Ladies and gentlemen, good day, and welcome to Wonderla Holidays Limited Q2 FY23 results conference call hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Adhidev Chattopadhyay from ICICI Securities Limited. Thank you, and over to you, sir.
Good afternoon, everyone. On behalf of ICICI Securities, I'd like to welcome everyone today to the Wonderla Holidays Limited Q2 FY23 results call. Today from the management, we have with us Mr. Arun Chittilappilly, the Managing Director, and Mr. Satheesh Seshadri, the Chief Financial Officer. Now I'd like to hand the call over to the management for their opening remarks. Over to you, gentlemen. Thank you.
Hi. Good afternoon, everyone. This is Arun Chittilappilly, Managing Director of Wonderla Holidays. Welcome to our conference call.
Sir, you're audible. Go ahead, sir.
Mr. Arun, you may go ahead, sir.
Hi. Welcome to our Q2 and H1 FY23 earnings call. Joining me on this call is Satish Seshadri, our CFO. I hope everyone had a great time over the recent festivities. Very proud to share that we've been consistently raising the bar with our performance and scaling new heights. We've had a blockbuster result in Q1 FY23 as well as Q2. Building on the strong momentum that we have registered the best ever revenue performance in our Q2 as well. We have been at the forefront of the experiential industry in India, and people are increasingly exploring their adventurous side and looking for high thrills. That's what we have seen as a result in our Q2.
Historically, Q2 has been seasonally challenging and a weak quarter marked by torrential rains in southern India. This year as well, we've had unseasonal rains in many parts of our including Bangalore, Kochi, and Hyderabad. Our strategic efforts to drive footfalls have yielded a good response. Initiatives like add-on park events, enhanced digital marketing, reaching the young audiences, and judicious pricing strategies have enabled us to effectively pull our audience. We also ran very innovative marketing campaigns like during Ganesh Chaturthi, during Onam, during Daughters Day, Grandparents Day, Independence Day, et cetera. This has led to a significant rise in footfalls, an improvement of 58% in the
An improvement of 1,800 basis points from 58% in the corresponding pre-COVID quarter of FY20, 76% in Q2 FY23. Our footfalls have gone from 3.5 to 4.7 lakh in this quarter, a growth of 32%. Year to date for the H1 , the growth of footfalls is 26%. It's heartening to see that our efforts and our themes have made such a tremendous response. All our parks have witnessed double-digit growth in footfalls. Bengaluru 35%, Hyderabad 18%, and Kochi 38%. Our parks are destinations of fun thrills for all ages. We are taking this to the next level and positioning our parks as a grand multi with multiple grand multi events.
The Kochi park hosted our first-ever Sunburn Festival in the city, an electronic music festival headlined by a globally famous DJ called Nucleya. The event attracted around 3,000 people. We are also consciously placing ourselves to become a destination of choice for people who celebrate festivals. In this quarter, we celebrated a lot of festivals like Independence Day, Navaratri, Dussehra. Special decorations and exclusive F&B offerings were also done to delight our visitors. We have a widely recognized and beloved brand, which we are now leveraging to gain wallet share and grow our non-ticket revenue. We have exciting activities on weekends, and improved merchandise has led to a 20% growth in spend per cap. Coupled with celebrated hiking ticket prices, we've recorded a 22% increase in average. Coming to our financial performance of the quarter.
We have clocked a robust growth over the pre-COVID run rate from FY20. Revenue has increased by 62% from INR 40 crore to INR 66 crore. EBITDA has more than doubled from INR 8 crore to INR 23 crore, up 159%. We also saw EBITDA margin expand by 1,300 basis points from 20 to 33%. I'm happy to report that this strong growth has brought increased profitability. We have registered a PAT of INR 10.5 crore with a PAT margin of 15%. For the H1 of FY23 compared to the corresponding period, revenue is at INR 2,216 crore with a growth of 36%. EBITDA has increased from INR 81 crore to INR 117 crore, a growth of 45%. EBITDA margin has expanded from 49 to 53%.
Parks has grown at 78% increase from INR 42 crore to INR 75 crore. Our parks provide an excellent avenue for families and friends to bond together in a wonderful outdoor environment while making memories. Customer centricity is at the core of our ethos. We are undertaking an ambitious project to enhance our customer engagement and experience by extending personalized offerings to our guests. We thank you for your unwavering support and promise to deliver value in the long term. We can now proceed to Q&A.
Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Thank you. We take the first question from the line of Ashwini Agarwal from Demeter Advisors. Please go ahead.
Yes. I have two questions. During the COVID years, you had taken a lot of steps to cut costs. Now, as business comes back, some of these costs will need to be restored. I was just wondering that the margins that we are seeing in Q1 and Q2 have the costs normalized or will the costs normalize going ahead? That's question number one. Question number two is if you can give us a granular update on Chennai. Maybe you know, I'm reading it wrong, but in the footnotes, the way at least I read it, I felt there was some progress in Chennai, but I could be wrong. If you could help me understand that.
Prateesh, you wanna take the call? The question?
Yeah, sure. See, yes, during COVID levels, the priority was to cut the cost, and we brought down the cost to about INR 3.5 crore per month. Okay? Majorly, there was a cut in all the fixed costs and also reduction in the labor force and other things. As we opened the park, the resources are back, and we are working as a full blown operation. In which case, the cost is back to the original situation, plus the inflation of two years is improved in that. All the costs in terms of labor, maintenance, advertisement and cost of goods for F&B is back on pre levels. Okay? This is number one.
On the Chennai project, we are closely following up with the government of Tamil Nadu to help us to waive that LBT issue. We are hopeful. It is at a critical stage now, and I think we are positive it'll the government will heed to our requirement, and we will be getting some good news in the close future. That's what we anticipate.
Okay. All right. Thank you. Thank you so much, and all the best.
Thank you.
Thank you very much. We take the next question from the line of Mr. Jay Shah from ZKB Investments. Please go ahead, sir.
Congratulations on an excellent result in Q2, sir, which is usually quite challenging due to the rains. Mr. Arun, my question is for you. I recently read an interview wherein you mentioned, and it's even there in your presentations, about the technical, technological upgrade and enhancement that you're, you know, providing at the Bengaluru park. Just with regard to that, if you could elaborate on the timeline and the cost involved, and when would we be looking at it for all the amusement parks also?
Sir, I will give you a preload of this. We are working on upgrading our wearables. See, whenever a guest is coming, you want
I'll take that question. What we feel is, you know, people how they interact with our park and our, you know, our staff in the park, we want to make that more efficient. Right now, a lot of our thought processes are manual, and we have very limited visibility on how people, you know, how they spend inside the park, and we don't have too much data on that. What we are planning to do is, one is to use, like Satheesh said, use wearables to collect more data. The other part is also to try and build some, you know, software which will help us also understand how, you know, people crowd inside and how.
Which are the areas where people spend more time, which are the areas which are non-ticket areas where people. What are the kind of things people spend on, you know, in terms of non-ticket or how people. What is the people's ordering behavior? How people spend time on rides, queuing, lot of things. Variables is a big part of it, but there is also a lot of other things that we have to do. Right now it's a pilot. We are just working on it, so we don't have a current. I think it's gonna cost us maybe in the region of maybe INR 5 crore the whole thing. And this will take maybe a year, a year and a half.
Of course, once we have the pilot cost for us is about INR 2 crore. Once we are happy with the pilot and we see some results in that, and then we will only then, at that point, spend the remaining amount.
This INR 5 crore is only for the Bengaluru amusement park, right?
No. Two, yeah, INR 5 crore I think it will be for Bengaluru.
Basically what we're trying to do is figure out the cluster formation which is going to happen at the park, and then how you can, you know, optimize and make it efficient. If I'm understanding.
Yeah. Something like that. Yeah. That's the way we are going to do it, yeah.
These wearables would have payments also, if I'm not wrong.
Yeah. The wearable is, it has two components. One part is, we can use it for payment. One is, it's got a dual frequency band, so we can actually accurately track the person, where they are exactly inside the park and stuff like that. Yeah. It has two chips which will help us do both the payment and also tracking the person.
Okay, sir. Okay. You're looking at the timeline is around one year, so Q2 of next year.
Sorry?
We are looking at to implement this by Q2 of next year, right?
Yes. We hope to have more clarity on this. We should be able to do the final testing within another six months, and after that we will see how we can roll out. The whole process by Q2 of next year.
Okay, sir. Thank you so much. I'll get back in queue.
Thank you very much. A reminder to all the participants, anyone who wishes to ask a question may press star then one on their touchtone telephone. We'll take the next question from the line of Mr. Dhruvesh from Prosperity. Please go ahead, sir.
