Shares of Wonderla Holidays increased 10% after the business received clearance for a project in Chennai

 Shares of Wonderla Holidays increased 10% after the business received clearance for a project in Chennai

Shares of Wonderla Holidays rose 10% during today's trade, hitting an all-time high of $887 per share. This notable rise followed the company's receipt from the Tamil Nadu government of all required permits, approvals, and no-objection certificates (NOCs) for its Chennai project.

With these crucial authorizations in hand, Wonderla is prepared to start work on this project. At the same time, the new Odisha Park's construction is moving rather quickly.

The shares were trading at $858 a share at 2:00 PM, up 6.20%. 

"Wonderla is getting ready to open a magnificent theme park 45 kilometers from Chennai, tucked away along the picturesque Old Mahabalipuram Road. This magical place will be located in the quaint town of Illalur, about two kilometers from the OMR highway.

"The grand vision for the following endeavor involves a substantial investment in the amount of around 400 crores, spanning throughout a sprawling 62-acre expanse within Illalur village, within the Thiruporur taluk and Chengalpet district," the business said in a today's exchange filing. 

"This planned theme park has the potential to be a legendary addition to the business' development aspirations. It is positioned to be the organization's crowning achievement and provide guests with an exceptional leisure experience," the business claimed.

Additionally, Wonderla is looking for prospects to develop theme parks in Madhya Pradesh, Punjab, and Goa. In India's amusement park market, the firm is a major participant. In managing parks in the three separate cities of Kochi, Bengaluru, and Hyderabad, it has approximately two decades of experience.

After battling COVID-caused headwinds in previous years, amusement park businesses are again seeing upward momentum towards pre-pandemic levels of sales. The expansion is the result of the restructuring of business processes and the recovery from pandemic constraints that included social withdrawal, distant labor, and the suspension of commercial operations.

The company's shares have produced a multi-bagger return of 151% so far this year, which is the best annual performance since listing in CY14. Financially speaking, it recorded a 24% YoY growth in its consolidated operating revenue of 185 crore in Q1FY24 as well as a 31.25% YoY increase in profit after tax (PAT) of 84 crore.

An important year in the company's history, FY23 saw record-breaking performance across all important indicators. The corporation had a fantastic year with its best EPS ever, growing by 130% over the previous top EPS of FY20.

Wonderla has shattered all previous records and recorded all-time high foot traffic, sales, EBITDA, and PAT while more than double the prior peak EPS. The firm saw an increase in foot traffic of 39% on average across all of its parks in FY2023. An astounding 33 lakh people visited the parks during the year, with each park seeing an average of over 10 lakh people.

It had considerable development in its parks in Bangalore, Cochin, as well as Hyderabad. According to the company's FY23 annual submit a complaint, there were 12 lakh visitors in Bangalore, 11.4 lakh in Cochin, and 9.7 lakh in Hyderabad.