Ladies and gentlemen, you have been connected to Wonderla Holidays Limited con call. Please stay connected. The call will begin shortly. Ladies and gentlemen, good day and welcome to Wonderla Holidays Limited Q1 FY 2027 earnings conference call hosted by MUFG inTime. As a reminder, all participant lines will be in 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 touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Omkar Bagwe from MUFG inTime. Thank you and over to you, Mr. Omkar. Good afternoon, everyone. I welcome you all to the earnings conference call to discuss Q1 FY 2027 results of Wonderla Holidays Limited. To discuss our results we have with us from the management, Mr. Arun Chittilappilly, the Managing Director, Mr. Saji Louiz, Chief Financial Officer, and Mr. Dheeran Choudhary, Chief Operating Officer. They will take you through the results and then we will proceed to Q&A session. Before we proceed to the call, a small disclaimer. This conference may contain certain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations as on date of this call. The actual results may differ materially. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. A detailed safe harbor statement is also given on page two of company's investor presentation. Now I would like to hand the call over to Mr. Arun Chittilappilly. Thank you and over to you, sir. Hi. Thank you. Good afternoon, everyone, and thanks for joining us. I hope all of you had an opportunity to review our financial results for the first quarter of FY 2027. We are pleased to report that we have delivered one of our best quarters ever, making another important milestone in our growth journey. During the quarter, we recorded an income of INR 252 crore, representing 41% year-on-year growth, while EBITDA grew 39% to INR 122 crore. Our footfalls crossed 12.25 lakh visitors, up 33% over the same period last year, reflecting the continued strength of our brand and growing demand for quality leisure experiences. This performance was broad-based. Our existing parks continue to deliver healthy growth driven by higher guest volumes and as well as improved guest spending. Revenue from our mature parks grew by approximately 15%, supported by 7% growth in ARPU and 8% growth in ARPU and 7% growth in footfalls. Our Chennai Park continues to scale up exactly as we had envisaged. In our first year of operations, the park contributed approximately INR 45 crore in revenue and over 2.4 lakh visitors during the quarter. As the market matures and awareness continues to build, we remain confident that Chennai will become an increasingly significant contributor to our long-term growth. Beyond our parks, we are also encouraged by our hospitality business. Both our resort offerings delivered their best, and along with Hyderabad Park, delivered their best-ever quarter. Our focus remains unchanged. We will continue to invest in guest experience and expanding premium offerings and improving operational efficiencies. As our newer assets continue to mature and our existing parks deepen their market penetration, we believe that Wonderla is well-positioned to sustain profitable growth in the coming quarters. With that, I would like to hand over to our CFO, Saji, who will take you through the financial performance. Thank you, Arun. Good afternoon, everyone, thank you for joining us for the Q1 FY 2027 earnings call. Let me take you through the key highlights of our performance during the quarter. Our revenue from operations increased by 44% Y-o-Y basis to INR 243 crore. Our existing parks, Bengaluru, Kochi, Hyderabad, and Bhubaneswar, delivered a healthy 15% revenue growth, driven by 7% growth in footfall and 8% growth in ARPU. Our new asset, Chennai Park, contributed INR 45 crore in revenue during the quarter with a footfall of 2.42 lakh. EBITDA, including other income, stood at INR 122 crore, registering a 39% Y-o-Y growth, while the EBITDA margin remains strong at 48%. Profit after tax for the quarter stood at INR 72.79 crore, translating into a PAT margin of 29%. Let me now explain the key drivers behind the INR 34.48 crore increase in EBITDA, including other income. Our existing parks contributed INR 15.93 crore, accounting for 46% to the EBITDA growth. Chennai Park contributed INR 21.86 crore, representing 64% of the EBITDA growth, as the park continues to scale up well. Our resort business added about INR 3.19 crore, contributing 9% to the EBITDA growth. The above said gains are partially offset by an increase of INR 6.5 crore in the corporate overheads, primarily reflecting investments made to strengthen the organization and support our expanding operations as well. During the quarter, the company also earned INR 9.47 crore as other income, predominantly from interest and gains on investments. Overall, the EBITDA bridge demonstrates that the growth was driven by a healthy performance across our operating business, led by continued momentum in our existing parks and successful scale-up of our Chennai Park. Our PAT increased by INR 20.22 crore, primarily driven by the improvement of EBITDA. This was partially offset by an INR 11.49 crore increase in depreciation, mainly on account of Chennai Park becoming operational, and an incremental tax expense of INR 2.75 crore. Moving on to the operating metrics for Q1 FY 2027, footfalls across our parks were as follows: Bengaluru Park, 3.43 lakh, up by 6% Y-o-Y. Kochi Park, 2.5 lakh, up by 