Ladies and gentlemen, good day. Welcome to the Wonderla Holidays Limited Q4 FY23 earnings conference call, hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Adhidev Chattopadhyay from ICICI Securities. Thank you. Over to you, sir. Good evening, everyone. On behalf of ICICI Securities, I'd like to welcome everyone on the Wonderla Holidays Limited call today. From the management, we have with us Mr. Arun Chittilappilly, the Managing Director, and Mr. Satheesh Seshadri, the Chief Financial Officer. Now, I'd like to hand over the call to the management for their opening remarks. Over to you, gentlemen. Thank you. Good evening, everyone. This is Arun from Wonderla Holidays. Thank you for joining us today. We would like to extend a warm welcome to all of you, to this call to discuss Q4 results. Very ecstatic to discuss our phenomenal performance with all of you. Record-breaking is the word I would use for to describe our results and for the period in review. Across the multiple key metrics, we have absolutely smashed previous records and raised our bar to unprecedented heights. FY 2023 was a blockbuster year for us, and we have recorded our highest EPS ever and clocking in at about 130% growth over previous peak EPS seen in FY 2020. The process of more than doubling up registered in terms of high footfall, revenues, EBITDA and PAT. The dedication and strategic approach of our team have yielded remarkable results. Strong growth momentum led to an average 39% footfall growth across all parks in FY 23. This was largely enabled by encouraging response from walk-ins, groups, and all parts of our customer base. Our digital marketing strategy has been especially remarkable, and we've been able to do timely promotions and full crowds. We've also done marquee musical events, activities, and occasions to visit. Our motto has been create more occasions to visit Wonderla. Q4 was also the fifth consecutive quarter of double-digit growth for the company, registering 2x growth over Q4 FY 20. The aggregate footfall across three parks this year amounted to 33 lakh, averaging over 1 million footfall annually per park. Again, these are all record-breaking numbers, and a full clear footfall compared to pre-COVID base of FY20. Bangalore Park has 12 lakh footfall, grown by 33%, Kochi Park with 11.4 lakh, grown by 47%, and Hyderabad at 9.7 lakh registered a growth of 37%. Our average RP for the year was INR 1,240, with a healthy growth in non-ticket revenue, driven by our strategic initiative to gain higher per wallet share via merchandise and exciting F&B offerings. FY23 revenues at INR 429 crore, which grew by 58%. Our operating leverage led to record 49% EBITDA margin, with EBITDA at INR 211 crores, also doubling over the base of FY20. PAT for this fiscal year is INR 149 crores, again, more than 2x the profit of INR 65 crores generated in FY20. PAT margin stands at 33%, also the highest, EPS at 26.3 rupees. We are following this year with the highest profitability in our history, we've also recommended a dividend payout of rupees 2.5 per equity share. Proceeding to the financial highlights for the quarter, we had about 8 lakh footfall. Again, clocking a 2x growth over Q4 of FY20, and revenue of INR 98 crores over a base of INR 42 crores for the corresponding period in FY20. EBITDA in Q4 was INR 42 crores, against INR 5 crores in Q4 of FY20. Our EBITDA margin is at 43%. Being debt-free and cash-rich, the company enjoys high profitability. Q4 FY23 PAT came in at roughly INR 35 crores and a margin of 31%. The board of directors recently accepted the resignation of our CFO, Mr. Satheesh Seshadri. Company places on record its appreciation for the invaluable contribution made by him during his tenure. The Wonderla family wishes him the best in his future endeavors. I'm also delighted to announce the work has commenced in our fourth park in Odisha. Construction is full swing, and we are also making headway into our Chennai project, which also will be starting very shortly. Thank you all for your constant support, and now we can open for Q&A. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from Kaustubh Pawaskar from Sharekhan by BNP Paribas. Please go ahead. Good evening, sir. Thanks for giving me the opportunity, congrats for good set of numbers. My first question is on the quarter one. Quarter one is usually strongest quarter for us. This time in Bangalore, we have seen election period, and also there was a period of unseasonal rains as well. Considering that, do we see any impact on footfalls for this quarter? Should we expect, you know, steady state kind of a growth in Q1, especially for Bangalore for us? We are actually okay. I mean, there was some different numbers here and there. Overall, the numbers are growing compared to last year. Our numbers will be better than last year. Okay. Okay. My second question, in the media interaction, you mentioned that you are looking at ARPU growth of around 10%-12%. I can understand that non-ticketing revenues would have a, you know, would also be growing for that. Are we also expecting some kind of a ticket price raise this year, or if we have taken any increase in the ticket prices? Yeah, we've raised our ticket prices about by 11% already. We usually do about two or three price corrections in a year. We've taken one already, so roughly about 