Since April 2013 over 5 million people have visited the parks. While these numbers andguest feedbacks give us a good idea of their expectations; appreciation of the product hasbeen so well received by customers across the country. This international standard holidaydestination has now become a part of most of the domestic tourist's itineraries. We arealso one of the most preferred destinations for MICE weddings and family holidays.Inspite of this we have a long way to go in making this project every Indiansmust-visit' holiday destination.
Imagica has also bagged many accolades under its belt - the OTM Award for ExcellenceMost Promising New Destination Award 2015 and also the Tripadvisor's Traveller's ChoiceAward 2015 to name a few.
Imagica is now looking to reach out to audiences beyond Mumbai and Pune.
With Gujarat and major cities in Madhya Pradesh already contributing to a significantnumber of visitors we are endeavouring to popularize the theme park concept across thenation. As part of various marketing activities Imagica has initiated various alliancesand on-ground activities to reach out the characters and the park features beyond Mumbaito reach directly out to their target audiences.
I am also pleased to update on the outstanding performance of our hotel NovotelImagica'. This year the occupancy of our Novotel Imagica property has been upwards of 72%with an ARR in excess of INR 10500. The quality and performance of the property has alsobeen recognized by the Industry bodies and accordingly in 2016 the property has receivedaward for the best "New Hotel in the Upper Mix Segment Category" by HICSA whichis the Hotel Convention of Southeast Asia in Delhi.
The Revenue recorded for FY 2016-17 was Rs. 239 Crore vis-a-vis Rs. 234 Crore in FY2015-16 a growth of 2%. The EBITDA for FY 2016-17 stands at Rs. 60.85 Crore vs. Rs. 40.12Crore signifying a growth of 52%. The growth in EBITDA has been achieved largely byrationalization of our fixed costs. The continuous efforts to optimize the Company'soperating cost by our teams have resulted in a reduction of 6% in the overall operatingcost of which 8% savings is reflected in the operating cost of the Park business. Thiscost reduction is more or less permanent in nature and we will observe the positive impactof the same in FY 2017-18 performance as well.
The focus area for FY 2017-18 would be the balance sheet of the company and we willaggressively push for rationalization of our finance. In line with this objective ourinterest rate on long term borrowings is expected to be reduced to 11% from the earlier12.4% pa with effect from June 2017. In addition all our efforts are on monetising theland towards reducing the debt.
Brand Imagica needs to expand without increasing the present debt to other metro citieswith a strategic partner or any local partner as most of the states are willing to providethe land for increasing their tourism foot falls.
We once again thank all our shareholders for having continued faith in our Company.
We are excited to have you on board and we remain committed to making people happy andto ultimately take this company to its full potential.
We also like to thank our employees on this journey in making our vision a reality andcontinuously offering a high class entertainment experience to our patrons.