WONDERLA HOLIDAYS 2023-24 Annual Report Analysis

Thu, 1 Aug

WONDERLA HOLIDAYS has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

WONDERLA HOLIDAYS Income Statement Analysis

• Operating income during the year rose 12.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 7.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 47.4% in FY24 as against 49.6% in FY23.
• Depreciation charges increased by 8.4% and finance costs increased by 52.9% YoY, respectively.
• Other income declined by 0.9% YoY.
• Net profit for the year grew by 6.1% YoY.
• Net profit margins during the year declined from 34.7% in FY23 to 32.7% in FY24.

WONDERLA HOLIDAYS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,292	4,830	12.5%
Other income	Rs m	232	230	-0.9%
Total Revenues	Rs m	4,524	5,060	11.8%
Gross profit	Rs m	2,127	2,290	7.6%
Depreciation	Rs m	352	382	8.4%
Interest	Rs m	16	24	52.9%
Profit before tax	Rs m	1,991	2,113	6.1%
Tax	Rs m	502	534	6.3%
Profit after tax	Rs m	1,489	1,580	6.1%
Gross profit margin	%	49.6	47.4
Effective tax rate	%	25.2	25.3
Net profit margin	%	34.7	32.7

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WONDERLA HOLIDAYS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 776 million as compared to Rs 600 million in FY23, thereby witnessing an increase of 29.2%.
• Long-term debt down at Rs 3 million as compared to Rs 3 million during FY23, a fall of 2.3%.
• Current assets fell 12% and stood at Rs 3 billion, while fixed assets rose 28% and stood at Rs 12 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 14 billion as against Rs 12 billion during FY23, thereby witnessing a growth of 18%.

WONDERLA HOLIDAYS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	9,494	10,933	15.2
Current Liabilities	Rs m	600	776	29.2
Long-term Debt	Rs m	3	3	-2.3
Total Liabilities	Rs m	12,219	14,401	17.9
Current assets	Rs m	3,082	2,712	-12.0
Fixed Assets	Rs m	9,137	11,689	27.9
Total Assets	Rs m	12,219	14,401	17.9

WONDERLA HOLIDAYS Cash Flow Statement Analysis

• WONDERLA HOLIDAYS's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -159 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 38 million from the Rs 204 million net cash flows seen during FY23.

WONDERLA HOLIDAYS Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	1,923	1,777	-7.6%
Cash Flow from Investing Activities	Rs m	-1,641	-1,581	-
Cash Flow from Financing Activities	Rs m	-77	-159	-
Net Cash Flow	Rs m	204	38	-81.5%

Current Valuations for WONDERLA HOLIDAYS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 27.9, an improvement from the EPS of Rs 26.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 834.9, stands at 34.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.3 times, while the price to sales ratio stands at 9.8 times.
• The company's price to cash flow (P/CF) ratio stood at 20.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	75.9	85.4
TTM Earnings per share	Rs	26.3	27.9
Diluted earnings per share	Rs	26.3	27.9
Price to Cash Flow	x	13.2	20.6
TTM P/E ratio	x	16.3	34.5
Price / Book Value ratio	x	2.0	3.7
Market Cap	Rs m	18,902	40,340
Dividends per share (Unadj.)	Rs	2.5	2.5

Ratio Analysis for WONDERLA HOLIDAYS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.5x during FY24, from 5.1x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 87.6x during FY24, from 125.8x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 14.4% during FY24, from 15.7% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 19.5% during FY24, from 21.1% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 11.1% during FY24, from 12.3% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	5.1	3.5
Debtors’ Days	Days	12	22
Interest coverage	x	125.8	87.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.3	11.1
Return on equity	%	15.7	14.4
Return on capital employed	%	21.1	19.5

To see how WONDERLA HOLIDAYS has performed over the last 5 years, please visit here.

WONDERLA HOLIDAYS Share Price Performance

Over the last one year, WONDERLA HOLIDAYS share price has moved up from Rs 623.9 to Rs 834.9, registering a gain of Rs 211.1 or around 33.8%.

Overall, the S&P BSE SENSEX is up 23.1% over the year.

(To know more, check out historical annual results for WONDERLA HOLIDAYS and quarterly results for WONDERLA HOLIDAYS)