6% Y-o-Y. Hyderabad Park, 2.9 lakh, up by 11% on Y-o-Y basis. Bhubaneswar Park, 1 lakh, up by 4%. Chennai being a new park, 2.42 lakh. Our average ticket price for the quarter stood at INR 1,310, registering a 2% Y-o-Y increase. Average non-ticket spend per guest increased by 20% Y-o-Y basis to INR 591, reflecting a continued strength in our in-park spending initiatives. As a result, average revenue per user, the ARPU, increased by 7% Y-o-Y to INR 1,901. With that, I would like to conclude the financial update. We will now be happy to take your questions. Thank you. Thank you very much. We will now begin with 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 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 Shamit from Ambit Capital. Please proceed. Hi. Thanks for the opportunity and congrats on a good set of numbers. Couple of questions from my end. If you look at your ex-Chennai park, the footfalls grew by 7% year-on-year this quarter after a mixed trend over the last few quarters. Should we view this current growth rate as sustainable going forward in the other parks? Also on your margin, once Chennai Park matures, what kind of margin trajectory are you expecting? See, footfall growth is unpredictable by its very nature. Every quarter it will keep varying. This quarter was good, we are hoping that for the remainder of the quarters, it will be good as well. Having said that, I think this year has started on a strong note. I think we are hopeful that this year it should continue. Chennai margins should be in line with other margins as it progresses. It's still the first year, so it's hard for us to tell you how it's exactly going to be. Long term, it will give the same margins as other parks are at par. Got it. Any particular initiatives did you take in those parks which led to this footfall growth? We have done our usual. Summer is the time when a lot of families come and visit us, I think the weather was favorable. Many factors have helped us. I think our marketing also, every function of ours also played a part. It's nothing unusual there. How was July looking for other parks as well as Chennai in terms of footfalls? Far it's looking good. Again, like I said, July is just one month, so we'll have to wait and see for the remainder of the quarter and see how it goes. Okay. Thank you. I'll come back in the queue. Thank you. Thank you. The next question is from the line of Vinod Krishnan from Avendus Wealth. Please proceed. Sir, am I audible? Yes. Yes, sir, you're audible. Thanks for the opportunity. Sir, my question is on Chennai park. How should we see when this year itself, we'll go to 1 million, or normally other parks take three to four years to peak. How are you management looking at— It takes a couple of years, for sure. We will not reach 1 million in one year. That may not happen because like I said, it's a new park, so it's hard to predict how the footfalls will come about. It's a strong start, for sure. It's going to be a strong start, but exactly how the footfalls are going to pan out, again, it's hard to predict. Should we assume that 10% of every park's revenue goes into new rides or new CapEx into the same park? Can we assume that? Roughly, yes. My last question is— 10% of revenue. Yeah, 10% of revenue. Yes, sir. Yeah. My last question is on the, now that we have all the South India is done. Okay, let me ask this way. In the next three to four years, what are the minimum number of parks we should be adding, and mostly it will be large or mid parks, or how are you looking at it? There's no clarity on that part alone, I think that's what is being a overhang on the company also. Yeah. We hope to do a couple of big projects and maybe a couple of small ones as well. We will keep you posted, like I said earlier, and I think by the end of this year, we will have some update on that. We can't speculate on which one will grow. We are working on many parallel cities, which I've said in past calls as well. Once we close something, we will keep you updated and we'll take it from there. We are working- In the next three to four years, at least two large parks, can we assume? We'll definitely work on one or two parks and large parks, and then maybe one or two small ones as well. In the next four years. Around three to four parks should be there on the next three to four years. Thank you. Thank you very much, sir, and all the best. Sir, by the end of this year, you're saying before December, we'll announce something, one park at least. Yeah. Before the end of the financial year, we'll have something to announce. Thank you. Thank you very much. Also on the resorts side, what are you thinking? Is it just around the parks or you also like the Isle 1, you also ready to do resort as a separate adjacent business because that's been extremely successful for us. We're looking at expanding into that vertical as well. We will definitely, again, expand into in other cities. Maybe initially we will start with cities where we have already projects. We are also open to looking to other cities, like other places like Goa to do standalone resort projects also. We will keep you updated, like I said, once we announce something. Sir. Thank you. Thank you very much, all the best, sir. Thank you.