Ladies and gentlemen, good day and welcome to the Q4 FY 2025 earnings conference call of Wonderla Holidays Limited, hosted by Ambit Capital Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the call back over to Mr. Karan Khanna from Ambit Capital Private Limited. Thank you, and over to you. Thank you, and good afternoon, everyone. On behalf of Ambit Capital, I would like to welcome you all to the 4Q and full year FY 2025 earnings conference call for Wonderla Holidays Limited. From the management, we have with us Mr. Arun Chittilappilly, Managing Director; Mr. Saji Louiz, CFO; and Mr. Dheeran Choudhary, Chief Operating Officer of the company. We would like to now begin the call with opening remarks from the management, post which we will have the forum open for an interactive question-and-answer session. Thank you, and over to you, Arun and Saji. Thank you, Karan. Good afternoon, everyone. On behalf of Wonderla, I would like to welcome all of you to our Q4 and FY2025 financial results. Joining me today are our CFO, Saji, and our COO, Dheeran. I trust you have had a chance to review your results on investor presentation. FY 2025 was a year of resilience and strategic recalibration for Wonderla as we have completed 25 years of operation. We are proud to have achieved that milestone and having served over 43+ million guests across our park. This year, we have expanded our park portfolio with the launch of our fourth park in Bhubaneswar. We also completed a QIP and raising over around INR 540 crore, which was another milestone. We got a lot of interest from marquee investors, reaffirming the market confidence in our growth prospects. We are confident that our fundamentals, relentless focus on guest experience, and bold investments in new locations and formats will help us shape the next chapter of our growth. We ended the financial year 2025 with INR 482.78 crore of total income, and we recorded about INR 107.5 crore of revenue. In Q4, we recorded INR 107.5 crore of revenue with nearly 6.8 lakh footfall, with our Hyderabad park delivering its highest-ever annual revenue, a clear testament to our regional strategy and operational excellence. Our EBITDA margin was recorded at 28% for Q4 FY 2025 and 36% for the full year. Notably, we saw a slight degrowth in revenue and footfall because of unpredictable market conditions and temporary softening of discretionary spend. Despite these challenges, we welcomed over 3 million guests, a strong indicator of our brand's enduring relevance and shared experiences. Another key highlight of this year was a consistent improvement in online bookings, presently 57% in Q4 and 45% for the whole year, as a percentage out to the general footfall, reflecting the digital affinity and is it in line with our digital transformation journey. This was supplemented by various digital campaigns delivered in the financial year. As part of our commitment to innovation and delivering unforgettable experiences, we also launched a one-of-its-kind attraction, Mission Interstellar at Bangalore. It sees both India's largest curved LED-based immersive ride and the next generation of cinematic space ride technology. We are also in the process of introducing Kerala's first bungee jump attraction in Kochi. We have been also recognized by Times Now as one of the top eight adventure parks around the world. We remain confident in sustaining our footfalls and revenue over the medium to long term, supported by continuous innovation and strategic initiatives. We are also placing greater emphasis on growing non-ticket revenue streams. Enhancement to our non-ticket revenue offerings, along with an expanded merchandise strategy, is expected to contribute meaningfully to our overall revenue mix going forward. Our spend per head, or SPH, has shown continuous growth, 11% and 12% for Q4 and FY 2025, respectively. We expect it to grow further. From the project side, we are moving towards delivering our fifth park at Chennai, which will also be one of our largest, towards the end of Q3 FY 2026. We are also launching Isle by Wonderla, a 39-key premium resort offering in Q1 FY 2026. We are also confident that our focus on enhancing guest experiences, fostering innovation, and strategically expanding our offerings will drive not just growth but sustained excellence. We are immensely grateful to the dedication of our team, our customers, and the support of our shareholders. With this, I would conclude, and I'll hand over to Saji for detailed analysis of financial performance. Over to you, Saji. Thank you, Arun. Good afternoon, everyone. Thank you for joining us for the Q4 and FY 2025 earnings call. I'll provide you with a concise overview of our financial performance for both the quarter and the full year. Starting with the Q4 FY 2025 financial performance, our revenue from operations for the quarter stood at INR 9,678 lakh, it grew by 3% on a year-on-year basis. EBITDA