The financial year 2020-21 saw the world go through an unprecedented unparalleled andunexpected crisis in living memory. The sudden outbreak of the COVID-19 in the beginningof 2021 irreversibly changed our world. From quarantines to lockdowns to work-from- hometo social distancing the year was filled with disruption difficulties anddisappointments.
Every country and economy suffered the adverse impacts of the multiple lockdown: andthe massive crisis to contain the spread of the pandemic. India was no differentimplementing one of the strictest lockdowns in March 2020 that continued for almost sixmonths. All our parks were shut down up to November 2020. The lockdown conditions wererelaxed in a phased manner and our parks were re-opened on various dates - Bengaluru on9th November 2020 Kochi on 20th December 2020 and Hyderabad on 7th January 2021. TheCompany had taken several measures to ensure health and safety of its customers as toppriority. This included COV-Safe Certification from Bureau Veritas India designed toensure the good practices in place to prevent contamination. Initially the parks wereopened for 3 days towards weekends and then gradually for the whole week from 1st March2021.
Since the larger part of the financial year was lost due to lockdowns and parksremaining closed for long our revenue from operations was effectively generated from 118working days across the parks.
The turnover of the Company is Rs.45 crores as against Rs.283 crores in the previousyear. The net loss for the year is Rs.50 crores compared to the net profit after tax ofRs.65 crores in the previous year. The Board has not recommended dividend pay-outs due todifficult business conditions which require us to conserve our cash resources and reducecosts. The Company continues to be debt-free as in previous years.
While the year-on-year comparison of financial performance is disappointing what Iwant to bring out strongly is the collective confidence shaped by character of theCompany and each of our employees. The unprecedented crisis called for unprecedentedefforts and I am proud of the way every employee at Wonderla joined hands to showextraordinary strength of character.
The sacrifice compassion and gratitude displayed by the management and staff trulyreflect the character of the organisation. Our employees voluntarily surrendered a majorpart of their salaries during the lean periods. Most of them were working from home. Theyalso implemented several cost saving measures without ignoring regular maintenance andupkeep of the park properties. New short-term business ideas were implemented to generatealternative revenue streams. All these efforts helped us to reduce monthly cash burn fromRs.14 crores to Rs.3 crores. Several digital marketing initiatives were also implementedduring this period.
What clearly stands out during the year of crisis and challenges is the character ofthe Company. And it is this character that gives us the confidence to resurge reboundand regain the momentum of growth and expansion once the COVID-19 menace is tamed. As Iwrite to you I am not only confident but also quite convinced and positive about thefuture. The large-scale vaccination drive has already proven to break the chain oftransmission and many countries in the West are gradually returning back to normal. InIndia too we are expecting the majority of the population to be vaccinated by the end ofthe 2021 and I am sure that around this time next year when I write to you things willbe much better and our parks would once again buzz with happy families enjoying awonderful day out with friends and creating lasting happy memories.
When the parks were re-opened priority was given to express our gratitude towardsCOVID warriors in the community. The Company had distributed free family passes todoctors health workers police personnel etc. This initiative was very popular as itprovided a welcome opportunity to the COVID-19 warriors to take a break from their hecticofficial duties to spend some valuable and enjoyable time with their families. Althoughvalidity of these passes was only for three days the Company had admitted late comers whocould not avail the opportunity on specified dates due to their pressing job demands.
We express our gratitude to all the guests who visited the Parks after re-opening.
This has confirmed our belief that people have a pent-up desire to enjoy life byvisiting parks and its amusement facilities. We look forward to the support and patronageof our customers in the future days as well.
The Government has accelerated vaccination drive and relief is expected in a fewmonths. Wonderla has helped their employees and families to get themselves vaccinatedthrough special camps at Park premises. We had also distributed sanitisers and facemasksto the people of Bannikuppe Panchayat in Bidadi District adhering to social distancingnorms. Medical equipment like stretchers trolleys for oxygen cylinders and wheel chairswere presented to Government Medical College Hospital Kalamassery in Ernakulam District.
No efforts will be spared to maintain the park properties in good working condition sothat operations can restart at short notice. We shall keep vigil on operating costs toovercome the difficulties ahead and also explore alternate revenue generating activities.
Unfortunately we lost one employee due to COVID-19. I place homage to the departedsoul and condolences to the bereaved family. I also want to sincerely thank all ouremployees who helped one another for hospitalisation treatment transport etc. duringthese difficult times.
On behalf of the Board of Directors and the Wonderla Team I thank the shareholdersbankers vendors and regulators for their continued support and faith in us. I amgrateful for the dedicated efforts of each employee of the Company.