[crosstalk] The next question is from the line of Abhishek Shankar from ICICI Direct. Please go ahead. Am I audible? Congrats on the good set of results. My question is again regarding the park. What happened exactly during this quarter in Hyderabad that we are seeing such a large growth? Is it because we had a lower base or is it some initiatives that we took in Hyderabad? How is the new roller coaster ride doing in Bangalore? Is it leading to some incremental growth there? I mean, incremental interest from people. Actually from all our large parks, older parks, you see Cochin, Bangalore, Hyderabad is still one of the newer parks. Keeping the two years of COVID aside, it was only operational for eight years. We did have some more juice to squeeze in terms of ramping- up footfall. I think our investments that we made in terms of marketing and kind of building for the brand in Hyderabad over the last few months kind of gave us that benefit in terms of a much higher footfall growth compared to our Bangalore, which is 20 years and our Cochin, which is 25 years. That's the reason why you see a higher growth in Bangalore. On your next question, the new rollercoaster is received extremely well. The customer dwelling time, customer experience scores are really up. When we add such global standard rides, it definitely becomes a star attraction for people to come and visit the park again. It increases frequency, which in turn drives more footfall. Thank you. Just another question. The rainfall deficit has reduced though, there is some rainfall deficit that is still there. Do you see any directives coming from the government regarding the park operations? We've seen something in Mumbai, though, but in south also, we are seeing some rainfall deficit. No, there is no issue. I think rainfall has been actually very strong in the last few days, again, we can't predict these things. We'll have to wait and see. As of now, it's all fine. Okay. Our last question, is there any disruption in Kochi park? In the last three, four days, there has been heavy rainfall in Kerala, that's why. Yeah. Whenever there is heavy rainfall and landslides and all, some disruption will be there. In our area, there is not much issues, but of course, there are disruptions in the state. Definitely, that will have some effect on footfall also. Okay. I'll get back into the queue. Thank you. Yeah. Thank you. The next question is from the line of Navin from ithought PMS. Please proceed. Yeah. Good afternoon, team. Am I audible? Yes. Yeah. Congratulations on a great start to the Chennai park and a good set of numbers. Just a couple of questions from my end regarding the parks. With respect to Bhubaneswar, even in the commentary, you had alluded that you will be looking to add more smaller parks in the future. Just looking at the ASP numbers for Bhubaneswar, they've been flattish for the last couple of quarters, maybe even the last year and a half. Just wanted to understand broadly, are there any learnings we are taking from doing the smaller park, the smaller format that will carry on to newer parks? See, Bhubaneswar, as far as we are concerned, is like an experiment. We've never done a small park before. I think we are still learning. I think because it's a category-creating kind of asset, sometimes the footfall growth will be slower. I think long-term, we are hopeful that Tier 2 or Tier 3 also can support parks of small size. We are not worried. It's already a bit of positive, we're not really worried about it. Of course, we will have to do more experiments to see how we can attract more footfall from neighboring areas, et cetera. That I hope answers the question. We are not shying away from looking at other smaller cities, of course, I think our focus is on larger cities because for the same effort, maybe more CapEx, I think the effort returns are better from larger cities as well. Having said that, we do have so many smaller cities, we will pick and choose based on what is available and what the governments are offering us, that's the way we look at it. Got it. One small follow-up would be, is my understanding right in sense that we'll do smaller formats only in the tier 2, tier 3 kind of locations? Yeah. Smaller format we will be doing in the smaller locations. Yeah. Got it. Yeah. The next question is going to be on the Chennai Park. Just correct me if I'm wrong, but I heard that it contributed INR 21 crore to the EBITDA itself. Am I right? Yeah The CFO mentioned. Yeah, if I just do some basic math, I just multiply the footfall and the ARPU, I'm getting around INR 45 crore of revenue. Would it be right to assume that the Chennai Park is already at the mature Park level of margin? Was this expected as a ramp- up? For now it is, we don't have a full picture until we finish a year because every quarter is different and the footfalls can vary. For example, Q2 is a much weaker quarter compared to Q1. We'll have to wait and see how it all pans out. As of now, yes, for a quarter like Q1, I think it is tracking similar to other larger parks, which is very healthy. Got it. Is the ramp- up for a new park generally this quick, or are you surprised by Chennai results? This is one of the fastest ramp- ups that we've had. I think, again, like I said, we caution until the year is over, we don't know how it's going to play out because the highs tend to be higher and the lows tend to be lower in a new park, a new business. As of now, we are hopeful that it'll track like a mature park. Got it. Thank you. Just one kind of a long-term kind of a question. I believe we have discussed in earlier quarters, the concept of IPs for