Wonderla Holidays Limited has informed the Exchange regarding Investor Presentation
Q1 FY20 RESULT UPDATE August 2019
• Q1 FY20 RESULT HIGHLIGHTS
• Q1 FY20 PORTFOLIO UPDATE
• AMUSEMENT PARK, BANGALORE
• RESORT, BANGALORE
• AMUSEMENT PARK, KOCHI
• AMUSEMENT PARK, HYDERABAD
• FINANCIALS
• COMPANY OVERVIEW
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Q1 FY20 RESULT HIGHLIGHTS
Q1 FY20 YoY Analysis
REVENUES
EBITDA & EBITDA MARGIN
CASH PAT, PAT & PAT MARGIN
In Rs Mn
1,038.8
1,176.2
55.3%
574.9
58.3%
685.9
31.7%
35.7%
524.7
428.7
420.3
13.2 %
19.3 %
329.7
22%
28 %
Q1 FY19
Q1 FY20
Q1 FY19
Q1 FY20
Q1 FY19
Q1 FY20
PAT
Cash PAT
PAT Margin %
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Q1 FY20 RESULT HIGHLIGHTS
FINANCIAL UPDATE
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Q1 FY20 revenues increased by 13.2% YoY from Rs 1,038.8 mn to Rs 1,176.2 mn driven by 8.2% YoY growth in footfalls across all three parks
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Ticket revenue grew by 14% & non ticket revenue grew by 11% in Q1 FY20. Footfalls in Kochi, Bangalore & Hyderabad park grew by 12%, 9.1% and 4% respectively.
Q1 FY20 EBITDA increased by 19% YoY from Rs. 574.9 mn to Rs. 685.9 mn in Q1 FY 20 and EBITDA margin increased by 300 basis points from 55.3% to 58.3% on account of cost efficiency initiatives on a continuous basis.
Q1 FY20 PBT increased by 25% YoY from Rs. 494.6 mn to Rs. 616.5 mn. PBT margin increased from 47.6% in Q1FY19 to 52.4% in Q1FY20
Q1 FY20 PAT increased by 27.5% YoY from Rs. 329.7 mn to Rs. 420.3 mn. PAT margin increased from 31.7% to 35.7%
Cash PAT (PAT + depreciation) increased by 22%, from Rs 428.7 mn in Q1FY19 to Rs 524.7 mn in Q1FY20, indicating continued generation of healthy cash flows.
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Q1 FY20 REVENUE ANALYSIS
21.7%
78.3%
25.6%
74.4%
SERVICES VS. PRODUCTS
PORTFOLIO BREAKUP
1038.8
1176.2
1038.8
1176.2
21.2%
78.8%
2.8% 28.1%
23.5%
45.6%
In Rs Mn
3.2%
26.6%
24.7%
45.5%
Q1 FY19
Q1 FY120
Q1 FY19
Q1 FY20
Services
Products
Park - Bangalore
Park - Kochi
Park - Hyderabad
Resort - Bangalore
TICKET VS. NON-TICKET
1038.8
1176.2
25.2%
74.8%
Q1 FY19
Ticket
Q1 FY20
Non-Ticket
TOTAL FOOTFALLS (In ‘000)
831.0
899.1
8.2%
Q1 FY19
Q1 FY20
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Q1 FY20 REVENUE ANALYSIS
AVG. REVENUE PER VISITOR (PARKS) (In Rs) *
AVG. TICKET REVENUE PER VISITOR (PARKS) (In Rs)
1,216
1,266
930
978
4.1 %
5.2 %
Q1 FY19
Q1 FY20
Q1 FY19
Q1 FY20
AVG. NON-TICKET REVENUE PER VISITOR (PARKS) (In Rs)
BREAK-UP OF NON-TICKET REVENUE (PARKS + RESORT)
286
288
1 %
8.7%
10.7%
38.2%
42.4%
8.4%
12.6%
37.2%
41.8%
Q1 FY19
Q1 FY20
Q1 FY19
Q1 FY20
* Includes sale of services, sales of products & other operating income.
Restaurants
Products
Resort
Others
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Q3 FY15
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PORTFOLIO UPDATE – AMUSEMENT PARK, BANGALORE
•
Launched in 2005 by the name ‘Wonderla’
• Wonderla Bangalore is located off the Bangalore-Mysore
highway, 28 km from Central Bangalore
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•
•
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Situated on 81.75 acres of land with 63 land and water based attractions and other allied facilities
5 restaurants offering various cuisines, of which all are operated by the Company
The park has won 13 awards since inception
Launched Wave Rider - A family ride imported from Italy, it has a cabin wherein the riders stand at both sides. Cabin rotates on a pivot giving the riders an experience of surfing through waves. The ride has a capacity of 12 persons at a time with a duration of 2 minutes per ride.
