I hope you and your family are in good health. I take this opportunity to urge everyoneto continue to remain vigilant against COVID-19. The year under review has been aboutemerging resilient amid multiple headwinds and resetting priorities to get back on track.
Resilient amid multiple headwinds
The financial year 2021-22 had been about emerging resilient amid multiple headwindsand re-setting priorities to get back on track after Covid-19 pandemic of the previousyear. We experienced total lockdowns from mid-April to August 2021 as well as week-endlockdowns in Bangalore and Kochi in January 2022 as a result of continuing pandemic.During the last quarter of the year we saw a glimmer of light at the end of the tunnel.Notwithstanding the uncertainties the company remained resilient owing to the continuedsupport of our employees prudent cost control measures and resources management. Theparks are now witnessing growing footfall and we are optimistic that this industry willflourish in the years to come.
Your company could achieve a healthy performance in the second pandemic year. Therevenue of Rs 127.50 crores during 2021-22 was 232% higher than that of the earlier year(H38.42 Crores for 2020-21). The loss after tax was also lower at Rs 9.48 crores asagainst the earlier year's loss of Rs 49.93 crores. The balances of cash cash equivalentsand mutual fund investments of the Company improved to Rs 105.28 lakhs as at 31 March2022 as against Rs 92.94 lakhs at the end of 2020-21. The Company remains debt free at theend of 2021-22 as in the earlier years.
The above accomplishment demonstrates the power of Wondela' brand and theconfidence customers have in our organisation and service offerings. The Company investedheavily in its brand pull through digital media. The amenities offered by our amusementparks are a great place for families and young adults to take a break from their mundanelives and rejuvenate. We have launched unique rides in our parks to cater to the demandsof discerning customers. Assuming that there are no further pandemic shocks we anticipatethat this industry will reach pre-covid levels by the third quarter of 2022-23.
In a vast country like India there are opportunities for expansion in the amusementpark industry. Several states continue to be underserved by well organised amusementparks. Your Company is aware of this opportunity and has plans to expand in eastern India.
As you will be aware from our earlier reports the company had acquired land nearChennai for a large amusement park. We have already invested Rs 114.20 Crores in thisproject primarily in land and development. Further investment will be made after theTamil Nadu Government approves the extension of the earlier exemption from the 10% localbody tax which every other state has subsumed in GST. The previous government ordersanctioning this exemption could not be utilized as we were unable to begin constructiondue to pandemic-related disruptions.
The project in Odisha near Bhubaneswar is in progress and is expected to be completedin two years.
We are among the top amusement parks in India and South-East Asia as evidenced by ourrankings by various travel sites. Wonderla is also the country's first theme park chain toreceive the highly coveted Covsafe certification which will help lower the risk of covidfrom our parks and maintain a safe and healthy environment for all. Your Hyderabad Parksecured the Gold award for the year 2021 and Bangalore Park secured Bronze award for theyear 2020 from Confederation of Indian Industry (CII) Southern India Region in thecategory of Environment Health and Safety (EHS) practices. These awards are based on siteassessment by independent trained and experienced assessors.
Our customer interactions are shaped by the same culture that shapes our ties with ouremployees. The employees are competent and motivated and have superior technologicalcapabilities. Strong customer loyalty contended employees and profitable growth are allinterconnected. This idea drives our operations.
I would like to express my gratitude to our shareholders Directors RegulatorsBankers Auditors and all stakeholders for their continued support and faith in us. I amgrateful for the dedicated efforts of each employee of the company.
|Best Regards |
|M. Ramachandran |