parks, and even if we don't license them, our own IPs maybe. I think we were not really going for anything like that. Is there any change in view, or if you could just broadly outline your view on IP and parks and if they would work for our format. Paying foreign money for IP and then getting that to India, I don't think it works financially. We believe in creating our own IPs. That is the way we've been working. Of course, we are open to partnerships and things like that. From time to time, if we find something that's useful and relevant to our audience, we will definitely work on that. Other than that, we would like to use proprietary IP wherever possible. I'm sorry, sir. Small follow-up would be, I'm not referring to the rides. For example, one of our competitors, they tied up with Chhota Bheem and like Mr. India, and they have some rides based on that. Something along those lines. They don't even need to be foreign. Did that lead to any footfall revenues? I don't think so. For me, finally, it all comes down to whether it makes financial sense. We take it as it comes whenever there are opportunities. We do discuss with various companies from all over the world to see whether we can do something, it has to make sense. Got it. Yeah. Thanks a lot for answering your questions. Yeah, have a nice day. Thank you. The next question is from the line of Girish Raj from Bryanston Investments. Please proceed. Hi. Thanks. The result is very encouraging. When we look at the Bhubaneswar performance, just want to understand how much management bandwidth is allocated for this particular asset at this point of time. I would say one- fifth. One- fifth. Okay, cool. Equally spread. Understood. Yeah. We will definitely spend time on all of them. Yes. Got it. There seems to be a step up in the Bangalore and Hyderabad ARPU. ARPU is something which we control, while we don't control the footfall. Is this the new base to work on? Is it because of the new attraction, like roller coaster, which is added? Your comments would help. I think there are two large reasons for this. I think one is the kind of cohorts that we are targeting and want to bring to our parks, especially during the summer seasons. These are high-spending cohorts. I think the main focus is how do we create and premiumize in-park experiences. These are not just ride-based, but just increase and enhance the dwelling time, make the experiences a lot more immersive. This has led to the non-ticketing spend kind of growing exponentially high for us, like the CFO stated, and that's actually the major contributor for ARPU. We feel that there is still a lot more room, if you are able to give the right kind of value proposition for customers to come into our parks and spend. I think we keep innovating and taking a lot more initiatives in building in-park experiences which are outside of rides to build. Got it. The question is, since this is a step up already compared to previous years, is this the new base to work on? At a CAGR level, our ARPUs over the last four years has been growing at 8%. We've already started growing fairly well, and we are now at a high base. We cannot expect similar growth. We continue to dig deep and look at more initiatives and innovate more, cannot comment whether we will get similar kind of growth every quarter. Got it. Thank you very much for all those questions- and- answers. Thank you. The next question is from the line of Richa Agarwal from Equitymaster. Please proceed. Hi, am I audible? You are. Yeah. Thank you for the opportunity and congrats on a good set of numbers, sir. My question is related to capital intensity that would be required to set up new parks. If you have to set up a park like Chennai or Odisha now, how much this capital intensity per acre or maybe even park-wise, if you could comment on what kind of capital would be required and what is the IRR or payback period metric that you would like to look at while considering new park expansion? No, the capital requirement is completely dependent upon the kind of parks we do, whether it is a Tier 4, Tier 3 city or whether it's a Tier 1 city. Generally, we look at it like a payback period. For larger parks, we'll get about seven to eight years or six to seven years. For a small format of parks, we can get a ramped- up payback of about some four to five years. Again, this is the ballpark numbers. This can change, depends on the real scenario at the park level. Chennai park recently we concluded about INR 570 crore-INR 600 crore of CapEx for setting up about 40+ rides. Earlier days it was slightly lesser. Now with Bhubaneswar park, if you could see, it's about some INR 190 crore of capital expense over setting up the park. Okay. Sir, could you also comment on what kind of seasonality we should look at across different parks, and what are you doing to just counter the effect of the variation in different quarters? Our largest quarters are usually quarter one and three, as you could have seen historically. Quarter one is also a quarter which drives more volume and value. Quarter three, because it's a largely group-dependent business, is more volume led. Can't comment much on Chennai because we are yet to see a full year. We will only know as the whole year gets over. I think apart from that, in quarter two, quarter four, we continue to invest on other initiatives and other cohorts that we feel have the time, especially on weekdays. We run multiple