Total Revenues (Rs Mn) *
No of Visitors (In ‘000)
Q1 FY20
Q1 FY19
YoY %
534.3
396.6
473.5
365.5
13%
9.1%
Avg. Revenue Per Visitor (Rs)
1347.3
1295.4
4%
* Includes sale of services, sales of products & other operating income.
LOCATION
BANGALORE
Total Land Available (In Acres)
Developed Land (In Acres)
Land Availability for Future development (In Acres)
Total No of Rides
No of Wet Rides
No of Dry Rides
81.7
39.2
42.5
63
21
42
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BANGALORE PARK – REVENUE & FOOTFALL ANALYSIS
AVG. TICKET REVENUE PER VISITOR (In Rs)
AVG. NON-TICKET REVENUE PER VISITOR (In Rs)
1004
1055
5 %
291
0.5 %
292
Q1 FY19
Q1 FY20
Q1 FY19
Q1 FY20
FOOTFALLS – WALK-IN Vs. GROUP / CHANNEL (‘000)
FOOTFALLS – REGIONWISE BREAKUP (‘000)
365.5
396.6
5.8%
94.2%
9.6%
90.4%
365.5
3% 3% 5%
87%
1%
396.6
5% 4% 10%
78%
3%
Q1 FY19
Walk-in
Q1 FY20
Group
Q1 FY19
Q1 FY20
Kerala
Karnataka
Tamil Nadu
Andhra Pradesh
Others
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PORTFOLIO UPDATE – WONDERLA RESORT, BANGALORE
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•
•
•
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Three Star leisure resort attached to the amusement park; launched in March 2012
The resort has 84 luxury rooms
The resort also has 4 banquet halls / conference rooms, totalling 8,900 sq. ft. with a capacity to hold 800 guests and a well equipped board room
Suitable for hosting wedding receptions, parties and other corporate events and meetings
Other amenities include a multi-cuisine restaurant, rest-o-bar, solar heated swimming pool, recreation area, kids’ activity centre and a well equipped gym
Total Revenues (Rs Mn) *
Total No of Room Nights Available (No.) to Guests
Occupancy %
Avg. Room Rental for the period (Rs)
Q1 FY20
Q1 FY19
37.8
7496
62%
4906
28.6
7515
45%
5059
YoY %
32.1%
-
-
-3%
* Includes other operating income.
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PORTFOLIO UPDATE – AMUSEMENT PARK, KOCHI
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•
•
•
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Launched in 2000 by the name ‘Veegaland’ and operating under the name ‘Wonderla’ since April 2008
Situated on 93.17 acres of land, and currently occupying 28.75 acres for 57 land and water based attractions and other allied facilities
6 restaurants offering various cuisines, all are operated by the Company
The park has won 18 awards since inception
Launched Fusion Slide - A water tube slide with a diameter of 1.4 meter, starts from a height of 9 meter. Two riders can enjoy at a time. Inflated tubes are used to carry riders through the slide. Special natural light effects are provided with multi colour transparent strips in some portion of the ride.
Q1 FY20
Q1 FY19
YoY %
Total Revenues (Rs Mn) *
290.7
244.5
19%
No of Visitors (In ‘000)
252.8
225.9
12%
Avg. Revenue Per Visitor (Rs)
1150
1081.9
6.3%
* Includes sale of services, sales of products & other operating income.
LOCATION
Total Land Available (In Acres)
Developed Land (In Acres)
Land Availability for Future development (In Acres)
Total No of Rides
No of Wet Rides
No of Dry Rides
KOCHI
93.2
28.7
64.4
57
23
34
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KOCHI PARK – REVENUE & FOOTFALL ANALYSIS
AVG. TICKET REVENUE PER VISITOR (In Rs)
AVG. NON-TICKET REVENUE PER VISITOR (In Rs)
832
888
250
262
6.8 %
4.7 %
Q1 FY19
Q1 FY20
Q1 FY19
Q1 FY20
FOOTFALLS – WALK-IN Vs. GROUP / CHANNEL (‘000)
FOOTFALLS – REGIONWISE BREAKUP (‘000)
225.9
252.8
13.7%
86.3%
19.0%
81.0%
225.9
3%
1%
27%
1%
68%
252.8
3%
0%
33%
1%
63%
Q1 FY19
Walk-in
Q1 FY20
Group
Q1 FY19 Karnataka
Kerala
Tamil Nadu
Andhra Pradesh
Others
Q1 FY20
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PORTFOLIO UPDATE – AMUSEMENT PARK, HYDERABAD
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•
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Launched in April 2016 by the name ‘Wonderla’.
