Adlabs Entertainment declines after Q1 net loss widens

Adlabs Entertainment fell 2.49% to Rs 3.92 at 12:13 IST on BSE after the company reported a consolidated net loss of Rs 32.48 crore in Q1 June 2019 compared with a net loss of Rs 20.92 crore in Q1 June 2018.

The result was announced after trading hours yesterday, 1 August 2019.

Meanwhile, S&P BSE Sensex was down 113.09 points or 0.31% at 36,905.23.

On BSE, 1,246 shares were traded in Adlabs Entertainment counter, compared to a 2-week average of 20,000 shares. The stock hit an intraday high of Rs 4.15 and an intraday low of Rs 3.92. It hit a 52-week high of Rs 38.50 on 21 August 2018 and a 52-week low of Rs 3.58 on 20 June 2019.

Consolidated net sales fell 4.4% to Rs 81 crore in Q1 June 2019 over Q1 June 2018.

Adlabs Entertainment's joint CEO, Dhimant Bakshi, said, "In Q1 FY20, the overall footfall declined by 1.7% while the total revenue declined by 4.4%. The drop was due to lower spending in the consumer discretionary sectors which resulted in low inbound tourism. However, the company was able to maintain ARPU at Rs 1,474 in Q1 FY20 vs Rs 1,485 in Q1 FY19. Our Hotel 'Novotel Imagica' continued to show better performance in Q1 FY20. Revenue from the Hotel business jumped by 25.2% YoY to Rs. 11.38 Cr in Q1 FY20 vs Rs. 9.10 Cr in Q1 FY19. During the quarter, the Hotel recorded occupancy of 41% with total ARR (incl. F&B) of Rs. 10,592. Q1 FY20 EBITDA declined by 18.0% to Rs 28.00 Cr from Rs 34.13 Cr in Q1 FY19, mainly due to drop in footfall and revenue; and some increase in power tariffs and repairs & maintenance expenses."

Adlabs Imagica is a project of Adlabs Entertainment (AEL), promoted by Manmohan Shetty. Imagica is an India-based holiday destination which offers a gamut of experiences in one place through its theme park, water park, snow park and hotel.

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