10%-12%. Okay. Okay. My last one is on the EBITDA margins. This year, we have seen our EBITDA margins at around 49% highest, you know, in past several years because of the strong operating leverage. Going ahead, should we expect our EBITDA margins stabilizing at around 45%-46%? Or we should expect? Yeah, that's correct. it to stay at around 45? I don't think this will probably be a high mark because now going forward, we have new investments and new CapEx. EBITDA margin, I think, might come down a little bit, but overall, we should be able to manage good EBITDA margins. Higher than this, probably, I don't know, it's probably unrealistic. Right. One last piece, if I can, on the Chennai project. You know, if you can provide some, you know, guidance that when we should expect this project to start or still there are certain approvals required? We are planning to complete. The government order says we should, we have a 2-year construction period, and then we have a 10-year tax holiday on the entertainment, local entertainment tax. We hope to finish construction within the next 2 years, and then, 2 years from now, we hope to open this park to public. Okay. Okay. Thanks, sir. Thanks for the opportunity. I will get back in the queue. Thank you. Thank you. Our next question comes from the line of Angad Katdare with Monarch Networth Capital. Please go ahead. Thank you, sir, for the opportunity. First of all, congratulations on the fabulous set of numbers. My first question is a bookkeeping question. We have reported a total ARPU for 23, is, INR 1,243. Can you please give a split of ticket and non-ticketing...? 75% will be ticket and 25% will be non-ticket. Okay. Yeah. My second question is, we plan to shift the ratio of ticket to non-ticket from the 75/25 to 60/40. Can you please give a relative timeline for that? That was a long-term objective. It's not something that we can do overnight. We hope to get to a 70/30 kind of number in the next 2 years, and then, 60/40 within the next 5 years. Something like that is what we are planning. Okay. sir, so we are seeing frequent post-park events, happening at all three parks. Can you please give a split of the total footfall So coming from these post-park events, that would be helpful. I don't think we have, Satheesh, do you have numbers for the events? I don't think we have separate. We captured that. We do normally about 3,000-5,000 footfall per event. That's what is the trend has been. Yeah. These are all the mega events, what we are doing. We are also doing, every fortnightly, we are doing the Saturday events at the parks, which creates the momentum for us. Okay. These things help to create some vibes and, you know, move footfalls on contents out. That's how it is being leveraged. Okay, just to clarify, 3 to 5,000 includes all three parks, every fortnight? INR 3,000-5,000 per event, per mega event. Per event, per park. Per event, per park. The frequency is fortnight? Not fortnight. This will be maybe once in a while. Yeah. We will do about two events per quarter. Maybe INR 10,000 per park, per quarter, something like that. Okay. One last question. Sir, you had started a pilot project on variable tech in Bangalore park. Any update on that? It's still ongoing. It take us maybe about six months to a year to finish that. Okay. Thank you so much, sir. I'll get back in queue. Thank you. Thank you. Our next question comes from Anupama Bhootra with Arihant Capital Markets. Please go ahead. Yeah, first of all, congratulations for the great numbers. My first question is. Thank you. Can you throw some light on our Odisha project? Like, when it is going to start, and what kind of projection you have as far as the revenue contribution is concerned? The second question is regarding margins. We've seen, like, significant expansion in margins. What are the drivers for this margin expansion? Drivers for margin expansion is your ticket to CapEx ratio. For example, if your the amount of your ticket that you can charge, the ticket price that you can charge by the CapEx. If your CapEx is high, obviously, your. If your ticket price is, you're not able to charge a corresponding ticket price, then obviously your margin will come down. That is the biggest one. Odisha project, we hope to complete in. We've already start work since March. In two years is the timeline. Hopefully, two years from now, we will be able to open the park. Maybe even earlier also, but two years is conservatively what we've kept. What kind of contribution are we expecting from this park? Satheesh can give you some numbers. Okay. The, we are talking about 5 lakh-6 lakh footfall, which, during the year one, that has been the trend whenever a new park has opened. About, some the existing ARPU is what, we are looking at in Odisha park. Thank you so much. Thank you. Our next question comes from Aejas Lakhani with Unifi Capital. Please go ahead. Yeah. Hi. Congratulations on, you know, an excellent set of numbers. Three questions. First one is, you know, I haven't fully understood the Chennai park comments. I was still under the impression that you had the local body tax concern. Is that done away with? Could you brief us a little bit on that? Because I thought that. We had asked for a 10-year waiver of the local body tax, and they have accepted that request, so we don't have