Wonderla Holidays Q4 Results Review - Weak Quarter, Growth Plans On Track: ICICI Securities

ICICI Securities Report

Wonderla Holidays Ltd. delivered weak operational performance in Q4 FY24 – revenue flat YoY, at Rs 1 billion (our estimate: 7% YoY revenue growth), owing to footfalls declining 12% YoY in the absence of large groups in January 2024 at its Bengaluru/Kochi parks.

As per management, the Odisha Park is set to open in May-24; Chennai park is on track for a H1 FY26 opening.

Wonderla continues to engage with state governments across India (Gujarat/Madhya Pradesh/ Uttar Pradesh/Punjab) for new parks. With FY24’s weak performance, we cut our FY25E/26E revenue by 3–4%; and FY25E/26E Ebitda by 9–10%, factoring-in higher employee costs and other expenses.

We retain Buy with a revised target price of Rs 1,146 (earlier Rs 1,221) based on 20 times March-26E enterprise value/Ebitda. Key risks are decline in footfalls and/or pricing.

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