for the quarter reached INR 3,054 lakh, and EBITDA margin for the quarter stood at 28%. Our profit after tax for the quarter stood at INR 1,101 lakh, and tax margin stood at 10%. Now, focusing on FY 2025 financial performance, revenue, including other income for the year, stood at INR 45,857 lakh, representing a slight 5% year-on-year decrease. EBITDA for the year stood at INR 17,140 lakh, and EBITDA margin for the year was 36%. Profit after tax for the year stood at INR 10,927 lakh, and tax margin stood at 23% for the year. Moving on to the park-wide footfall numbers for the Q4 FY 2025 footfalls, Bangalore stood at 2.18 lakh, Kochi at 2.08 lakh, Hyderabad at 2.11 lakh, and then Bhubaneswar at 0.41 lakh. For the full-year footfall for Bangalore Park stood at 10.71 lakh, Kochi at 8.78 lakh, Hyderabad at 9.31 lakh, and Bhubaneswar at 1.69 lakh. With this, I conclude my speech and open the forum for a Q&A session. Thank you. Thank you very much. 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 phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ashwini Agarwal from Demeter Advisors. Please go ahead. Good afternoon, Arun. Quick question. How are you seeing the consumer demand situation now? Because you said that the patterns of discretionary spend have changed. What's your assessment? What's going on? I think for us, mainly—I cannot talk about other industries—for us, one of the main things was that after COVID, that euphoria. Obviously, we were not seeing growth after that in terms of footfall. Revenues, if you look at FY 2024, were the highest, but footfalls were highest in FY 2023 after COVID. We are obviously not able to maintain that growth in footfall. What we are seeing now is that I think we have come to a new normal in terms of footfalls that we are seeing. I think this year onwards, we can see some mild growth, especially in our tenured parks, because, again, we are not expecting huge growth in footfalls from our tenured parks because they are already tenured. They have been there for many years. Mild growth only is what we can expect from existing parks. New parks, obviously, we will see bigger growth and ramp-up in footfalls. That is the way—I mean, this is something that I've said before as well. Discretionary spend has been also a little soft across sectors. I think I'm guessing it's because people have gone—there was an overspending that happened in the last two years, and maybe people are reprioritizing their spend for other things, maybe because of inflation or other pressures. I think going back to a normal schedule post the COVID euphoria could be one of the reasons. These are all speculations at this point. I think we are seeing something like this across sectors, so I'm guessing this is applicable to not just one industry. The question I have is that, have you done any market studies to figure out if there's a behavioral pattern change, for example, youngsters wanting to spend more money and time on online activities versus going out with family? No. No studies have shown any of those things. The only thing that we can see from the studies that you've shown is that there are more avenues for people to spend time. Now, every year, new things are coming up, right? There are new things for people to do. Obviously, we'll have to compete with more things, but that's just the nature of any form of entertainment. I don't think it's unique to us. In that sense, I don't think it's a problem. I don't see any large change in consumer behavior. I think more issues for us is mostly climate-related or related to maybe people not being able to come out because of exams or change in exam seasons and a lot of other factors. I mean, some are within our control, some are not in our control. I mean, these things happen. I mean, it's just par for the course is what I think. If you look at Indian—I mean, at least our company performance, we have beat pre-COVID numbers by a big margin. Whereas a lot of other countries, if you look at amusement parks, they have not yet beaten pre-COVID numbers, even today, even in 2025 and 2026. That gives us a lot of comfort that we are in a better place. I don't see us having an issue. Do you want to say something? Yeah. Hi, Dheeran here. I think when we look at the markets, obviously, across industries, there is a pressure on discretionary spend. I think, yes, the fact that with COVID, people have also affinity to OTT and other entertainment sectors. We have seen the concert industry growing. Like Arun said, in an entertainment industry, there will be newer avenues to come. The fact that people are stepping out for concerts, people are looking for new experiences. Obviously, us being the largest chain and providing a very unique experience, right, in terms of thrill and adventure, we're very bullish that in the mid to long term, consumers will continue to seek and experience that we have to offer. We will stay on course