Imagicaaworld Entertainment Ltd reports Q1 FY2022 Results

Imagicaaworld Entertainment Limited, which operates Imagicaa - Theme Park, Water Park, Snow Park and a family hotel Novotel Imagicaa Khopoli, announced its unaudited Financial Results for the Quarter ending 30th June 2021.

Q1 FY22 saw the impact of the second wave, as the Park operations were closed from 5th April 2021 in accordance with the State Government guidelines of "Break the Chain". On account of this second phase of lockdown and restrictions, the Hotel business was also impacted. Consequently combined revenues of Rs. 1.95 Crs were reported in Q1 FY22.

However, the company was able to reduce its operating expenses (excluding. interest and depreciation) by ~40% from Rs. 12.7 Crs in Q1 FY21 to Rs. 7.5 Crs in Q1 FY22. This cost reduction was a result of the continued cost rationalization initiatives taken by the management.

The company recently launched Virtual Queuing App for Entertainment Parks. This innovative app will minimize queuing time and ensure physical distancing with easy to access on their mobiles. The App informs the guests of the waiting/queuing time for all the rides and attractions enabling them to go to rides with least waiting time and have better fun time at park.

In addition, the company also launched a special offer for Independence Day the "Imagicaa Fun Express Pack", designed to ensure physical distancing with Express ride access, Food and Merchandise with flexible one year validity from park reopening date. This pack is available at a never before price of Rs. 930/- + GST for Theme Park and Rs. 750/- + GST for Water park. Both the packages can be booked from 7th August to 15th August, 2021.

Developments on account of Covid 19

As Maharashtra was hit by the second wave, the State imposed lockdown II, leading to closure of park operations from 5th Apr 2021 and have remain closed for the remainder of Q1 FY22. During FY 21, the park business was inoperational for nearly 9 months.

The Hotel continued to be operated in line with Maharashtra state government guidelines, with given restrictions and with maximum capacity of 50%.

Industry Associations such as IAAPI and RAI have made representations to the State Government for re-opening amusement parks.

Shares of IMAGICAAWORLD ENTERTAINMENT LIMITED was last trading in BSE at Rs. 8.43 as compared to the previous close of Rs. 8.59. The total number of shares traded during the day was 42663 in over 135 trades.

The stock hit an intraday high of Rs. 9.09 and intraday low of 8.22. The net turnover during the day was Rs. 370445.

Source : Equity Bulls

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