Q4 20/21

Jun 9, 2021

Ladies and gentlemen, good day, and welcome to the Wunderla Holidays Q4 FY 'twenty one Results Conference Call hosted by ICICI Securities Limited. 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. Please note that this conference is being recorded. I now hand the conference over to Mr. Adhadev Chattopadhyay from ICCS Securities Limited. Thank you, and over to you, Yes. Good evening, everyone. On behalf of ICICI Securities, I'd like to welcome everyone today on the call. Today from the management of Wonderla, we have with us Mr. Arun Chaktila Pilli, the Managing Director and Mr. Satish Seshadri, the Chief Financial Officer. I would now like to hand over the call to the management for their opening remarks. Thank you. Good evening, everyone. This is Arun Chiklakki. We welcome you to this conference call to discuss the Q4 results of the financial year Yes, 2021. Hope everyone continues to be safe, and I would like to start off by appreciating the relentless effort of The calendar year 2021 started off on a good note for us as Hydropar Park also resumed operations online in January. All three of our parks were operational after a gap of more than 7 months. I would like to emphasize that our team was ready to immediately reopen the park once the necessary clearances were received from the government. The team continues to excel with their dedication and resilience as we found Innovative ways to safely entertain nearly 4 lakh years. Post unlock, Wunderla continue to be a preferred destination for outdoor entertainment in our host city, And we witnessed substantial demand once our pass resumed operations. In January, our pass were operational only from Thursday to Sunday, which was further increased to Wednesday to Sunday in February. And in the month of March, all the parks were open all of the days of the week. Our attendance consistently improved every month since we first reopened the parks. Wanda Laa is also the 1st team park chain in the country to be awarded the highly committed Coface certification by Bureau of Veritas. Vandala Bangalore and Kuki certified The Diamond Certification and Hydropark has secured a platinum certification. We introduced industry leading safety standards and protocols to protect both our employees and our guests who come to have a memorable day with us. This includes Encouraging online reservation system for admission, touchless temperature and security screening, contactless transactions and enhanced sanitization. Our outdoor venues have tremendous amount of open space, and our parks are naturally conducive to Social distancing. Over the decades, Vandala has faced many challenges, but FY 2021 was a tougher challenge faced, not just by Vandala, but the industry and the world at large. The results for the quarter and full year may not be comparable to prior year due to the pandemic limitations. Coming to our performance for Q4 FY 'twenty one, Our focus on digital marketing and to new innovative approach, including influencer activities and PR campaign, led good results. We recorded footfalls of 3.1 lakh visitors across all the past, which is more than 1 lakh per month. We also introduced innovative fmba and retail offerings in same quarter events during the quarter. On a Y o Y basis, our footfalls are at 77% off pre pandemic Q4. We registered a gross revenue of RMB347.9 million, clocking a recovery of 77% Of the INR449,100,000 revenue registered in Q4 FY 'twenty. We are also EBITDA positive for Q4 FY 'twenty one. The company's robust Balance sheet continues to be debt free and has ample liquidity of INR930 1,000,000. Even though there was a setback for us due to the 2nd wave And we closed our parks in April. Our team is motivated, and we are trying to put our best foot forward to drive the company to scale new heights. We have identified high performance and rewarded them with the agreement. Additionally, we are also working on vaccination efforts for all our staff. We continue to focus on sustainable value creation from our resilient business. Despite the recent lockdown, we are optimistic that it will generate a widespread desire, which will help us drive attendance in the coming quarters. We are looking forward to We thank you for your continued support and remain confident We can now proceed to Q and A. Thank you very much. Thank you very much. We will now begin the question and answer Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sharma Kunal from Perfect Research. Please go ahead. Hi. Good evening, sir. So So I have a few questions. I'm missing them together. The first, so when do you see the India open up like a U. S. Where the post sufficient vaccination, Even masks are not required. And the second, sir, along with the opening of bigger parks, shouldn't we also think indoor entertainment So I mean, calls due to two reasons. The first is setting up this big path into the painful time consuming the process and slow our growth. 