Situated on 49.5 acres of land, and currently occupying 27.0 acres for 46 land and water-based attractions and other allied facilities.
4 restaurants offering various cuisines, all are operated by the Company.
The Park has won 6 awards since inception
Launched 2 rides: Funky Monkey - Drop Tower specially designed for children . The ride takes to a maximum height of 4 meters, giving a miniature experience of a free fall. The capacity of the ride is 6 kids at a time with a duration of 4 minutes per ride. Rocking Tug – A family ride imported from Italy; shaped like a ship, it gives the riders a thrilling ship riding & sailing experience.
Q1 FY20
Q1 FY19
YoY %
Total Revenues (Rs Mn) *
No of Visitors (In ‘000)
313.0
249.6
292.3
239.5
Avg. Revenue Per Visitor (Rs)
1254.1
1220.9
7.1%
4.2%
2.7%
Total No of Rides
No of Wet Rides
No of Dry Rides
* Includes sale of services, sales of products & other operating income.
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LOCATION
HYDERABAD
Total Land Available (In Acres)
Developed Land (In Acres)
Land Availability for Future development(In Acres)
49.5
27.0
22.5
46
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HYDERABAD PARK – REVENUE & FOOTFALL ANALYSIS
AVG. TICKET REVENUE PER VISITOR (In Rs)
AVG. NON-TICKET REVENUE PER VISITOR (In Rs)
908
946
4.2 %
313
308
-1.6 %
Q1 FY19
Q1 FY20
Q1 FY19
Q1 FY20
FOOTFALLS – WALK-IN Vs. GROUP / CHANNEL (‘000)
FOOTFALLS – REGIONWISE BREAKUP (‘000)
239.5
249.6
239.5
249.6
10.3%
89.6%
10.2%
89.8%
1.2%
98.8%
4.8%
95.2%
Q1 FY19
Walk-in
Q1 FY20
Group
Q1 FY19
Telangana
Q1 FY20
Others
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FINANCIALS – P&L STATEMENT
Particulars (Rs Mn) Sale of Services
Sale of products
Revenue from Operations
Cost of materials consumed
Purchase of stock-in-trade
Changes in inventories of stock-in-trade
Employee benefits expense
Other expenses
EBITDA
EBITDA Margin %
Depreciation
Finance Cost
Other Income
PBT
Tax Expense
PAT
PAT Margin %
EPS
Q1 FY 20 926.9
249.3
1,176.2
Q1 FY 19 813.0
225.8
1,038.8
47.1
63.0
-3.5
111.6
272.1
685.9
58.3%
104.4
1.8
36.8
616.5
196.2
420.3
35.7%
7.4
42.0
58.3
-1.0
106.9
257.8
574.9
55.3%
98.9
3.6
22.3
494.6
164.9
329.7
31.7%
5.8
YoY % 14.0%
10.4%
13.2%
12.2%
8.1%
251.7%
4.5%
5.5%
19.3%
298 bps
5.5%
-49.5%
65.2%
24.6%
19.0%
27.5%
400 bps
FY 2019 2,144.2
676.2
2,820.4
130.7
166.2
2.6
381.1
996.5
1,143.4
40.5%
395.1
4.1
96.2
840.4
286.2
554.1
19.6%
9.8
Note – Income from services includes income from sale of entry tickets, share of revenue from restaurant sales and income from resort. Income from sale of products includes income from sale of traded goods, packaged food and other merchandise sold within amusement parks. EPS for Q1 not annualized
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COMPANY OVERVIEW – ABOUT US
• One of the largest amusement park operators in India with over 19 years of successful operations. Management has
operational experience in the amusement park industry for over a decade
OUR PEDIGREE
• The promoters launched the first amusement park in 2000 in Kochi under the name Veegaland and later successfully
launched the second park in Bangalore in 2005 and third park in Hyderabad in 2016 under the name “Wonderla”
• Promoted by Mr. Kochouseph Chittilappilly and Mr. Arun Chittilappilly – Mr. Kochouseph Chittilappilly also
incorporated V-Guard Industries Ltd., a publicly listed company since 2008
BUSINESS OVERVIEW
• Own and operate three amusement parks under the brand name Wonderla situated at Kochi, Bangalore and
Hyderabad and a resort at Bangalore
• The Company and its parks have won 37 awards / certifications since inception, including National Awards for Excellence from Indian Association of Amusement Parks & Industries in the areas of total number and variety of rides, most innovative ride, etc In-house manufacturing facility located at Kochi which manufactures / constructs rides and attractions for both the parks
•
• Reduction in GST rates from 28% to 18% effective from 25th January 2018 to reduced inflationary pressure on pricing
NEW PROJECT
• The Company has acquired 61.87 acres of land for the new Amusement Park project in Kelambakkam in Chennai. • The project work will commence immediately after we receive necessary approval from Government of Tamilnadu.