campaigns for that. Quarter one and Quarter three will always be our largest quarters. Okay. Sir, my last question is, keeping the seasonality in mind, what would be a conservative figure for what kind of footfalls at peak level are possible across all these five parks? What is the number that you aspire for that from your mature and new parks if you combine? At maturity, is there any structural limit to the footfall, keeping the seasonality in mind? We can handle maybe up to 1.2 million- 1.3 million visitors for a large park, then maybe the small park can handle, Bhubaneswar can handle maybe 5 lakhs or something like that. Okay. That's the upper limit. Yeah. Okay. Thank you. Thank you, Arun. Thank you. The next question is from the line of Harsh from ArtVentures. Please proceed. Hello, am I audible? Yes, you are audible. Thanks for the opportunity and congratulations on good set of number. My question is related to the segmental data which we published under operating revenue. There is a sharp increase in the other segment from INR 38 crore to INR 63 crore. Can you elaborate on that? Could you please explain where is the difference you are seeing? Under segmental revenue, which we give in our press release. Yeah In operating, other revenue, other operating revenue, which has grown from INR 39 crore to INR 63 crore. Can you elaborate on that? What lead to sharp jump? Other non-operating, what we usually do one segment basically for the parks, then resort and other income will be coming as an unreported segment. Mainly the Isle-related resort of ours, Wonderla, Terrea, and Isle. This will be the other segment. Resort business is part of that, yeah. Other income. Okay. Thank you. That's it from my side. Yeah. Thank you. The next question is from the line of Akhilesh Pathak from Smart Sync Services. Please proceed. Thank you. First of all, congratulations for great set of number, Arun and team. My question is regarding the parks that may be coming up in future. Are you looking for the same kind of model which you had in Bhubaneswar, where you leased land from government, 50 acre land at a very low cost, so the entire infrastructure cost actually became minimal, and that was a very asset light model. Are there plans for similar kind of model? We'll definitely look at asset light models wherever possible. We can't say which. We might be able to do it in a larger city also. We are exploring it, but it depends on each deal, each city is going to be different. The offering also will be tailored accordingly. It's hard to predict which one will be asset light or how it's going to be. There is scope to do that as well, yes. Yeah. Thanks, Arun. Another question is, are we looking at timeshare, kind of model and vacation ownership for the resorts that we are building? Not really. I think we prefer being in the retail space. Timeshare is not something that we are looking at. Once maybe we have a bouquet of resorts across maybe multiple states, at that point, I think it makes more sense. Thank you. Thank you very much. Thank you. The next question is from the line of Abhishek Shankar from ICICI Direct. Please proceed. Yeah, thanks for taking my follow-up question though. Last time, you had reiterated that you would be looking at 40%-50% mix of non-ticketing revenues, which currently stands around, I think 30%. Does that stand as of now? Also on mature parks, you had said that you will be delivering around low single-digit footfall and larger part of growth will be added through ARPU. Are we retaining the same now? Yeah. Your assumption is correct. That's it. Thank you. Thank you. The next question is from the line of Yash Mishra from SKS Capital and Research. Please proceed. Yes. Hi. Am I audible? Yep. Yes, you are. Am I audible? Yes. Okay. I had a simple question. How much of your current quarter blowout performance has been due to weak monsoons and how much of that is normalized? If you can give us some color of that. The monsoon starts usually from June. It doesn't really affect our first quarter performance that much. June is not a very strong month. Our highest footfalls come in May. May, luckily, we didn't have any unseasonal rains. Usually, sometimes we have unseasonal rains, and that is what causes some different footfall and things like that. This year we didn't have any of those. Compared to last year, same quarter, was there unseasonal rains in May? Was the base lower? No, I think there was less rains this year. I think generally because of the super El Niño. Even otherwise, I think rains have been less. May is usually not a rainy month. The last few years has been erratic. Certainly the strong performance this quarter, some part of it can be attributed to weak monsoons this year? Yeah. Early to say. We'll have to wait for the monsoon season to be over to actually- I'm saying purely for the first quarter, I'm talking about mainly- Like I said, monsoon really didn't have much of a role to play, so it's hard to- Okay again, you can't put a finger on it like that. There were other variables. We had elections in two states. One is Kerala, Tamil Nadu. In fact, it was the first summers for Chennai. We also had a lot of the war issues in Gulf. There was a lot of inflationary pressure on our F&B. I think overall we've been able to be agile and overcome some of these external environments and still deliver a decent set of numbers. Okay. Just a follow-up question to understand how