that problem anymore. Oh, okay. Yeah. Therefore, you have started construction effectively now, and. We will be starting, soon. Yes. We are already, preparing to start work there. Perfect. I've understood that, the other thing is that the local body tax, you know, waiver for 10 years will start once your construction period is over, or? Yeah. It includes. There is a 2-year construction period, and then after that, there will be, 10-year, holiday. Wonderful. My second one is that, you know, if you could explain, you know, the unit economics of how the Odisha park and the which is the more asset-light park work. Do you have, you know, a lease payment to be made during this with state governments? Do you know your unit economics here, if you exclude the CapEx? We don't have too much CapEx in terms of land, because that is a big saving for us. Typically, we spend between 30 to, in case of Chennai, almost 100 crores on land. That, that whole component gets completely erased. We have a very minute payment of lease. It's practically, it's not a big amount at all for us. That takes care of one, that takes away one big chunk of CapEx for us. The other thing that we will do in our asset-light parks is we will be very careful in our choice of rides and attractions. It'll have a higher mix of our in-house developed rides. Of course, we will also have imported some headline-grabbing attractions also. The mix will be slightly different, and also it will cater toward Tier 2 city, and also in keeping with the, you know, the taste of that area and the weather and things like that. That is how we are able to bring down the average by from, let's say, INR 350 crores-INR 400 crores to less than INR 150 crores. INR 150 crores will be the rough CapEx that we are planning. We will be able to charge roughly a INR 600-INR 700 ARPU there. That will obviously give us a good footfall to investment... Sorry, ARPU to investment ratio will be much higher there, or equal to what we do, like, for example, in a Bangalore. We will be able to, you know, the unit economics will work out for us. I mean, these are the rough calculations we have for now. Got it. Sorry, did you say the ARPU to CapEx ratio would be similar for a big park as well as a PPV park? Yeah, yeah, it will be. In fact, it will be slightly more favorable, I think. Basically... Is it fair to say that, you know, this asset-light model is what, you know, you would look to replicate with other state governments in the future? Are you still open to, you know, purchasing land and then, you know, putting up your own park? We are not, we prefer not to do land purchase going forward, because that makes our balance sheet very heavy. We are already a very asset-heavy company, so going forward, we would like to do more of a asset-light model. The asset-light model can be done in a Tier 1 and a Tier 2. Right now we are doing Tier 2, but Tier 1 is also possible. Wonderful! Just, you know, you've been there's been an impetus at your end, you know, to ensure that ticket sales are more retail versus, you know, the wholesale one, where, you know, you've increased the group sizes and, you know, commission paid, you're trying to curtail that. Could you just give some color on, you know, probably over the last, like, say, 2 years back, how that retail to wholesale mix in your ticketing revenues has been? Satheesh can give some details on that. Yeah. Yes, we have done about INR 33.1 lakh footfall. In that, about 13.1 is groups, and close to INR 20 lakh is retail, that is, walk-ins. The ratio is about 60/40. Wonderful. What was this ratio, say, you know, 3 years back, prior, when you did not have this endeavor? It is just, 1% here and there, that's it. Okay, you know, your recent efforts to, you know, increase more online sales, more, you know, convert them, convert more retail, could you speak a little bit more about the initiatives you are doing there to increase this retail, you know, ticket sale contribution? As a policy, we are, we like retail to grow, so we have, we are constantly tweaking our discount policies to ensure that we have more retail visitors. It's also a function of marketing. Our marketing strategy is also completely different. It's not a full, it's not a normal year, so we still did a lot of discounts to get footfalls back. Because this is last, FY 2023 is our first year after COVID. Our full, ticket, I mean, sorry, our retail to, group, ratio would have remained the same. This year, I think you will see, more focus on retail, as against, groups, and which is the way for us, we feel that is the way for us. Got it. Lastly, could you speak, you know, you've spoken about, you know, trying to use wearable technology to reduce or to observe how, you know, people are spending time inside the park, to, you know, improve your... Still at the piloting stage. Once we have some, results, we will share. Okay. Any efforts on, building the team for, you know, these, activities, your, these mega 3,000 to 5,000? You mentioned that you wanted to build a better team in place to execute. This year, we can expect an expansion to our leadership team. We are looking to induct a technology head, and we are looking to induct a HR head, people function. We will see some induction to our leadership team this year. Three, maybe three people. Also, Satheesh has