STRONG FINANCIALS *
• Consolidated Revenues, EBITDA and PAT were Rs. 2916.6 mn, Rs 1239.6 mn and Rs 554.1 mn in FY19. • All Business Units- Parks and Resorts are generating positive cash flows from operations. • Robust balance sheet with zero Debt as of Q1 FY20.
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COMPANY OVERVIEW – SHAREHOLDING STRUCTURE
% Shareholding – Jun 2019
Non Institutions 13.10%
Institutions 17.50%
Promoter 69.40%
Key Institutional Investors – Jun 2019
% Holding
Steinberg India Emerging Opp. Fund Limited
Svenska Hendelsbanken
Valuequest India Moat Fund Limited
HDFC Capital Builder Value Fund
UTI Mid Cap Fund
4.26%
2.22%
2.00%
1.85%
1.49%
Source: BSE
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COMPANY OVERVIEW – BOARD OF DIRECTORS & MANAGEMENT TEAM
KOCHOUSEPH CHITTILAPPILLY PROMOTER AND EXECUTIVE VICE CHAIRMAN
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19 years in the industry
Founded V-Guard Industries Ltd., a publicly listed company since 2008 and is currently its Chairman
Post Graduate Degree in Physics
ARUN KOCHOUSEPH CHITTILAPPILLY PROMOTER AND NON EXECUTIVE DIRECTOR
•
14+ years in the industry
• Holds a masters degree in industrial
engineering
• Actively involved in day-to-day operations and
management of Wonderla since 2003
GEORGE JOSEPH JOINT MANAGING DIRECTOR
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38+ years of total work experience
• Director in Muthoot
Finance Ltd.
GOPAL SRINIVASAN INDEPENDENT DIRECTOR
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•
25+ years of work experience
Chairman of TVS Capital Funds & Independent Director in TVS & Sons Limited.
PRIYA SARAH CHEERAN JOSEPH EXECUTIVE DIRECTOR
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14+ years in the Industry
Involved in F&B Operations and HR department of Wonderla since 2005
R LAKSHMINARAYANAN INDEPENDENT DIRECTOR
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10+ years of work experience in Retail
Independent Director in Jyothi Laboratories Limited
M RAMACHANDRAN CHAIRMAN & INDEPENDENT DIRECTOR
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•
43+ years of work experience
Served as partner for 20 years with audit firm Deloitte Haskins & Sells LLP
• Member of ICAI & ICSI
SIVADAS M. PRESIDENT – OPERATIONS
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•
27 years of experience
Bachelor’s Degree in Physics
SATHEESH SHESHADRI CHIEF FINANCIAL OFFICER (CFO)
•
25 years of experience
• Worked in finance & accounting at Bangalore
International Airport, Dubai Transport Corporation
•
Chartered Accountant & SAP ERP certified
MAHESH M.B. AVP – COMMERCIAL
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21 years of experience • MBA in International
Business
AJIKRISHNAN A. G. VP – PROJECTS
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•
18 years of experience
B.E, MBA
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COMPANY OVERVIEW – UNDERSTANDING THE WONDERLA ADVANTAGE
KEY CONCERNS ON SCALABILITY
WONDERLA ADVANTAGE
HIGHLY CAPITAL INTENSIVE BUSINESS
AFFORDABILITY – TICKET PRICES ARE HIGH
LAND AVAILABILITY, LOCATION & CONNECTIVITY
In-House Design Capability for the Amusement Park In-House Ride Manufacturing Facility in Kochi
• • • Manufactured / constructed 42 rides / attractions in-house •
Typical Capex for a New Park is ~Rs 2,500 mn – Rs 3,500 mn including Land cost
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• •
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Typical Target Audience is the Middle class which can spend Rs 4,000-5,000 per trip for a Family All three Parks have Land as well as Water rides under the same Ticket Average ticket prices in the range of Rs 800 – Rs 1200
All three Operational Parks have large Land Parcels and have good connectivity (Within 15-25 km from the city) Parks provide a thrilling & unforgettable experience to visitors from neighbouring states like Tamil Nadu and Andhra Pradesh while also being an attractive tourist spot for pan India population
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COMPANY OVERVIEW – SUSTAINABLE COMPETITIVE ADVANTAGES