Yeah. Hi. I missed your comments on Chennai project. The two parks that are ongoing, if you can elaborate what is the CapEx which is already spent. Looking at the cash flows now, don't you get the confidence and urgency to move ahead with slightly more speed in achieving both the parks, including Chennai? Thank you. Sorry, I didn't hear you properly. Am I audible? Should I repeat? Yeah. Yeah. Can you repeat it? I lost you a little bit. Right. All I'm trying to say is, the two parks which are planned, if you can help us understand what is the spending which is already done in the last six or twelve months, the Odisha and Patna. Satish can answer that question.
The second is in connection to that, looking at your existing cash flows and the better times that we may see in the next six months, we may be looking at more than INR 250 crores of cash flow this year. Is there a sense of urgency to probably get the Chennai thing or some other entertainment done so that we can see the fruits in the next three, four years for the other two or three parks?
Yeah, of course. I mean, we are trying to get Chennai and Bhubaneswar off the ground. So hopefully. But I am reasonably confident that we will be able to start both before the end of this financial year. We are planning to start Odisha not next month. It will start.
We already started work there, so I think in Odisha we don't have too many delays. Chennai is still, you know, we haven't heard final this thing about the tax exemption yet. Until that happens, we can't do anything concrete on that. What we are hearing is it should be done in the next, I mean, hopefully very soon. But that's the government matter, right? Soon could be one month, soon could be one year. We are hoping that it should be done in one month, and maybe less than one year. That's all I can say at this point. Once it's done, of course we'll start. Yeah.
Is it not making you think that, okay, now things have stabilized, bounced back so sharply, let's move ahead with another 2 projects because things take time? Yeah. We could. We also have invested money there already, right? We want to see that also to a logical conclusion. I can't take my eyes off that. Chennai is a big market for us, so we want to finish that. Yeah, reasonably sure that it will get done. Okay. We are looking at other opportunities also, but we don't want to do more than 2 projects simultaneously. We are talking to other player, you know, other states and something we could be looking at another project also. In case we feel that Chennai doesn't come through, definitely we will look at another one.
We'll start working on that as well. Sure. The numbers you were asking somebody to answer that. Satheesh, given the CapEx, what we-
Yes. We have got about INR 330 crores for Chennai, of which we have already invested close to 115 crores. Odisha is about INR 120 crores, and we have already invested about INR 7-8 crores on Odisha.
Okay, thanks. Thank you.
Thank you very much. We take the next question from the line of Mr. Bhavesh Choksey from GB Capital. Please go ahead, sir.
Hello. Am I audible?
Yes, sir.
Yeah. Thanks for the opportunity and congratulations on the good set of numbers. What I wanted to ask was with respect to cash flows. I noticed about an investment of INR 8 crore spent on the investing activities. Could you please throw some light on that?
It's more of a sustaining CapEx which we have taken during the quarter.
The next question is with respect to, like, we have registered good growth in footfalls, but we are yet to see a significant uptake on the Hyderabad footfalls. Hyderabad park footfalls. Like, could you give us, like, how are you planning to upscale it?
Hello? Hello. Could you please repeat that again? I think I'm losing a little bit of your.
Mr. Bhavesh Choksey, actually, sir, sorry to interrupt, but there's some background noise from your line.
Okay, sure.
You said up-
Yeah.
I missed you at the proper-
Yeah, my question was that we have registered a good growth in our footfalls, but we are yet to see a significant upside of footfalls in the Hyderabad park. Can you, like, help us, like, how you're planning to scale it up?
Hyderabad has been one of our top performers. If you look at our H1 , Hyderabad has outperformed. I think before COVID, Hyderabad used to do less than 20% of our revenue. Now I think, as I understand it's almost 27% of my total revenue. Hyderabad is definitely performing better. Yes, I think there is definitely more to be unlocked in Hyderabad, especially in the group segment. That again is something that we are working on. It's not going to bounce back immediately because we are still building our sales thing in Telangana and those markets. I think next year we will probably have better group visibility.
This year because we are coming out of COVID, I think group footfalls are very erratic. Sometimes we get them, sometimes we don't get them. It just depends on, there are so many factors at play. We are getting good footfalls. Yeah, it can be better. I think it will the next one year we can see Hyderabad contributing even better from that point, yeah.
Okay.
Just to add that also for you. For the current two quarters, if you see compared to the pre-COVID levels, we are 33% up, okay? On Hyderabad. Yes, there is still scope to improve. We are working on it, as MJ told.