to that. My next question is that on new parks, while Chennai has been in the works and will open towards the end of this calendar year, any other developments can you share in terms of the pipeline that you have under consideration over the next two to three years? We have at least three or four locations where discussions are progressing, which I've told in the previous calls. We have not yet finalized anything just because we have also been busy with our own plans, and Chennai is also taking up a disproportionate amount of time from our end because it is a large project. We are focusing on that. Also, like I said, we are launching another expansion to our resort in Bangalore. I mean, we've been busy. We would have liked to conclude at least one more location by the end of FY 2025. Some delays are—I mean, some of these are government delays, which we can't do anything. We are bullish that at least one or two projects we will be able to announce before the end of this year. That is the way we are looking at it. We are being a little cautious also because, like you said, there is a softening of demand and things like that. There are more uncertainties this year than expected. We are still bullish. We will definitely go for expansion. We are looking at at least one or two more projects, large projects for us to take on because we do have the capability to—once Chennai is finished, by that time, we want to have at least one or two projects ready so that we can effectively utilize our project team to do another project. That is the way we are looking at it. That is all I can give you as of now. Okay. Thank you. Thank you so much. All the best, sir. Come back in a bit, please. Thank you. Thank you. Next question is from the line of Saishwar Ravekar from ICICI Securities. Please go ahead. Hello, sir. Am I audible? Yes. Go ahead, please. My question is, sir, last time Hyderabad Park explained their base there a quarter. This time, we are seeing the footfall. Decreased footfall. What are the specific reasons? Can you shed some light on it? Yeah. Hi, Dheeran here. I think this is actually the point that Arun just mentioned previously, that obviously, in mature parks, there is some saturation, so the growth will not be as much as a newer park. Hyderabad is one of our newer parks. It has only been operational for seven years, barring the two COVID years where we were shut. There is a lot more room to grow. That is one of the reasons why you continue to see that one of our newer parks is kind of growing and having a better year compared to the other parks because of the headroom that we have. Thank you. Sir, one more question is there. Sir, our numbers are showing decline in the business. Do you have some strategies to bounce back in the market in order to increase the revenue, EBITDA, and any expectations? I mean, definitely. We are being a lot more agile in terms of our pricing, our campaigns, seasonalities. We've been building a lot more sales efficiency also to try and create more opportunities during the leaner season. Multiple strategies are at play. We hope that some of those are fruitful in the coming year and we see better results. Okay. Thank you. Thank you. Participants who wish to ask questions may please press star and one at this time. We will take the next question from the line of Koustubh Pawaskar from ICICI Securities. Please go ahead. Yeah. Yeah. Good afternoon, sir. Thanks for giving me the opportunity. Sir, in your initial comment, you mentioned that some of your mature parks like Bangalore and Kochi, they will be delivering a minimal kind of a growth in footfall. Is it fair to assume that considering a low growth in footfalls in this mature park and incremental footfalls from your Odisha and Chennai park, in FY 2026, at least we should be doing around 8-10% growth in terms of footfall? Along with around 2%-3% growth in our pools, we should expect around— Yeah. Yeah. We are expecting 5%-10% growth for this—sorry. We are expecting between 5%-10% growth in footfall for this financial year. It's a conservative estimate. We might do better, but we don't—I mean, it's hard to say, but it could be some—again, we can't predict properly. With Bhubaneswar, we are expecting better numbers this year. For the last quarter of the year, we are expecting Chennai to also kick in with some footfalls. I think we are expecting footfall growth. Our pool growth, also, we should expect between 3%-5% kind of growth we are expecting. Right. Right. But sir, the footfall growth, then even Odisha will get mature by end of this year. And Chennai— No, no. This will be the first full year of operations. It will not get mature. Maturing will be four-five years. Mature in the sense it will be the full first year of operations. This will be the full first financial year that we are opening. Yeah. Yeah. So considering that, and even Chennai will be getting into first full year of