put in his paper, we are also looking at a new CFO candidate. I mean, we can expect maybe three to four people be added to our leadership team this year. Wonderful. you know, you've been speaking to other governments for, you know, you know, similar PPP model. any update on, say, an MP or any other state government? They are all very bullish. In fact, Punjab and MP have been extremely bullish for our Wonderla project to come in their state. We can expect some announcement on these two. We are also talking to Goa and also, maybe, most likely Gujarat also, we will initiate some discussions. These are some of the plans. As and when there is some result, we will keep you updated. Thanks so much, and all the best. Thank you. Thank you. Our next question comes from the line of Ashwini Agarwal with Demeter Advisors. Please go ahead. Ashwini, your line is unmuted. You could please ask your question. Since there is no response from Ashwini, we move on to our next question, which is from the line of Keshav Garg with Counter Cyclical PMS. Please go ahead. Sir, I'm trying to understand, so that our fourth quarter revenue is less than the third quarter revenue. Sir, the past trend is that our fourth quarter revenue used to be more than the third quarter revenue. Sir, am I missing anything, or what is the reason for the same? Usually our fourth quarter is lesser than third quarter revenue. Are you sure you're looking at the correct number? I'm not really sure. Satheesh? You're right, sir. Normally we do about 30% during the third quarter footfall and about 20%. That's how it is. Fourth quarter is always bigger than third quarter, so I don't know where it is. Third quarter, yes, you're right. sir, also, sir, we already have INR 250 crore net cash in our balance sheet, plus we are generating around INR 200 crore operating cash flow every year. I understand that for the Chennai park, the land has already been acquired. Sir, what I am trying to say that, sir, don't you think that we are a little too conservative in our growth and that maybe we can take more projects simultaneously? We are uncomfortable doing too many projects simultaneously. We did 2 projects simultaneously, now Chennai and Odisha. That will take care of our CapEx for the next 2 years. Also, we are, like I said just now, we are looking at new projects also. We are building a pipeline of new projects that we can execute, so as and when our existing projects under WIP complete, we can start new projects. Sure. In the next 2 years, we won't start any new projects, that we are sure of? Not sure. As of now, we have these two, you know, completely greenlighted, so that we will proceed with those. As and when we get new projects, again, greenlighted, we will evaluate and take a decision at that point. Sure, sir. Sir, lastly, sir, for this FY 2024 financial year, sir, I missed that you said that you have already taken some kind of price hike. Sir, so what more price hike can we expect for this financial year? That is a function of adding new rides and footfall growth and yield and things like that. As of now, we are not planning anything else, but from time to time, we will do it. Okay, sir. Thank you very much, and best of luck. Thank you. Thank you. Our next question comes from Dhruvesh Sanghvi with Prospero Tree. Please go ahead. Hello. Yes. Yeah. Great set of numbers, Arun. Congratulations to the team. Thank you. Just one, what has been the tone for the current quarter? This being one of the best ones, in the cyclicity of things. The coming quarters, we have already probably closing the month end for May also. I think you have guided on 10% type of footfall growth. Are we seeing the similar trend for the six to eight-? Sir, it was 5%-10%. 5%-10% is what we have predicted. I think we will be there, somewhere there. We don't know yet, honestly. Okay. As of now, we should be able to do that. Why I was asking this particularly is that, particularly when we see the Kochi part, before 2020, we used to struggle around 7.5, and like, we have come back with a vengeance like anything, above 11.4 lakh footfalls. Cochin and Hyderabad, both have been top performers, in fact, both continue to be very good performers. Even for the current ongoing year of FY 2024. Yeah. you feel that on the higher base, we will be able to do better than this, right? Yeah, I think so. Okay. Okay, fine. Just one more part in terms of the initiatives post-COVID that you have taken in terms of other, non-ticket revenues, which predominantly in the past used to be food, let's say. That other part of the non-ticket revenues, what is the total percentage today? Is it already significant in terms of events taking up, let's say, 5%, 7% of the total revenues this year, or some light on that? It will be incremental, so you can expect maybe 1 or 2% improvement in our non-ticket revenue because of this. No, sorry. What I am trying to understand is the initiatives, the new initiatives taken after COVID on the non-ticketing side, are they already significant in terms of 4%, 5% of the total revenues or no? They are. That comes in both. That comes in not only in non-ticket, it comes in ticket also. Some events are ticketed, so we see a small improvement in both. Okay. Okay, fine. Thanks a lot. Thank you. Yeah. Thank you. Our next question comes from Sourav Dutta