2nd reason is that city people would be able to use in the city entertainment So more regularly, what is coming once and twice? So what a big part. 3rd question, any learning from the Running Wonder Nursery and Wonder Kitchen, which could help us scale up our business later. And then lastly, can you please limit your questions to number 2 because I will not be able to answer all There's a last question. Is there any opportunity in opening the acquisition of the park in India? Thank you. Sorry? I didn't hear the last one. The last one is, is there any opportunity we see here for inorganic acquisition Of other passing India. Yes. So your first question was when do we see the pandemic kind of repeating? Yes. That will only happen if at least 50% of the population is vaccinated, as you may already be aware. Now in a large country like India, it could take 5 months, it could take 6 months, it could take 1 year, it could take 2 years. It's all up to the government. Let's hope for the best. They are saying that we will finish vaccination by December, but I highly doubt it. Maybe a year is what I think. 2nd question, what is it? It's about sorry, could you repeat the second question? Shouldn't we have to think about the indoor entertainment? Indoor entertainment. Okay, indoor entertainment, yes. So indoor entertainment is a different format. It's not a does not come under the amusement park business. It's a completely different business and The entry barrier for something like that is relatively low. Like you rightly said, building a large park is always much more costly and Time consuming. But our expertise is in the large format parks. So we don't want to get into the small park business because I don't think there are enough margins and I don't think there are any players who have been really successful at it. I don't yes, so I'm not really Bullish. I mean, for me, I don't think it makes sense for this company. 3rd question the last question was Sorry, could you repeat your last one? I forgot that. Just too many questions. Yes, limit the question to number 2 next. Two questions, okay, next time. Okay. Okay. Okay. Sure, sure, sir. Any learning from the like running the Wonder Nursery and the Wonder Kitchen? Wonder Nursery and Kitchen and all was only for it was only to Yes, our guests sorry, our staff during the pandemic last year because we had an extended lockdown. Once we recovered from the lock And we were in a position to open the parks. We find it difficult to run both the businesses together. And also running a takeaway food outlet had its own challenges Because it's a very low margin, high volume business, and we did not have enough we couldn't recruit more staff to Grow that business and at the same time, we were also trying to reopen the parks. So we have to take a call and which we want. We obviously prioritize Reopening of our parks and getting our football ramp up over the other businesses. So those are continue to be there only as We are not doing the Wonder Kitchen anymore, but Wonder Garden continues to be there, but it's a very low cost, very small operation. So we could Come back and look at it again. There is a market opportunity, especially in the kitchen business. But right now, I think because we are Constantly going in and out of lockdowns, we don't have the bandwidth to run both. So hope that happens. So your question is answered? Actually, the last one is the domain. There is an opportunity we see the inorganic acquisition over the past year. We are not looking at any inorganic acquisition right now. Okay, okay. Thank you. Thank you. The next question is from the line of Rajesh Ranganathan from Dorit Capital. Please go ahead. Hi, thanks for the opportunity. It's a tough time, so obviously, you're doing the best you can. But could you please give us an update on our Chennai project? What is the current thought process around that? And secondly, We've tried different businesses, but Within our own Parks business, have you used the time that we've had in terms of downtime to make it better when things open up? Yes. So I think for us, the downtime is mostly most cities are using it for strategizing and Trying to improve our businesses when we reopen. And I think that has helped us a lot, especially when we reopened during the in the last quarter. We have also had a fundamentally shift in our strategy in terms of how we market our parks to our visitors. So that has Gone through a huge change, and we are much more digital heavy right now. But a lot of that work is still in progress, so it's still not a finished product. Maybe if you take us another year to change our marketing and customer experience to a fully digital system. So we are still working on this. So that's those kind of works are going on. We are also revamping Some of our offerings in terms of F and