operation in FY 2027. Considering that, the footfall growth should be better in FY 2027 compared to what the expectations are in FY 2026 in a stable environment. I'm not saying that. Yeah. I see. I mean, if you have a large park like Chennai that's going to be operating for a full year versus just a quarter in this FY 2026, definitely we should see a—we should continue to see growth year on year, hoping that our existing parks also continue to maintain steady-state momentum. Yeah. And just related question to this is, if you see incremental growth in footfalls and stable kind of a growth in our pools, then should we expect even the EBITDA margins to improve from the levels of what we have seen in FY 2025? Should we consider FY 2025 EBITDA margin as a base and then from here, we should see incremental kind of margins? I'm not expecting substantial increment, but at least in a steady state for next two years, there would be consistent kind of improvement in EBITDA margins? Yeah. The EBITDA margin at the present year is mainly dipped only due to two reasons. One is the addition of this new park, Bhubaneswar Park, where we have spent certain amounts for the inauguration of the park and things like that. Similarly, in the next year, obviously, when you are Bhubaneswar Park, we'll have a full year of operation. Then additional one more park is coming in this FY. Post that, once we stabilize, maybe some 40-45% EBITDA margin will be expected. That's what our regular EBITDA margin previously, if you consider pre-COVID. We think the midterm, as we expand our parks, we will have to invest in marketing, right? Because we will have to grow the category with the business, right, footfall. Even with extending our resorts, we will have to, again, invest in kind of driving more occupancy. In the midterm, there will be pressure because we're investing for newer parks for long-term growth. Right. Sir, one last question on the one more location we are planning to do, the one more project which we are planning to come up with. For that, would we require any incremental funding in terms of equity or debt, or would we be good enough to fund it through our own internal approach? Because the project we are planning to do in the coming years is equivalent to what the Odisha projects are, if I'm right. The CapEx required for such projects would be in the range of INR 200 crore-INR 300 crore and not similar to what we are investing in Chennai. Considering that, is it fair to assume that whatever projects we are now planning, we will be in a position to fund it through our own balance sheet? Yeah. We are not looking at any further fundraise. We are, I think, very well capitalized now. Also, I think by next year, we will have five operational parks. I think we will be in a good place cash flow-wise. We will have enough to be able to manage further. We might take on some debt if we are taking, for example, two projects come back to back. Otherwise, I do not think we have any much stress on our cash flow. Sure. Thanks. Thanks for the— Thank you. Participants who wish to ask questions, may please press star and one at this time. We will take the next question from the line of Himanshu Upadhyay from BugleRock PMS. Please go ahead. Yeah. Hi, [Kuda]. I had a question on this Bhubaneswar. If we look at the Bhubaneswar park, the non-ticket average price is nearly two-thirds of the ticket price. It is, in value terms, also per ticket, the highest among all parks for us. Are they trying to keep ticket prices low to have higher footfall and want people to spend more in the theme park, or are there a few items which are not included in the ticket, and hence the ticket is low but non-ticket item price is higher? Is there something different on the strategy? Can you elaborate on your thoughts here? Look, so if you look at our ticket price versus our three larger parks, it's actually at 60% of the other parks. If you look at the contribution split, our non-ticket revenue in other parks is 27%, whereas in Bhubaneswar, it is close to 45%. Our operating format is pretty much the same. Once you pay for the ticket, everything inside is unlimited. You only pay for food and merchandise. That's the same in Bhubaneswar. I think also because it's year one, we are getting a lot of early adopters who tend to have a high wallet share and then hence you're seeing a higher SPH. As we continue to build the category and business, we are getting more group footfall, larger businesses across tourism markets. This should normalize a bit. We are still bullish that our pools will continue to stay healthy in Bhubaneswar. Okay. So should we assume that as time progresses, the ticket prices will increase over a period of time, and hence this will get normalized? So that would be the— Yes. It will increase, but marginally it will increase because I think with SPH being strong and we are hoping it might reduce with more group