much of the scale-up is possible in your existing parks, as in, just to understand, get some color on how optimally are all the parks operating, especially the new ones, and what's the headroom for growth there? Like I said, each large park can handle 1.2 million-1.3 million visitors, and the small park can handle maybe 5.5 lakh visitors. That may give you an answer. Basically from like to like, there is expected to be a normalized growth in terms of as the parks mature and stabilize, the newer parks? Yeah. Okay. All right, sir. Thank you so much. Thank you. Thank you. Before we take the next question, we would like to remind the participants that you may press star and one to ask a question. I repeat, participants who wish to ask questions, please press star and one at this time. Thank you. The next question is from the line of Nikhil from SIMPL. Please proceed. Yeah. Hi, good afternoon. Congrats on good set of numbers. I hope I'm audible. Yeah. Yeah. Two questions. One is on this quarter. In your initial statement, you mentioned something about expenses being done, higher expenses to build at the organization level. Can you just repeat it? The other expenses had increased significantly. If you can just repeat what. Are these one-off in nature, or will they continue? The other expense increase of overhead expenses you are referring to? Yeah. This is mainly the digital transformation expenses compared to the previous quarter. We started the new POS in our parks only from July month. All those digital transformation has cost us about some INR 1.5 crore incrementally. There are certain regular expenses related to marketing and other things are very small, minuscule level. That is the maximum amount what we spend in the corporate overhead levels. Okay. Would the marketing be on a higher end, even in this quarter? Even in March, we had a higher marketing spends because of the Chennai park. Even this quarter, it's above our normal average? If you compare the previous quarter, about some INR 5 crore of additional marketing expenses, when you compare with the previous corresponding quarter. This is apart from the Chennai piece. Mainly, we did a little bit of branding in certain markets. Apart from that, we did a little bit of performance marketing. As a result, we could see our footfall also growing in all the cities. Okay. Second question is on the resorts. I think when we launched Isle, our idea was that probably we will replicate this model to other parks as well. Based on what we've seen in last one quarter or last four, five months, how should we think about future resort investments for other parks? We are looking at to see how we can replicate. We are very happy with the performance of Isle and Terrea. Again, like I said, it's still new. We are waiting to see how full year pans out. Then we will take a call. Definitely, most likely we will take it to other cities, and that plan remains, yes. One conceptual question. Is it a necessity that a resort would make sense if the park is large enough, taking one or two days to complete? Is it like even without a park not being very large, a resort can be a part of the system? How should one think about it? We are still figuring it out. Like I said, we will know the answers to all that only after one year. Still very new. We are waiting for one year to complete, then we'll take a call on it. For the current resort, the people who have come would have done the park, stayed, and then gone back, or either people have- Majority, yes. There are people who don't use the park also. The majority would be park visitors. Okay, fine. Fine. I'll come back in the queue. Thanks. Thank you. The next question is from the line of Anuj Sharma from SteadFort Investment Managers. Please proceed. Yeah. Thank you for this opportunity and congratulations. Just in terms of your future parks, see, we have been operating in this size of park of 40 acres-80 acres. Do you see that the size of large parks given Can the country take bigger parks from 100 acres-150 acres? We believe this is the sweet spot we would like to operate for large parks. For our model, we like to do it in this size. Like 70 acres-80 acres is what we have done. Maybe in a larger city like Bombay, maybe it can be a little bigger also. Yeah, that's the way we look at it. Not like I don't think a huge investment, that kind of park, I don't think makes sense in a country like India. Okay. In Chennai park, did you see any difference in consumer behavior? Any particular observation in the Chennai park? Anything which you would want to implement in the future parks? Not really. The people of Tamil Nadu, they already know our parks. A lot of them have already visited some of our parks in other cities. For us, it's just a new market that was waiting to be tapped. Don't see any huge change in behavior. They're kind of similar behavior. Okay. The replicability between Bangalore and Chennai would be how much now? Or the difference, the unique rides between these two parks? There are, I would say, 30% of the rides are different, and the remaining 70% are similar. Okay. That would be a thumb rule for all the parks, 70% being common and 30% being unique? Yeah. I'd say 50%-60% will be similar. It can vary a little bit here and there, but yeah, more or less. All right. Thank you so much. Thank you. Thank you. The next question is from the line of Ankit Shah from White Equity Investment Advisors. Please