B outlets and things like that. So small upgradation works and those kind of things are going on right now. So are you saying that, let's say, this 12 months or 18 months that we've had as a downtime, There isn't any significant project in terms of upscaling of employees or systems or eyes, which Normally, we are not able to do in a running park, but we have used to so that you can wow your clients when they walk in next time. Yes. So that's what I said. We are working towards that. But it's more like a digital heavy we're doing a digital transformation in the company in that sense. But yes, it's still early days. It will probably take us a year or 2 to finish a substantial part of it. Hello, Chennai. Hello, Chennai. Chennai is on hold because we will not be able to we are not able to Start work on it. So it has been put on hold for at least till the end of this financial. But we have the land with us or is that not yet? Yes, yes. This is the land for land and some land development. Some basic work is going on, but nothing we are not building the park assets right now. Why is that? Is it because of lack of availability of labor? Or what is the Yes. We don't have labor. We are not able to move people there. Also, we have some Outstanding disputes with the government in terms of tax holidays and things like that. So those kind of things have to be sorted. So we will announce whenever it's ready, so I don't see anything happening for the remainder of this year. Okay. And then this tax dispute, how serious is it? How long is it likely to take to that? Because that's one of the growth drivers for you when things open up, if you're able to. Yes. So I mean, if you're after a tax holiday exemption from the local boarding tax in GenEn. I don't know if you're aware, but GenEn is the only state There is an extra tax on tickets. So we will not be able to build a large format park and run it with that tax in place. So They have categorically agreed to the previous government, but now the government has changed. So we'll have to work again and see how. We don't know how long it will take. Okay. In point of view of, let's say, pre COVID, we had a certain sales and a certain EBITDA. And let's say things should open up and we reached we reached 27% in 4th quarter and maybe you can also comment on why When other businesses were able to reach 100%, maybe we had some speculiarities that we were not able to, but suppose we do reach 100% at some point, Will our EBITDA be similar or better or lower? What do you think? It will be better or at least the same as before Once the COVID pandemic. The reason why we had only 77% footfall is because we were not allowed to open every day of the week initially when we opened. Only 1 month out of the 3 months, that is only not nearly all 3 parks were open all days of the week. The other 2 months, some days we were open, some days we were not open because we had to limit the crowd also, right? Okay. Thanks. Thank you. The next question is from the line of Farimal Mittani from Credential Investment. Please go ahead. So thanks for the hello. Can you hear me? Yes. Thanks for the opportunity and this is for the first time in the early Q and A call. First, is it safe to assume the last year will be the worst year in the company, 50, Going forward, the second question is in terms of footfall. Sorry, can you repeat your first question? I couldn't hear you properly. So there's a disturbance coming Now can you hear me properly, ma'am? Hello? Yes. It's still disturbed, but I can hear you. I don't see disturbance there. I would expect you So ask your question and mute your line, sir. Yes. Is it clear now? Yes. Yes. So is it safe to assume that last year was awarded in the company In terms of financial performance wise? 2nd? Yes. This is one of the first, yes. Yes. So it will be the base for the year going higher, right, in terms of the pandemic, it was the worst year because we are doing that way, right? Yes. And second thing, sorry, this portfolio of R3.1, which you achieved in this last time of I think you were the operations less than 3 months and given the pandemic restrictions and all that, post India itching critical vaccination drive, Do you see this number to be top of your prior expectations also? Actually, we so I think 3.11 lakhs is a pretty good number. In fact, it Kind of this what we thought we would achieve also. We had to read the footfalls in all the three parts. So I think there is a lot of delay in demand. People are wanting to But obviously, because of the pandemic, there is a lot of restrictions, lockdowns, all those things. So once the lockdown restrictions, all those things ease out, Assuming that at least 60% of the time population gets vaccinated, which you can already see in other countries happening now, I think the demand will be coming back strongly is what we think. And that is what we are seeing from