with Minerva Asset Advisors. Please go ahead. Yeah, hi. Thank you for the opportunity. I had a quick question on the CapEx side. You had earlier guided for a CapEx of around INR 9-10 crores per park on the higher side, which would be around INR 30 crores totally for the full year. For FY 2023, the total CapEx is around INR 44 crores. Just wanted to understand, is this because of the Bhubaneswar project or is there some one-off here? Sorry, I didn't understand your question. Earlier you had guided for around INR 9-10 crore, of CapEx per park. That should be around INR 30 crore. This additional CapEx will be 10, not INR 10 crores, it'll be 10% of our top line. If we have done INR 50 crores this year, we will keep aside INR 45 crores for CapEx in our existing project. Okay. INR 10 crore of the top line. It will be 9%, 10% of our top line we use for new CapEx. Okay, understood. Secondly, a previous participant asked a similar question. I just wanted to understand that since our future products are likely to be asset light, and we would be generating around INR 200 crores of cash flow every year and have a CapEx of INR 30 crores or maybe every year. Our cash would swell by around INR 160, INR 170 crores each year. Just wanted to understand, why are we so averse to paying out dividends, higher dividends or conducting buybacks and taking up more leverage for the expansions? Any reason for being so conservative and not using leverage for the expansions? I mean, we have cash on hand, so we want to definitely use the cash, because then we have very high CapEx coming our way, so we want to be prudent in our dividends. Roughly, 10%-15% of our PAT, we will give out as dividend. That is the plan. That's what we've been doing, and I don't think so no more than that, because we have so much, so many CapEx coming in our way. ... Yes, the future projects are likely to be quite asset-light. There won't be any land expenditure, as we just spoke about. It will be, it's hard to predict. Sometimes we will end up buying land also. If in some geographies, we may not be able to get land through the government, so we'll end up buying. It's hard to predict. Every state has a different policy towards this, so, you know, that's why we have to be a bit conservative. All right, sir. Understood. That's it from my side. Thank you. Thank you. Our next question comes from the line of Jins Varghese with Tavasya Capital. Please go ahead. Hi, just wanted to understand two things. In terms of, you've guided for about 33, so this year we've done about 33 lakh footfalls, right? Going forward, you think there is hope in Bangalore already about, say, 11, 12 lakh or, you know... Is there more opportunity coming from Hyderabad? That is, in terms of slightly lower. Are you seeing any park-specific trends in these kind of footfall growth? Also, is there any plan to kind of, say, expand or brownfield expansion within these parks itself to kind of increase the footfall? That was the first question. Secondly, in terms of, you know, obviously, there is a gestation in terms of, you know, like, every time you identify a project and for the project to come on stream, it's almost a two-year kind of time frame, right? Is there any? Yeah. Is there any, say, acquisition opportunities or a park which is not doing well, you can take over and kind of shorten this time cycle so that there's more predictability, or, you know, the chunky growth doesn't come, and there's more predictability, you know, growth? Is that, is that even a feasible option going forward? Your first question is, of course, I kind of answered it in a previous question. We will earmark roughly 10% of our cap top line for expanding offerings at our existing projects. That is what we are doing. A bit slow on that pre-COVID, but we are accelerating that, and we will expand because our parks are pretty much running full every day, especially during summer months. We will definitely expand so that we can have more footfall in especially during, you know, season time. Second question, acquisition. You know, we are not, we usually don't, we are not very bullish on acquisition, because, we, you know, an existing operator will obviously want high valuation for his asset. Then buying it and then, modifying it to our standards is again, more CapEx. I think, our, the main differentiating factor for a Wonderla Park is our high efficiency in our CapEx. When we acquire another company and then modify that, our efficiency will vanish. Unless there is a specific opportunity, we are not that open to acquisition. We are more happy to do, maybe management contracts and things like that. That we are exploring. That also is hard because this is a very, tailor-made offering. It's not something that we can, it's not like a hotel where I can buy and rebrand it as a Wonderla hotel. Mm. Building a park, usually we have to do it from scratch, so, it's harder to do it. I'm not saying it's impossible, but it's harder to do it. Okay. Okay, but you would be open to something like that, right? Just because, you know, because the growth will be very organic now, right? At least for the next year and a half, we're only looking at a small increase in, say, realization and some, you know, increase in footfall. That big chunk of growth will only come maybe in FY 2025, later half. Yeah. Yeah, yeah. In