and larger bookings coming through. It is still a very healthy SPH. I think right now we want to ensure that we are able to drive more and more footfall and build the category in a new park. We have a cushion of a higher SPH. We will try and be a little conservative on ticket until and unless we see full capacities in our park. To add on to that, if you see our other parks, we have about 50+ rides in each of the parks. Bhubaneswar is having about 23 rides at present. On the go, maybe after a couple of years, we may add up another further rides and things like that once it matures at the high level. This is one of the reasons of keeping the ticket price at— Also, the Tier 2 cities. Tier-2 city as well. Spending is not that high. Okay. So can we say that Tier 2 c ity, this type of model would be there for these? Yeah. This is our model for Tier 2 city, where we do a smaller size, much smaller, less than one-third the size of investment and number of attractions. And correspondingly, our R2 also will be smaller. Okay. The next question also, we were talking to various state governments, four or five state governments for new theme parks. Is there some places we have decided that this place may not— We are talking to multiple state governments. As and when there is a finality, we will definitely inform. Right now, it's under discussion, so we don't want to disclose. We will disclose whenever it's ready. Okay. In the last call and here, also, we have spoken about dynamic pricing of tickets. Okay? Yeah. Q2, Q3, Q4. Okay? Can you give some thoughts here that what is the elasticity between the pricing and footfalls? If it is too less, then it may not have impact. If it is too more and persistent, then the people will wait for those discounts. Okay? What we generally see in many of the places. These are still early days. We are still experimenting with it. We are upgrading our entire operating system for our Wonderla Park. We are undergoing a digital transformation as we speak. A lot of these things will be ready only by the end of this financial year. I think the full effect of dynamic pricing, we will not see in this financial year. Maybe next financial year, we can see it. There are a lot of things we have planned. I think we will be able to give you more—we are doing it manually right now using manual methods. I think the automatic system will happen only maybe in a year or two. Generally, what can be the ranges? Means X%. It's like airline tickets. You can vary it as much as you want. We will discount as much as 50%, sometimes more. Yeah. Depends on seasonality and demand and the market conditions, right? During holidays, obviously, there is a higher demand, a lot like airlines and hotels. We have a very different price versus lean season versus large group bookings. I think that kind of agility in pricing is definitely helping us drive demand. Because we have also been doing this only in the last 12 to 18 months, there is a lot of learnings that we are also getting from these campaigns. We will keep improvising and making it more robust year on year. If the variation is very large, will it not impact the customer? Because he will have a thought of what he wants to spend. Okay? Expectations are too large. Anything what you have seen till— It depends on the demand, right? For example, on a very busy season, you will pay much more for the same airlines. If you are going, let's say, from Bangalore to Goa during season, you'll pay at least 3x more, right? I mean, people are—I mean, I think nowadays, I think that's pretty much how it works. It makes sense during high demand to charge higher price because we also have limited capacities, right? I mean, we can't also overpack our parks because then wait times, queue times are higher, customer experience is poor, and if ratings go down, this doesn't reflect good on the overall brand experience. A lot like other entertainment tourism business like hotels and restaurants and flights, we will also have to operate in this model. Customers are willing to pay for it when there is a demand in a holiday season. Okay. Okay. Thanks. I will join back in a bit. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. We will take the next question from the line of Nirav Savai from Abakkus. Please go ahead. Hi. My question is on the marketing spends during the quarter and the entire year FY 2025. Yeah. Marketing, this time we had certain one-time expenses like video shoot and then the new park launch. All those things were there. So around about INR 12 crore we spend as a one-time expenses towards this, various other activities including the launch, video shoot, and then e-shop expenses as well. This is for the entire year 2025, right? Entire year. How much was it for the fourth quarter versus last year fourth quarter? Last year, there were no one-time expenses. This time is the first time we are having this kind of video shoot and