OVER A DECADE OF OPERATIONAL EXPERIENCE AND BRAND EQUITY
PROXIMITY TO CITY WITH AMPLE LAND AVAILABLE FOR FUTURE DEVELOPMENT
• 19+ yrs of successful operations of the parks has built
significant brand equity
• Mr. Kochouseph and Mr. Arun have over 19 yrs and 14+ yrs of experience respectively in amusement park industry
• Won several awards, including ‘best tourism
destination’ and ‘highest number and variety of innovative rides’
IN-HOUSE MANUFACTURING FACILITY AT WONDERLA KOCHI
• Benefits from certain cost efficiencies and improves
maintenance efficiency of rides
• Enables customisation and modification of rides
purchased
• Manufactured / constructed 42 rides / attractions in-
house
• Owns 93.17 acres in Kochi, 81.75 acres in Bangalore and 49.50 acres in Hyderabad, within which further expansion of existing parks can be undertaken
• All the three parks - Kochi, Bangalore and
Hyderabad - are situated in the proximity of the main city.
STRONG CUSTOMER INSIGHTS - CONSTANTLY INNOVATING NEW ATTRACTIONS
•
In-depth understanding of customer preference and needs helps while conceptualising new rides
• Won the IAAPI excellence award for the highest
number and variety of innovative rides four times
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COMPANY OVERVIEW – FUTURE GROWTH STRATEGY
SCALABILITY – EXPANSION THROUGH SETTING NEW AMUSEMENT PARKS
FOCUS ON IMPROVISING EXISTING PARKS TO IMPROVE FOOTFALLS
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• •
Currently in process of Construction of Project in Chennai as well as identifying potential opportunities for setting up new parks in other key geographies
Evaluate customer preferences to innovate attractions based on popular concepts Develop the undeveloped land at existing parks to increase operational capacity
ENHANCED VISITOR EXPERIENCE THROUGH PARKS INTEGRATED WITH RESORTS
EXPAND IN-HOUSE RIDE DESIGN AND MANUFACTURING CAPABILITIES
EXPAND REVENUE STREAMS AND INNOVATING MARKETING INITIATIVES TO SUPPLEMENT INCOME FROM ENTRY FEES
• Wonderla Resort enables visitors to stay longer at the park and increases spend per
•
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•
• •
head Enhance visitor experience at other parks by integrating them with resorts
Introduce new rides and attractions based on customer preferences and research done by visiting parks in other parts of the world Continue to invest in new manufacturing facilities at upcoming parks
Bolster revenues from entry tickets by offering value-added services Introduce character and theme based attractions and promote this through marketing initiatives , ad campaigns using media as well as tour operators
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COMPANY OVERVIEW – GLOBAL RANKING AND RECOGNITION
Wonderla parks in Bangalore, Kochi and Hyderabad
were ranked at #3, #4 and #7 in India by Tripadvisor
Wonderla Bangalore ranked 8th Best and Wonderla
Kochi ranked 16th Best in Asia.
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FOR FURTHER QUERIES -
Mr. Satheesh Seshadri CFO Email – Satheesh.seshadri@wonderla.com
Nachiket Kale IR Consultant Dickenson IR Contact No : +91 9920940808 / 022 6627 6575 Email – nachiket.kale@dickensonworld.com
Disclaimer
This presentation and the following discussion may contain “forward looking statements” by Wonderla Holidays Limited (“Wonderla” or the Company) that are not historical in nature. These forward looking statements, which may include statements relating to future results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of Wonderla about the business, industry and markets in which Wonderla operates.
These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond Wonderla’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of Wonderla.
In particular, such statements should not be regarded as a projection of future performance of Wonderla. It should be noted that the actual performance or achievements of Wonderla may vary significantly from such statements.
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