It is my pleasure to inform you that since the launch in April 2013 over 6.5 millionpeople have visited our parks. The Company achieved its highest ever annual footfall of 17lakhs in FY 2017-18 vs. 15 lakhs in FY 2016-17 a growth of 12%. The visitor numberscontinue to show the appreciation of the product among patrons across the country.
In FY 2017-18 with the implementation of GST the theme and amusement park industrywas unfortunately brought under the highest tax bracket of 28%. However due to our andlAAPIs continuous efforts the government brought down GST rate to 18% in January2018. We are also diligently working towards getting the refund mechanism set-up for theSGST share of 9% in lieu of Entertainment tax waiver which the Company had received forits mega tourism status from Government of Maharashtra.
This year the focus of the management has been to significantly reduce the debt on thebalance sheet. In line with this we have entered into term sheets to sell our non-corebusiness i.e. surplus land and the hotel. With the sale of these non-core assets theCompany would be able to reduce more than 30% of its outstanding debt. I would like tothank the shareholders for their approval to sell the non-core assets. We are also workingon other plans to address our overall debt levels.
The Revenue recorded for FY 2017-18 was Rs. 237 Crore vis-a-vis Rs. 239 Crore in FY2016-17 a drop of 1%. The EBITDA for FY 2017-18 stands at Rs. 62.67 Crore vs. Rs. 60.85Crore signifying a growth of 3%. The subdued revenue and EBITDA was considerably adverselyaffected due to factors such the imposition of high GST tariff.
Imagica has also bagged many accolades under its belt - OTM Award forExcellence Most Promising New Destination Award 2015' and also the'Tripadvisor's Travellers Choice Award 2015' to name a few. I am pleased tohighlight that Imagica Water Park is ranked 14th among the Top 25 Water Parks in theworld in Tripadvisor. In terms of footfalls Imagica Water Parkis ranked 21st Water ParkIn Asia by TEA and AECOM.
Our international standard holiday destination has been featured among internationalmedia and continues to be a part of many domestic tourist Itineraries. We are also one ofthe most preferred destinations for MICE weddings and family holidays. In spite of thiswe have some way to go in making this project every Indians must-visit holidaydestination.
As part of various marketing activities Imagica has forged strong cross- promotionalliances with variety of brands across multiple industries such as airlines and travelfood and retail banks mobile wallets and service providers and education brands. TheCompany has also entered into a barter agreement with Bennett Coleman and Co. Ltd. (TimesGroup) to advertise on all Times Group media platforms in lieu of equity/warrants issuedto them.
We continue to add new attractions at Imagica to increase the entertainment value toour guests. This year we are adding three new attractions at our park FamilyEntertainment Centre House of Stars and Eyelusion 3D park with JV partners and theseentail no capex by us. We have also partnered with Green Gold Animation to brand acharacter ride 'Chhota Bheem - The Ride'. The association will also introduce an assortedrange of Chhota Bheem merchandise thereby enhancing our existing portfolio.
I thank you for your investment and for having continued faith in our Company. Weassure you of our continued commitment to make people happy and to ultimately take thiscompany to its full potential. I would also like to thank our employees on this journey tomake our vision a reality and to continuously offer a high class entertainment experienceto our patrons.