other parks and other countries as well. Sorry, I can't hear you. What are the status of the park? Are they all in lockdown or is there partially opening of the park line? They are all lockdown. All three of our parks are Okay. And sir, just for for was it because of the coupon discounts or anything or it was just a latent demand which was there and people wanted to travel? I think it's because of mostly because of latent demand, but we also had some discounts and some offerings But mostly not discounted because our ARPU is also better than last quarter. And sir, last question, if I'm seeing your company for next 3, 4 years, in terms of how do you see yourself in terms of the company, right? Won't quote you to it. I just want to understand the business from how you plan to do this. Q and A, kind of Yes. I think Once the pandemic recedes, I think we will slowly get back on to our growth path again in terms of adding new locations to our portfolio, things like that. We are already working on it. Like for example, we have Chennai and we have another project which we have signed in Bhubaneswar for a smaller like small version of the park with the government there. But again, because of the pandemic, we've not been able to move. We have a couple more opportunities, one from Gujarat and there is another opportunity from Colombo in Sri Lanka as well. We are evaluating all these And then whenever time is right, we will start working on these products. And also our existing parts also, we are upgrading them slowly. And once we reopen, I think we'll be able to give our visitors a better experience. Sorry, same ticket price range or like Sorry, I think you have run out of your question time. Sir, if you can just I'm just logging for the first time. And it's been given the time. That's the thing. If you don't mind, I'll ask. Is there a problem? Yes. I've been told that only 2 questions are part of the call. Okay. Thank you. Thank you. The next question is from the line of Geeta Mehta from LHS Ventures. Please go ahead. Hello? Yes. Yes. Thank you for the opportunity. I only have one question. So recently, Gujarat Government announced various incentives such as reduced electricity bills and property tax exemption for various multiplexing. Can we expect something similar for Park Industries? I think the Association of Parks are actively talking to different Bodies, but I think BUGA has always been very pro industry and they have been bearing some of those things. But I'm not Seeing it as a countrywide initiative for other industries also. We are trying, we are hopeful that some kind of exemptions, The tax breaks, etcetera, might happen, but too early to comment. So can we I think something similar in the other states as well or Not sure. We are working on it, But at this point, we are not we can't comment on it. Okay. Thank you. Thank you. The next question is from the line of Mehta Ghani from P. S. Associates. Please go ahead. Hello. I have one question. How is the current initiative of 50% Hope it's gaining traction. How is the response over there? That's a new offer that we have just given because we are currently locked down and we are not able to Yes, I'll open the box, but we are selling the tickets for a future date, very limited It's a limited time offer. And I think we have really good response. I think we've sold about 7,000 hour tickets in about a week. So it's not a bad listing. Okay. And apart generally, are we looking at any other location? I mean, Suraj, I'm looking at the location I'm looking currently. We are looking at other states, like I told you I mentioned in the last answer. We are looking at a few opportunities in other states like Gujarat, Orissa and also there we have an We have an opportunity which has come up in Colombo and Sri Lanka as well. So we are evaluating few opportunities. Okay. Thank you. Thank you, Indus. Thank you. The next question is from the line of Neetim Parmawat from Aurum Capital. Please go ahead. Yes. Thank you for the opportunity. And just one question regarding Bhoom Nishwar Lisa, The Board is approved for setting up this path. You mentioned that you have not worked out details about it, but if Something is there in terms of what kind of investment that you are looking for because you mentioned that's going to be smaller format. So what is the kind of investment that you are looking For this and what will be the timeline once the things open up? It's very early stage. I mean we want to do it a very small So it will be significantly lower investment compared to our existing parks. And also for us, Orissa seems like a smaller market as well. So we are trying to tailor make something working with the government there to see whether we can do a small part. They have been very supportive. They have actually given us a lot of they've actually been very proactive in terms of helping us with the land and