other activities. No, sir. I'm just trying to understand the marketing spend in the fourth quarter versus last year fourth quarter. I think marketing spend this year was higher, I think, because I think we have one more park to spend on. I think we started marketing spend early this year compared to last year. I think some of the Q1 spends have come into Q4 of this year, I mean, last year. Instead of spending, I think that keeps changing depending on the holiday cycle. Okay. So what was the total quantum of marketing spend in FY 2025? One second. About INR 40 crore. INR 40 crore. How much was it a year before that? Year before that, it's about INR 18 crore. Not 18. INR 28 crore last year. INR 28 crore. That's really something which is incremental, which has gone behind marketing. Yeah. This includes the launch expenses, Bhubaneswar, and then video shoot. Expenses have spent INR 10 crore? Yeah. INR 15, 12 crore we spent. INR 12 crore. Okay. This new resort which we have been talking about in Q1 of FY 2026, now, is it an addition to the existing one, or what exactly is this, and what are the number of beds and total capacity in this? It's an extension to our existing resort at Bangalore, which is having about 39 seats. So premium version to that. Okay. So this will be from the first quarter of 2026? Yeah. First quarter of 2026. Right. How do we see the OpEx part of it for FY2026? With Chennai Park also planned in the third quarter, let's say there is INR 40 crore of marketing spends which we have for 2025. How much have you budgeted for 2026? 2026, about some 5%-10% hike will be there. Apart from that, we'll have a launch expense and Chennai Park-related expenses will be there. With Chennai Park, should we assume about INR 60 crore? Would that be the number, or can it be even higher? That is a little too early. We are just concluding the budget for the Chennai Park. Towards the end of maybe Q2 or maybe towards the end of Q3, we should be able to take that. Right. Got it. All right. That's it from my side. Thank you. Yeah. Thank you. Next question is from the line of [Kashyap] from Ckredence Wealth Management. Please go ahead. Yeah. Hi, Arun. So I just had one question. Given the change in the demand outlook, is there any change in the guidance for our Bhubaneswar Park for being cash, I mean, EBITDA positive? No, there is no guidance. Only thing is we are trying to attempt to fulfill the footfall. At present, it's at 1.7 lakh this year and with some 10 months of operation. Then going forward, we'll have a full season this time. Once we conclude maybe Q1 or something, we can give a sense of it. Okay. Good. Nothing on the—I mean, definitely, we are still—we will not be able to give numbers for even Chennai, right? Or just the guidance on EBITDA or something. We will wait for one year at least for us to give any kind of numbers. Okay. Understood. Yeah. That is it. Thank you. Next question is from the line of Ayush Chabria from Shravas Capital. Please go ahead. Yeah. Hi. Am I audible? Yes. Yes. I just wanted to understand what is the actual you were looking at once the Chennai Park gets commissioned? Any range you'd like to provide? It's similar to our existing park, but then we may not be fully ready in Q1. We might have to give a discount if we are not fully ready. Again, hard to predict. At a steady state, I think our R2 will be maybe marginally higher than what we are charging in Bangalore. That's what— You can take a sense from the Bangalore to Punjab. About some 1,500 is the R2 level at Bangalore. So we can take a sense from there. Initially, first year, we might have higher discounts and things like that. All right. What kind of footfall do you see? Something like Hyderabad replicating again in Chennai? What is the sense? Do you have any kind of— It's hard to predict. I mean, it could be like Kochi where we have profitability in the first year. If you look at Bangalore and Hyderabad, profitability came in the third year, third or fourth year. It's hard to predict exactly how each market will behave. For a large park, we are expecting 1 million+ footfalls per park. A small park like Bhubaneswar, we want at least 5 lakh footfalls once we reach 5 lakh-6 lakh footfalls when we reach a steady state. Now, how long it will take to get to that point is debatable. We are hoping that in four or five years, we should be able to get to that point. Also, any color on what kind of footfall do you expect in Bhubaneswar in the coming year? Barring all the external factors, in general, what would you expect for the coming year itself? 