Wonderla Holidays Q4 Review - Better Days Lie Ahead: ICICI Securities

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ICICI Securities Report

Wonderla Holidays Ltd. saw Q4 FY21 footfalls bouncing back to 77% of Q4 FY20 levels with the company’s amusement parks remaining partially operational in January-February 2021 and fully operational in March 2021.

While the second Covid-19 wave in India has led to the company’s parks remaining closed from April 2021 again, the sharp recovery in Q4 FY21 augurs well for the company’s operations to return to pre-Covid-19 levels sometime in FY23E.

With a net cash balance of Rs 0.9 billion as of March-21 and no capex in FY22E, we believe that the company should be able to tide over the transient Covid-19 induced loss in FY22E revenue.

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