proceed. Thank you for taking my question. Sir, there is some Miss India event that is planned in our resort and park. Can you talk a little bit about it? Also keen to understand whether the parks or resorts will be shut for visitors during that period, and how one should look at it. This is just part of our strategic partnerships that we do to build our resort as a premium destination. This was just one of the many marketing initiatives and partnerships that we did. We don't completely shut down our resort for such initiatives. It goes along with the existing business activity. Got it. Thank you for taking my question. Thank you. The next question is from the line of Hardik from Verea Capital. Please proceed. Hi. Thank you for the opportunity. Am I audible? Yeah. Yes. Yeah. Congratulations on a good set of numbers. From our size perspective now, we have crossed INR 400 + crores of net cash on balance sheet, and now we will have the financial ability to open more parks in quick succession. Just wanted to check, in case the opportunity arises, do we have the management bandwidth to, let's say, open two parks a year or two parks in two years or something like that in quick succession? Yeah. We've already done that in the past, we can do parallelly two amusement park projects or maybe a resort project, et cetera. This can be done, yes. Okay, perfect. The other question was a follow-up on the comment you made on the footfall capacity of the large parks. You mentioned about 1.2 million-1.3 million footfall that can be accommodated. I just wanted to clarify something. This assumes when you use the extra land parcel that is available in these parks and you add more rides. That's when we will reach it? No. This is just talking about as-is condition. Sorry? It's talking about as-is condition. We're not using all the extra land. If you do all that, I think, of course, we can add more visitors as well. Hmm. Interesting. What will be needed to reach this 1.3 million number? Because right now I think we only did 1.3 million in Bangalore, I believe, in one of the years. Otherwise, we've always done less than that. When we do that kind of numbers, it also creates a lot of negative publicity and it gets some lot of overcrowding happen. Once we have sustaining high footfalls on certain months, that's when we think about increasing our capacity in some areas. We are already doing that. Slowly, the park capacity will increase. Like two, three years back, if you had asked me, I would say the capacity was like 1.1 million. Now, I think we can comfortably handle more than that. I think, slowly the park capacity will increase as we add more attractions. That's the way we look at it. Yeah. With your permission, if I can ask a follow-up. Sure. Yeah. At some couple of quarters or some time ago, you had mentioned about the excess land available in some of your parks. Broadly, that excess land position is the same. We still have surplus land available. Yeah, we have excess land. We always keep excess land because we might want to build a resort, or we might want to extend a park, or we might want to add a rollercoaster. These things all take a lot of real estate. I think we always keep excess land. Okay. Just final one from my side. What would be the maintenance CapEx and some marginal CapEx that we might do for this year? Generally, we keep about 10% of our top- line for the expansion purpose, or maybe for adding new attraction to the existing park. 6%- 7% of my top- line will be for the maintenance capital. Okay. Thank you for answering my questions, and all the best. Thank you. Thank you. The next question is from the line of Manoj from Geometric. Please proceed. Thank you for taking my question, and congratulations on good set of number. My question is regarding business development for new park. It has been around 18 months since our QIP, and I understand that putting up park, specifically a big park, choosing a city is very important and the location in the city and the agreement with the government. What has been our experience for last 18 months, for the selection of new large parks specifically? What goes on the ground so that we can understand what are the procedures, what are the things before selection to understand the pace in the future for five, seven year, how many parks can come? Can you just give description what happens, what has happened in 18 months so that we can learn better on that? It's hard to give a description on that because a lot of it is our proprietary thing as well. We always keep scouting off for new locations to see whether there are suitable properties available to do this and in suitable locations. It keeps varying. It's not easy to find large parcels of land at a reasonable price in most cities, as you know. It's very difficult to find good land for acquiring without any encumbrances. It's also difficult to get lot of these licenses and land use changes, et cetera. Which is why we usually talk to governments also, parallelly, when we do this. As I said, I know we are in advanced talks with at least three or four state governments. Hopefully, we will close something, and at that point, we will let you know what is closed. Okay. My second question was regarding the capacity. You have said that you can increase the capacity by adding more rides. Any city wise, do you think even we have the extra land, we may put a resort, that's a different thing. For number of