Imagicaaworld Entertainment Ltd reports Q2 FY2021 Results

Imagicaaworld Entertainment Limited, which operates Imagicaaworld - Theme Park, Water Park, Snow Park and a family hotel Novotel Imagicaa Khopoli, announced its unaudited Financial Results for the Quarter ending 30th September 2020.

The Park operations remained inoperational in Q2 FY21 due to COVID19 lockdown rules. Central Government has permitted Entertainment parks to reopen from October 2020. However, the State Government has yet not permitted re-opening (as on 10.11.2020). However, as part of Unlock initiatives of the Centre & State Governments; Hotels have been permitted to operate with restrictions. Accordingly, since 2nd week of August 2020, Novotel Imagicaa is functional. The Revenue for Q2 FY21 was Rs. 2.22 crs primarily from the Hotel operations.

The company continued to significantly reduce its operating expenses by ~76% from Rs. 35.5 crs in Q2 FY20 to Rs. 8.1 Crs in Q2 FY21. This cost reduction was a result of cost reduction initiatives taken by the management across all major expense heads.

Shares of Imagicaaworld Entertainment Ltd was last trading in BSE at Rs.4.23 as compared to the previous close of Rs. 3.85. The total number of shares traded during the day was 116424 in over 125 trades.

The stock hit an intraday high of Rs. 4.23 and intraday low of 3.8. The net turnover during the day was Rs. 479114.

Source : Equity Bulls

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