividends or conducting buybacks and taking up more leverage for the expansions. Any reason for being so conservative and not using leverage for the expansions?
I mean, we have cash on hand, so we want to definitely use the cash because we have very high CapEx coming our way. So we want to be prudent in our dividend. So roughly 10% to 15% of our PAT, we will give out as dividend. That is the plan.
And -- so that's what we've been doing. And I don't think it will move more than that because we have so much -- so many CapEx coming in our way.
Yes, but the future projects are likely to be quite asset light. There weren't be any land expenditures as we just spoke about. So...
It will be -- it's hard to predict. So sometimes, we will end up buying [indiscernible] also. Some geographies, we may not be able to get land through the government. So we'll end up buying. So it's hard to predict. Every state has a different policy towards this. So that's why we have to be a bit conservative.
Our next question comes from the line of Jins Varghese with [indiscernible] Capital.
Just wanted to understand two things. In terms of -- you've guided for about 33 -- so this year, we've done about 33 lakh footfalls, right? So going forward, you think there is hope in -- Bangalore is already about 11 lakh, 12 lakh or -- so is there more opportunity coming from Hyderabad because that is -- in terms of slightly lower? So are you seeing any park-specific trends in these kind of footfall growth? And also, is there any plan to kind -- to expand or brownfield expansion within these parks itself to kind of increase the footfall? That was the first question. Secondly, in terms of -- so obviously, there is a gestation in terms of like -- every time you identify a project and for the project to come onstream, it's almost a 2-year kind of a time frame, right? So are you -- is there any, say, acquisition opportunities or a park which is not doing well, you can take over and kind shorten this time cycle so that there's more reliability, the -- some key growth doesn't come and there's more predictability. Is that even a feasible option going forward?
So your first question is, I kind of answered it in the previous question. So we will earmark roughly 10% of our top line for expanding offerings at our existing projects. So that is what we've been going bit slow on that pre-COVID but we are accelerating that, and we will expand because our parks are pretty much running full every day, especially during summer months. So we will definitely expand so that we can have more footfall, especially during season time. Second question, acquisition, we are not -- we usually don't -- we are not very bullish on acquisition because existing operator will obviously want best valuation for his asset and then buying it and then quantifying to our standards, there's again more CapEx. So I think the main differentiating factor for our Wonderla park is our high efficiency in our CapEx. So when we acquire another company, and then modify that, our efficiency will vanish. So we are not very -- unless there is a specific opportunity, we are not that open to acquisition.
We are more happy to do maybe management contracts and things like that. So that, we are exploring. But it also is hard because this is a very tailormade offering. It's not something that we can -- it's not like a hotel where I can buy and rebrand it as a Wonderla ourselves. Building a park, usually, we have to do it from scratch. So it's harder to do it. I'm not saying it's impossible, but it's harder to do it.
Okay. Okay. But you would be open to something like that, right? So just -- because the growth will be very organic now, right, at least for the next year, 1.5 years, we were only looking at a small increase in their realization and some increase in footfall but a big chunk of growth will only come maybe in FY '25 later half. So in future, if you can more than this -- or I mean, any thought process. So that is what I was asking -- trying to figure out? Because there is cash generation...
I understand. There are not so many amusement parks also, right? So that is the other challenge because there aren't that many parks available in India. And whatever is available, people are willing to sell it usually because of high real estate value they want to unlock, and we don't buy high-value real estate as a policy. So we always look for cheaper real estate. So those are some conflicting requirements. So based on that, it's not that easy to find properties to buy or acquire.
Our next question comes from Sakshi Chhabra with Swan Investments.
So I wanted to understand that in -- usually in Q1, we do 40% of our total revenue, but based on our rate -- Q4 performance, the Q1 was -- like contributed around 25%. So based on the new events and all that we are doing, are you seeing a change in the seasonality going forward?
Yes. So our new strategy to kind of move away from seasonality and to get uniform footfall throughout the year. So that is some -- we have to work on that. And so that's something that we hope to achieve this year also.
Our next question comes from Ashwini Agarwal with Demeter Advisors. Since there is no response from Ashwini, we move on to our next question from the line of Rahil Shah with Crown Capital.
So you're already existing in three locations, right? You've been present there for a long time now. And recently, you moved to Odisha, you moved a bit towards the east now. So have you considered any other regions across India? Have you -- do you have any plans in the future to do so?
I just answered that. We have new projects that we are looking at -- in larger Tier 1 and Tier 2 cities across the country. So we are talking to a few state governments to see whether we could do projects there. So as and when we have confirmed news, we will share with you. But we are looking at Punjab, we are looking at Gujarat, we're looking at Madhya Pradesh, we're looking at Goa.
Okay. Okay. Sorry, I missed that, but thank you for repeating. And can you also repeat for me what CapEx you are -- you planned for Odisha?
INR 150 crores.
INR 150 crores. Okay. And so given you just mentioned that...
Your questions are mostly repeated. So if you could do your research and then come back, it will be nice.
This is my last question. And I just want to ask, you said you'll be moving away from seasonality and try and have uniform footfalls throughout the year. So this year, and someone mentioned that you will see meager growth given Odisha will be coming up in FY '25. So what kind of -- can you give any outlook for FY '24 in terms of top line?
Sorry, we don't do that kind of and I told you, right, we can't give you a clear guidance because we are looking at a 5% to 10% footfall growth and a 10% ARPU growth, 10% to 12%. So that should give you a range.
Our next question comes from Dhruvesh Sanghvi from Prospero Tree.
Just also wanted to ask you, did you even consider Imagicaa and participate in the possible restructuring which went through? I just wanted to understand the rationale. I mean I understand that it's over. But if we did not participate, why not, etc., and some background thought on what went inside your mind?
So we were approached by Imagicaa. It's just that we didn't opt to do a INR 500 crores, INR 600 crores CapEx that time during COVID. And like I said, we are doing more asset-light kind of model now, which is what we were more comfortable doing. Also, like I said, Imagicaa was built with a different philosophy in mid. They have very high for a CapEx rise. And so for us, getting it to our standards would have been even more expensive. After buying it, you'd have to invest more. So these are some of the reasons why we didn't [indiscernible].
Our next question comes from Angad Katdare with Monarch Network.
Just one clarification. You mentioned the Bhubaneshwar Park ARPU will be around INR 600. Is it considering -- if it starts today? Or are you telling that amount for FY '25 when it will start?
I didn't say INR 600. It'll be INR 600 to INR 800, it's hard to predict how the ARPU will be. We will see. Based on demand, ARPU will change. So if you see high demand, you can go up to even INR 900.
Ladies and gentlemen, we have reached the end of the question-and-answer session. I would now like to hand the conference over to Mr. Bhavya Shah from Orient Capital. Please go ahead.
[indiscernible] everyone for participating in this con call today. I'd also like to thank the management of Wonderla for taking time out and answering all the questions today. Orient Capital is the Investor Relations adviser to Wonderla Holidays. For any queries, please feel free to get in touch with us. Thank you so much.
Thank you.
Thank you all for the call -- for attending this call.
On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.