Yeah. This question was purely that just because the Kochi parks is older, right? Still it is outperforming. That is why. Hello?
Yeah, yeah. Got it. He has answered, you know.
Yeah, yeah. Okay. Sure. Thanks. That's it from my side for now.
Thank you, sir. We take the next question from the line of Mr. Sachin Kasera from Svan Investments. Please go ahead, sir.
Hi. First of all, congratulations for a good set of numbers. I had first question on the, Chennai. Yeah, how fast can we, try to reduce the timelines once we receive the approval? Is it that, simultaneously we're doing a lot of preparatory work and hence if, in a normal scenario, the time taken is 100, we'll be able to finish it by, let's say 60 to 70% the timeline.
In Chennai, I think once we get our approval, we need roughly about 18 to 24 months to finish the park. We are hoping to finish in 18, but it could take maximum 24. It will not take that more than that. I think in about 2.5 years from now, keeping some time for this approval and all that to also come through. I think 2.5 years from now is a reasonable time. That's what we're gonna be able to.
Sure. Secondly, I think you were talking about increasing share of ancillary revenues in the last conference call. Can you tell us how the trend has been for this quarter and any specific initiatives that you are looking to take to further increase the share of ancillary revenues in the overall revenues?
Yeah. We have done a lot of things. I think it is there in our presentation also that we are doing a lot of non-ticket revenue. We want to improve our non-ticket instead, actually. A lot of things, we are revamping our restaurants. We are revamping our resort also actually, because the resort has given a lot of room nights and revenues. That's been a pleasant surprise. We are investing more in each of those verticals so that we can get more out of the trend. Yeah. You will see that coming to fruition in the next few quarters, yes.
Sure. Last question was, you had also indicated that you are looking at two more options for growth. One was if you could explore some sort of a franchising model. Second was the, some of the surplus land that we may even after achieving the planned expansion for the existing, parks. You were looking at some sort of.
We never said that we are going to sell land in our existing parks. I think you have the wrong information.
No, no, I did not say. I never said. I said that you had mentioned that you could look at options of how to, you know, unlock.
Monetize. Yeah, monetize. We are looking at that. Yeah. We want to do more, maybe adventure-based packages. That's what I already told you, right? This is the resort and which we will be using some of that land for expanding our resort activities, doing an adventure park, adding more rooms to the resort. Our resort is running almost capacity now. I think it's time for us to add capacity to our resort, and then make it a slightly more larger business and so that then we can think about replicating it in our other parks also.
We will be doing more experiments on that in our Bangalore park in the next one year, and then once that comes through we will do that in the other parks as well.
This thing that you're doing in Bangalore would help you handle more visitors on a daily basis. If you could give some more details on that.
Yeah. We don't have too much detail on it. I will. Once it's ready, we will let you know.
Sure. Are you also looking to extrapolate anything on the franchisee side in terms of opening new parks on a more
We have been focusing more on doing our projects in the last quarter, so we've not really looked at franchisee. It is the only thing we've had too much to do. Once we want to get Chennai off the ground and that's what we've been working on. Franchisee model is out there, but we've not really actually, honestly, actively we've not been able to follow it up, especially in the last quarter.
Sure. Thank you.
Thank you. A reminder to all the participants, anyone who wishes to ask a question may press star and one. We take the next question from the line of Mr. Venkateswaran Subramanian from Logically Investments Advisors. Please go ahead, sir.
Hi. Good afternoon. Mr. Arun and team, congratulations on a very nice performance. I have two questions. One is a big picture question, which is, I think in your last calls and in your presentation you had highlighted it. Broadly, can you give us an idea, say, over a 3-year timeline, 3- and-a-half-year timeline, considering that by then hopefully Chennai would be commissioned, you would have made progress on Odisha. Last call you had mentioned of, some interest in Gujarat as well.
Over a three and a half year period, if I were to just watch and be a very passive participant in the growth of the company, how, where do you think we could be, A, in terms of footfalls, B, in terms of number of parks, and C, in terms of ARPU at that point of time? I know that this could be. I'm not gonna hold you to this. Broadly, do you have like a vision saying three to four years from now this is where we want to get to and how to get there?
