Imagicaaworld zooms 27% in two days on launching Aquamagicaa in Surat

Shares of Imagicaaworld Entertainment hit a 52-week high of Rs 48.43 as they rallied 17 per cent on the BSE in Friday’s intra-day trade amid heavy volumes. The stock surpassed its previous high of Rs 46.90, touched on September 1, 2022.

In past two days, the stock has zoomed 27 per cent after the company, which operates Imagicaa – theme park, water park, snow park and a family hotel Novotel Imagicaa Khopoli, announced the launch of its Waterpark, Aquamagicaa, in the city of Surat, Gujarat.

At 02:55 PM; Imagicaa quoted 16.7 per cent higher at Rs 48.11 on the BSE, as compared to 1.7 per cent rise in the S&P BSE Sensex. A combined 10.12 million equity shares representing 2.5 per cent of total equity of the company changed hands on the NSE and BSE.

Aquamagicaa - Surat is open to guests from March 1, 2023. The park is spread over 4 acres of land in the heart of the Surat city and includes 16 water based rides/ attractions imported from international manufacturers. The company said it intends to extend the high quality service experience that has been enjoyed by more than 11 million guests in the flagship project at Khopoli.

Meanwhile, in October-December (Q3FY23) quarter the company reported its best-ever Q3 quarterly EBITDA of Rs 32.4 crore, against Rs 10.2 crore in Q3FY20, due to the strong business performance and prudent cost control measures. EBITDA margin improved 2460 bps to 43.2 per cent over Q3FY20.

The company has first time reported positive profit before tax (PBT) of Rs 7.05 crore in Q3FY23. Total revenue grew 37 per cent to Rs 75.1 crore against Rs 54.9 crore in Q3FY20.

The company said business continues to show an excellent rebound after two years of adverse COVID-19 impact as well as overall improvement in the health of operations.