visitors, do you think there is a limit to that number of park for a one city, that after adding so much more rides, it won't be that much useful? Any sense or color on that? It's hard to predict that. Again, as time goes by, we are able to handle more visitors and we get higher ARPU, that is our strategy. We don't want to fill up the parks too much also because then it also negatively affects our customer experience and then it hampers repeat visits, et cetera. We have to find that right balance because nobody wants to go to a park which is extremely overcrowded. It's also a safety risk. It's a delicate balance that we have to do. Okay. My last question is regarding F&B income. How do you see this F&B increasing or staying there as compared to that park ticket, and how do you see it in the future? The share of non-ticket revenue will increase, and as you've already seen, it is already increasing. I think people are willing to spend more on food and retail and resorts, et cetera. I think you will slowly see that part of the contribution increasing as well. [audio distortion] Okay. Thank you, and best of luck. Thank you. Thank you. The next question is from the line of Pareen Parekh from PKP Capital. Please proceed. Hi. Thanks for taking my questions. First, about the parks. You mentioned that Hyderabad park results are a kind of a growth engine. If I look at the footfall for last trailing 12 months and compare it to the previous period, that is a year before, there is no growth over there. Can you please comment on that? I'm not sure if that's the right way to look at it because we are a seasonal business. Yeah, that's why I included all 12 months. I'm talking about trailing 12 months, which is 895,000 footfall as compared to 893,000 in the corresponding period year before. Am I missing something here? We made some disproportionate investments like our CFO earlier also said in terms of marketing and building the brand and further penetrating more footfall for the AP Telangana, and we've been seeing early results. We continue to look at opportunities to further grow because we feel that Hyderabad has the potential to do a bit more. It's been a good start to the financial year, and hopefully if this momentum continues, we will be able to showcase similar growth for the entire FY versus the previous financial year. That will be fantastic. Yes. Thank you. About the Chennai park, I just wanted to understand what area of land is presently developed for the park. 40%-50% is developed. We had 61.87 acres, if I'm not wrong. Should I assume that about 30 acres is developed for the park? Yeah. That's right. Great. About the resorts, fantastic performance and the top- line as well as the occupancy has shown really good numbers. What's the EBITDA for this INR 9.61 crore, which we have talked in the June quarter? We don't give EBITDA for our resort business. Overall. It's very profitable for us. Like I said, it's also new, once we have a full- year of operations, we can give you better details. We usually don't give out EBITDA numbers for the resort business as yet. No worries. I can understand that. I think we have about 123 rooms put together across both the formats in the resorts. Yeah. Any further plans looking at this occupancy? Are we having this kind of a better occupancy? Is this a one-off event, or do we see a regular traction going forward? Sorry to interrupt you, sir. Yes. Can we request you to return to the question queue for a follow-up question, as there are several participants waiting? Okay. Thank you. The next question is from the line of Rajveer Singh from Vivek Investment Manager. Please proceed. Hi. Thanks for taking my question. I have a couple of questions. My first question is on the safety culture of our company. Given that for a theme park operator, a single major accident can damage public trust for years, even if the financial impact is initially limited. Can you just talk about the safety matrices that we follow internally? For example, near-miss incidents, preventive maintenance or third-party audit scores, et cetera. We do our own preventive maintenance, and a lot of that information can be seen on our website. I would not like to go into detail here, but suffice to say that we follow the best practices in terms of safety and maintenance. I think we have huge teams who maintain, and we actually have teams who design, build, operate, and maintain the rides. I think we have a huge team which manages this. I think we are pretty well-sorted, and this is not something that's new to us. A lot of this information is available, and you can get it on our website. All right. Sounds good. My second question is about the performance of our— Sorry to interrupt you, sir. Can we request you to kindly return to the question queue for the follow-up question? I just asked one question. That is okay. I can go back to queue. Thank you. Ladies and gentlemen, in the interest of time, that was the last question for today. I would now like to hand the conference over to management for closing comments. Thank you all for attending our conference call to discuss the first quarter performance for FY 2027. We continue to be optimistic about the future prospects of the company. We will keep you updated on all our latest updates. Hope to see you at the next call. Thank you all for joining. Thank you. On behalf of Wonderla Holidays Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.