See, I think in 3 years from now we will definitely have 2 more parks up and running. Obviously, our number of footfalls would have at least gone up by a factor of 1.5x of where we are right now, or 1.6x. ARPU also would have 3 years, you can compound let's say about 7% per year. We plan to take about 5 to 7% price hike every year. Even in ARPU in that time.
Right. Apart from the two more parks, are you planning to initiate anything across other states and places?
Oh, yes. We will do that. Again, like 2.5 years we want to see where revenue is coming in from. I don't think it'll be more than 2 parks in the next 2 to 3 years. Two more parks will contribute revenue just for 3 years. We will be definitely working on more projects also.
Anything on Gujarat since I specifically asked?
Gujarat also we've been in talks with the government, but we've not initiated any solid plan for Gujarat yet. Most likely Ahmedabad is the place that we want to do something. We have been talking to the government and they've been proactive. It's just that we are not sure whether we will invest directly or like you know somebody has mentioned we want to do it in a franchise model. We are exploring those kind of things right now.
Just to summarize, what you're saying is, over the next three years the realistic doable thing is two parks and 1.5x the number of footfalls that we have. That's probably a goal.
That's something like that is possible. Yes.
Okay. Anything, any update on the gaming part? I think you had mentioned something in the last year's annual report and-
Gaming I think we will not be doing because we are not a software company. We will be partnering with somebody, and we are looking to see how we can do that. Again, it's at a very experimental stage. It's probably gonna take some time for us before we can have a concrete plan on that front. Because also we don't want to do what other people are doing in gaming. Like we are not going to get into some gambling or, you know, those kind of games. I think it's also an evolving kind of field, so we are observing it very closely. We are watching what's happening and at some point we will definitely want to get into it.
We are in the process of looking, meeting different companies and planning what they're doing. It's more like a learning phase for us right now.
Got it.
Yeah.
Super. Last one, which is the Q1 and Q2, considering that pre-COVID costs and during COVID we cut costs, the current EBITDA margins and net profit margins broadly are sustainable over the next few quarters?
I think so. Of course it'll keep fluctuating little bit. It will not be exactly the same. Every quarter it will show very different numbers.
Yeah, I think this year, after the end of this year, I think we can probably have a new baseline on to how our numbers will be because this is still only two quarters of this post pandemic era, right?
I'm also eager to know how Q3 and Q4 will perform. Honestly, we are doing well. We are doing very well. Finally, the numbers and ratios we'll have to wait and see. I think we should definitely do far better than what we've done pre-pandemic.
Currently in October, November, we are doing quite well in the Q3 broadly. Yeah.
Yeah, yeah. Like I said, we're doing better than pre-pandemic. All that is there, yeah.
Super. I mean, very nice. I mean, I wish you the best. Thank you so much.
Thank you, sir. Reminder to all the participants, anyone who wishes to ask a question may press star and one on their touchtone phone. Participants, if you wish to ask a question, please press star and one on your touchtone phone. We'll take the next question from the line of Himanshu Upadhyay from O3 Capital. Please go ahead.
Yeah, hi. Good afternoon. My question is on the group bookings, okay. So what growth we are seeing, is the mix changed dramatically in Q2 FY23 versus Q2 FY20? Or the group bookings remain the same proportion of footfalls what they were pre-COVID? Some idea on that. What can be the sustainability of this growth in footfalls? How do we understand that thing?
Can I take this, Arun, sir?
Yeah, yeah. Sure, sure.
Okay. Yes, your observation is good. Compared to during the pre-COVID, groups were 42% and walk-in was 58% in Q2. Now it is 23% and 77%. The walk-ins, the retail footfall actually increased in Q2 of this year. If you take a H1 scenario, you take the complete H1, the scenario is 21% was groups and 79% was walk-in. Twenty-three percent was groups and 77% was walk-in in current year. In H1 scenario, it is almost evened out. In Q2, yes, your observation is correct. The retail footfall were not just up.
Going forward, these two quarters, if you take Q3 and Q4, is normally a good quarter for Q3, and we can expect bigger growth coming during this quarter. The end of the year, we have the seasons. We will have a good walk-in during the season time. That is starting from fifteenth of December.
One thing. We had a lot of focus on group activities through schools and colleges and offices. Have all our channels started focusing and are we back to pre-COVID level in terms of activations and everything on the?
Yeah.
-activations?
On the activations, on the groundwork, on the legs on the road, everything is happening. We have got a good traction of colleges and the corporates in Q1 and Q2, which was really good. Q3 is normally the school group. We are hoping that the school group comes back to us.