future, you can smoothen this or, I mean, any thought process to it. That is what I was asking, trying to figure out, because there is cash generation. Amusement parks also, right? That is the other challenge, because there are not that many parks available in India, and whatever is available, people are willing to sell it's usually because of high real estate, value. Mm. which they want to unlock. We don't buy high-value real estate as a policy, we always look for cheaper real estate. Those are some conflicting requirements. Based on that, it's not that easy to find properties to buy or acquire. Thanks. Thanks. Thanks a lot, and all the best. Thank you. Thank you. Thank you. Our next question comes from Sakshi Chhabra with Swan Investment. Please go ahead. Hi. I wanted to understand that, usually in Q1, we do 40% of our total year's revenue. Based on our great Q4 performance, the Q1 was, like, contributed around 35%. Based on the new events and all that we are doing, are you seeing a change in the seasonality going forward? Yeah. Our new strategy is to kind of move away from seasonality and to, you know, get uniform footfalls throughout the year. That is some have to work on that. That's something that we hope to achieve this year also. Okay. Thank you. Thank you. Our next question comes from Ashwini Agarwal with Demeter Advisors. Please go ahead. Ashwini, your line is unmuted. Please go ahead. Since there is no response, from Ashwini, we move on to our next question from the line of Rahil Shah with Crown Capital. Please go ahead. Hello, good evening. You're already existing in 3 locations, right? You've been present there for a long time now, and recently you moved to Odisha. You moved a bit towards the east now. Have you considered any other regions across India? Do you have any plans in the future to do so? I just answered that. We have new projects that we are looking at in larger Tier One and Tier Two cities across the country. We are talking to a few state governments to see, you know, whether we could do projects there. As and when we have confirmed news, we will share with you. We are looking at Punjab, we are looking at Gujarat, we are looking at Madhya Pradesh, we are looking at Goa. Okay. Okay, sorry, I missed that, but thank you for repeating. Can you also repeat for me what CapEx you plan for Odisha? INR 150 crores. INR 150 crores. Okay. Given, you just mentioned that you. Your questions are mostly repeated, so if you could do your research and then come back, it will be nice. This is my last question, and I just want to. Mm. You said, you'll be moving away from seasonality and try and have uniform footfalls throughout the year. As for this year, and someone mentioned that you will see, you know, meager growth given Odisha will be coming up in FY 2025. What kind of... Can you give any outlook for FY 2024 in terms of top line? Sorry, we don't do that kind of, I told you, right, we do, we can't give you a, clear guidance because, we are looking at a 5%-10% footfall growth and a 10% ARPU growth, 10%-12%. That should give you a range. Okay, no problem. Thank you. Thank you. Our next question comes from Dhruvesh Sanghvi with Prospero Cap III. Please go ahead. Just also wanted to ask you, did you even consider Imagicaa and participate in the possible restructuring which went through? I just wanted to understand the rationale. I mean, I understand that it's over, but if we did not participate, why not, et cetera, and some background thought on what went inside your mind. We were approached by Imagicaa. It's just that we didn't want to do a INR 500 crore-INR 600 crore CapEx that time during COVID. Like I said, we are doing more asset-light kind of models now, which is what we were more comfortable doing. Also, like I said, Imagicaa was built with a different philosophy in mind. They have very high CapEx rides. For us, getting it to our standards would have been even more expensive. You know, after buying it, we would have had to invest more. These are some of the reasons why it didn't. Okay. Okay, fine. Thanks a lot. Thanks. Thank you. Our next question comes from Angad Katdare with Monarch Networth Capital. Please go ahead. Yeah, thank you, again, for the opportunity. Just one clarification. You mentioned, the Bhubaneswar park ARPU will be around INR 600. Is it, considering if it starts today, or are you, telling that amount for, FY25 when it will start? Just... I didn't say INR 600. It will be INR 600-INR 800. It's hard to predict, how the ARPU will be. We will see based on demand, you know, ARPU will change. Okay. If you see high demand, it can go up to even INR 900 or possible. Okay. Okay. Thank you so much. That's it from my side. Yeah. Thank you. Ladies and gentlemen, we have reached to the end of the question and answer session. I would now like to hand the conference over to Mr. Bhavya Shah from Orient Capital. Please go ahead. Everyone for participating in this concall today. I would also like to thank the management of Wonderla for taking time out and answering all the questions today. Orient Capital is the investor relations advisor to Wonderla Already. For any queries, please feel free to get in touch with us. Thank you so much. Thank you. Thank you all for attending this call. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.