5%-10% footfall growth we are expecting this year. That is only for—no, I'm just asking for Bhubaneswar, not the entire footfall growth. Bhubaneswar, we are expecting around between 2.8 lakh-3 lakh visitors this year. All right. That will be it from mine. Thank you. Thank you. Next question is from the line of Ranodeep Sen from MAS Capital. Please go ahead. Thank you for the opportunity. My question was regarding why not current approach is to focus on maybe one project at a time. Is there a school of thought around adopting a more aggressive strategy of pursuing maybe two to three projects across different cities simultaneously to accelerate our growth and brand presence? We have the capability to do multiple parks simultaneously, but three parks will be slightly difficult because, first of all, we need to sign agreements with the three authorities to construct the park. Then till that time, we need to pay salaries and things like that. At present, we are looking at a capacity to develop two parks simultaneously. Once we have an opportunity, we can easily scale up. We have connections, and we have the bench strength and things like that. We can do that a little later. As of now, two is enough. That's what our outlook. Sure. Sure. My next question is, Bharti Real Estate recently announced that they are interested in exploring indoor amusement park space, and they are exploring potential partnerships. I just wanted to check if Wonderla is evaluating opportunities in this segment, and are we considering any initiative for indoor amusement park space? Indoor amusement park is a different—it's a smaller business. In our view, it's not really a full-fledged amusement park business. We are not looking at indoor parks from a strategy point because we are specializing in large-format parks, and that's what we want to specialize on. Sure. Sure. My last question. We do not see revenue potential in indoor park. I mean, we can generate almost INR 200 crore a year revenue or INR 250 crore a year from a large park. Indoor park, we will not be able to do that. Got it. Got it. Sure. Just my last question. With music festivals and immersive experiences gaining popularity with the growing Indian Gen Z audience, is it worth exploring the idea of utilizing our existing land parcels to develop a— We are doing that. Yeah. We are constantly doing concerts, and we are also developing our own virtual rides and things like that. VR-based technology, they are using quite a bit now. In fact, our latest ride is a very unique ride that we have done. I do not think any other company has done a ride like that yet. I think we are also doing it. Yeah, I think that is a focus area for us as well. Sure. Thanks. Thank you. Appreciate your response. Thank you. Participants who wish to ask questions may please press star and one at this time. Next question is from the line of Ayush from Seven Capital. Please go ahead. Am I audible? Yes. Sir, my question is regarding the expenses of Chennai Park. The QIP which you have raised of INR 390 crore you have allotted in it, only INR 75 crore has been yet expended in the Chennai. So my question is, before that, nothing was expended there, or this is the first time you have expended in Chennai? No, Chennai Park, the total budget is about INR 515 crore without taxes. Including taxes, it is about INR 610 crore. Out of it, INR 390 crore is what we propose to spend from the QIP. Out of it, INR 75 crore is supposed to be spent in FY 2025, which has been spent. The rest of the money will be utilized in this current FY. Okay. Sir, my another question is regarding the Bhubaneswar park. When it will be matured, what is the peak revenue you guys are expecting from this park? Bhubaneswar may take some two to three years. Generally, any park for that matter, to get a maturity level, it takes further time. To get a stability, it takes three months at least to understand the pattern and things like that of the customer behavior and things like that. If it— It takes at least 10 months yet to complete a full cycle. Then we can at least learn certain things. Okay. Very sir, one more clarity I want. Right now, we have only one resort in Bangalore, is there any other resort in any park? Eventually, yes, we will plan. Right now, we are focusing on Bangalore. Once we have our model ready, then we will explore other cities. About the keys, sir, can you give me the total keys in Bangalore Park, resorts? Total keys, sir, 84 keys and 39, 129. Eighty-four? One hundred and twenty-three. One-hundred and twenty-three. Okay. Thank you so much, sir. That's all from my side. Thank you. Next question is from the line of Hinduja Aras from LTR Advisory. Please go ahead. Hello, sir? Hinduja sir? Are you online? Due to no response, I would now like to hand the conference over to the management for closing comments. Thank you all for attending the Q4 FY 2025 and full year FY 2025 results update of Wonderla Holidays. We are bullish on our segment, and we continue to expand into the sector in new geographies. FY 2026 promises to be an exciting year, and we look forward to sharing results with you guys soon. Good afternoon. Thank you. Thank you. Thank you. On behalf of Ambit Capital Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.