The realizations, how different are they? Means, let's say group versus foot-
It's like a retail versus wholesale, because the retail footfall is almost a full ticket. Then, group footfall, the discount starts from anywhere between 20% and goes more than 30%, plus the commissions also.
No. My question was, is it similar to pre-COVID or are we able to reduce the discounts in comparison to pre-COVID because the
Yes. What we have done is we have increased the group size. Pre-COVID, the group size was 10+. Now we have made it 20+. We have put a barrier has been increased for the group.
Okay. Okay.
What we are trying to do is you come in a large number, then you ask for a discount. We don't want to entertain a smaller number. Smaller number will be still a retail ticket and full-blown ticket. Yeah.
Okay. Yeah. Thank you so much, sir.
Thank you, sir. We take the next question from the line of Sourav Dutta from Minerva India Under-served. Please go ahead.
Hi. Thank you for taking my question. Just wanted to know if you can provide me the park-wise mix of walk-ins versus groups?
For the H1 or Q2?
For both. Possible.
Okay. I will just share it with you. Okay. Park-wise mix for group for H1 was like this, okay? Okay. H1 is like consolidated level was 79 to 21%, and Bangalore is 83 to 17%. Okay. Kochi is 70 to 30%, and Hyderabad is 84 to 16%.
86% Hyderabad. Kochi was 58 to 42%. Bangalore was 85 to 15% and overall was about 77 to 23%. That is the H1 numbers. I repeat it. Hyderabad was 86 to 14%, Kochi was 58 to 42%, and Bangalore was 85 to 1 5%, and overall is 77 to 23%. Walk-in was those group percentage. H1.
Uh, for, for Q two?
You want for Q2, huh?
Yeah.
Q2, Hyderabad was 81.19%, Kochi was 68.32%, Bangalore was 81.19%, and the overall was 76.24%.
All right. Got it. Thanks a lot.
Thank you, sir. Participants, anyone who wishes to ask a question may press star then one on your touchtone phone. We take the next question from the line of Ashwini Agarwal, Demeter Advisors. Please go ahead.
This is a follow-up, you know, to the opening remarks about H2 , or rather the current quarter also looking quite strong. Obviously, you know, we are hearing of a lot of revenge tourism that is happening and you might be benefiting from that as well. I mean, is there any way for you to kind of figure out if this is an extraordinary period or do you think that this trend of strong footfalls will continue into fiscal 2024? Connected question is that over the next, you know, 4 to 6 quarters till Bhubaneswar and Chennai start kicking in maybe 4 to 8 quarters from now, what's going to be driving the growth?
Is it going to be a, you know, record fiscal 2023 and then probably consolidation in fiscal 2024?
Yeah, I think so. You know, your guess is as good as mine in terms of, how next year will be. Will that be better or worse than this year is? I mean, we'd have to look at a crystal ball for that, and even that may not give you. I think we should be able to hopefully grow on this and, not see too much of a dip, next year. I don't think there'll be a dip next year. That's what we are counting on. Also, I think, like I said, our group footfalls still not have rebounded to pre-COVID levels. We're getting more, retail footfalls. So now will that pattern change next year? Again, we don't know. I think we want to definitely improve our group, segment.
We do expect more upside there next year. Yeah, I think next year would be more consolidation, but I think we'll see some growth also. That's what we are hoping for. Of course, the further growth would happen from, you know, maybe, you know, new parks which will happen in two years from now and onwards.
You know, one question that I didn't ask, but I implied and I was wondering, is there any way for you to increase footfalls at your current parks? Are there capacity issues, especially during weekends or during the holiday seasons that you can address? Is there something that you could share with us?
We do have capacity. I mean, of course, we don't get even footfalls at any point in time, so they're highly fluctuating and volatile depending on many factors. We never will be able to say that we will run at capacity every day. It just doesn't work like that. Now, one of the ways to improve your capacity utilization is to have more digital pre-sales. That's what's happening now more on digital sales and more pre-sales. That ratio is growing. It used to be 5% pre-COVID, and now it's more like 15 to 20% of my, you know, total footfalls. That, I think, is a good indicator for us to, you know.
That we want to grow, and then hopefully that will help us, you know, say that, "Okay, this is the kind of footfall we'll have for sure." I mean, it's still, it's gonna be. This business will always have a element of unpredictability to it. I don't think we can completely wipe that out. Yeah. Hope that answers your question.
Another thing is that on sort of F&B or you know F&B and other products that you sell in the parks, I mean, 2-3 years ago you started in earnest, and I'm very happy to see and great job done by all of you in terms of the you know sales which are other than the ticket sales. That's continuing to grow. Do you have any sense that you could share with us as to what's the headroom there? I mean, you must have done analysis that some people spend, let's say INR 500, others spend nothing. How do you activate-
Again, see, we are still building our intelligence in this aspect. Like I said, we really don't have too much insight on how people are spending and spending patterns. It's still, you know, we don't have too much intelligence there. We do know what the people are spending and certain numbers of, you know, these restaurants are doing so much. I don't have behavior patterns of how people spend. That will take, like I said, once we have our system and all in place, it's gonna take us more time to understand how people spend. What we are doing in the meanwhile is to make sure that we have better offerings. We are seeing more non-ticket revenue spends, and that means that we are getting higher paying customers compared to pre-COVID. Our ticket price is also way higher.
If you look at our ticket prices, it's gone up by almost 20 to 25% compared to pre-COVID. So that obviously is changing the profile of non-ticket spends also. Now according to that spend, we have to up the game in terms of non-ticket revenue items and that is what we are doing right now. What ratio? I think a 65 to 35 is possible in India, but the global this thing is about 60 to 40, but we may not get there because I think for that, the resort also and a lot of non-ticket spends have to grow. It will grow eventually, but I think right now we are at 70 to 75, 25.
That can become maybe 65/35 or maybe 70/30 first and then go to 65/35. So that's the way we look at it.
Okay. Thank you. Thank you, Arun, for all your answers and all the best.
Thank you, sir. We take the next question. The line is Mr. Himanshu Upadhyay from O3 Capital. Please go ahead, sir.
Yeah. Hi. See, we have seen a significant growth in non-ticket revenue. Okay. INR 311 has become INR 364 over last 3 years. Okay. Can you give some idea of what percentage of this growth in non-ticket revenue is from volume and value and more number of customers buying more? Some
Satish will be able to give you more details on that.
Yeah. Yes. Yes. There is an impact on inflation also in this account, and we had about 10% price increase. Okay. The balance is on account of volume there. Coming to the offerings, you know, it is not just we can't tell the number on volume because the offerings we are trying experimenting various thematic food and also seasonal food items with our visitors which are being very well welcomed by the visitors. So value there have been a 10% increase on account of inflation and the remaining also on volume.
Okay. The median, this is INR 364 is mean. Okay. INR 311 was mean. How is the median moved? Let's say how many people are spending more on, so some more clarity on that or do we, what we are doing has been helpful means or people are appreciating those services. How do we get a better understanding of that?
Our NPS is more than 90%. We are continuously clocking in despite this good visitor improvements and growth. Our NPS has been consistently above 90%, and we are closely watching that our service levels. We are focused on the customer experience. It has been very consistent.
No. My question was on this, non-ticket revenue. Let's say X% of people were spending about INR 311 and now what is the number of people who would be. The percentage of people who are coming to the, means our space would be spending more means. One more thing. When the retail people are more, would not the-
It is difficult to answer because we are not talking about one segment of people. Okay? We are talking about a college group. We are talking about school group. We are talking about the corporate, okay, and also the walk-ins. The walk-ins normally spend, that is 60% of the crowd do a good spend. Okay? But if you take as a crowd walk-in or you take as a group or college, the spend is going to be lesser. Okay? I can very well put that nearly 60% of the people spend over INR 300 and the remaining 40 will spend INR 250, sub INR 300 rather.
Because what you stated earlier was the retail and the for walk-ins versus this has increased and in this quarter versus Q2 FY22. Again, this footfall or the change in the footfall mix also helps in better non-ticket revenue.
Exactly. If you go back, Arun has been insisting that currently our group versus walk-in is at 40 to 60. We want to slowly move towards 75% walk-in and 25% group. That is what our approach. The more the retail, the ARPU will be better.
Okay. Yeah. Thank you so much then.
Thank you, sir. Ladies and gentlemen, that was the last question for the day. I now hand the conference over to the company management for closing comments.
Thank you all for attending our Q2 investor call. We hope to do better in the coming quarters. Like I said, I'm really looking forward to this year being a spectacular year for us. Yeah. Hope to see you all soon. Thank you very much.
Thank you. On behalf of ICICI Securities, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.