approvals and all those things. So but once the plans are finalized, we will be we will update Everyone about it. So right now it's still in the drawing board. Got it. Thank you so much. Thank you. The next question is from the line of Manoj Dua, an individual investor. Please go ahead. Good afternoon, sir. So when you look for a new opportunity like Orlando and Tigraya, what are the parameters you're looking to? What are conditions that can satisfy the revenue of the new ventures? Thank you. We look at a few things. One is the area that There's a sufficient attachment area in terms of market size. We also look at whether the business can operate 3 5 days or is it highly seasonal depending on weather conditions? We also look at how the government, how proactive the government is In the state or area and how helpful they are. Then we also look at How far or how close are they to our existing projects? Because we don't want to be too far because they're very close to each other because they may not They may cannibalize each other, sir. So there are a few parameters like that we look at. And also infrastructure, sir, water, electricity connectivity. What are connectivity, what are basics like that as well, yes. Okay. Now if you If you are not able to open new stock at the sales that we think and which has happened in the past, how In the past, we know DST and we start selling. We are not able to return new parts. So how far we can grow from other 3 weeks to pass in future? I think our existing parts are still not saturated in terms of footfall. So that's something that we are looking at very Seriously, so yes, even if we don't add new parts, I think there is sufficient headroom for us to grow in our native market. For example, Hyderabad, we still haven't reached a million footfall question. Usually, we have 1,000,000 plus footfall demand. It has dropped in the last 2, 3 years. So We need to fix that. So I mean, there are some of those challenges we need to address as well. So I mean, definitely, there is scope of growth in Our home market is what we feel because our parks, even if we have 1,000,000 footfalls, it's still a very small percentage of the total addressable population of Each of those will be. Okay. Thank you. And best of luck. Thank you. The next question is from the line of Pavan from Lucknow Capital. Please go ahead. Hi. Thanks for taking my question. Most of my questions were answered, but just one additional one is what's the capacity Or you just mentioned that, for example, Hyderabad has 1,000,000 kind of capacity. So what's the kind of Operating capacity that we can think about when we look at the business? Roughly, I think we can accommodate about 5,000 to 1,000 visitors in each of our parks per day. So you multiply that by 365, and you'll get the theoretical maximum capacity. But obviously, we may not hit that back up. But it's about 8000 to 10000 is the park capacity. We worked on a 50% capacity during the pandemic, which is 5,000 for the Bangalore Nakotje Park and 4,000 for the Hyderabad Park. So we can go up to 8,000 to 10,000 capacity. Okay. So yes, but I mean, I'm saying that's not sustainable every day to have that. Yes. Right. You have more This is in the weekend versus the weekdays. So you and an average out would be about 50%. I would say you can take a 6,000 number And then you can double check that every week, if I will get to that. Okay. Sounds good. And second was One of the previous participants asked about what do you look for in kind of expansion projects or how do you think about capital allocation? When we're looking at these growth projects, what are the financial parameters we're looking for? Like what are the ROEs? Are those kind of metrics that you're looking I mean, we don't look at, I mean, ROE calculations, I mean, are a byproduct of What we have achieved because it's not something that we I mean, but we typically want each of our investments To kind of payback within 7, 8 years. That's the way we look at it. But yes, I mean, ROE calculation I mean, Sadeesh may be able to answer this better. Yes. We looked at the ROCE, we look at the payback and we look at also The first one is, is there a demand there? And then the Christmas is the footfall is one thing. And then we look at the RoTE and the payback also on this. But these are all long gestation projects, whatever we have taken till now because the investment size is 300, INR 3.30 crores for Chennai project, for example, okay. It has its own curve, okay. When you think about talk about our Orissa project, The investments could be slightly lesser there. So we look into various factors, but you can't have a ROC or OE initially. You build up the over the period, you have a better result. I think it will be harder in the initial years and then it will get better as the footballs improve and the cost of The past, let me rephrase the question. So 7 to 8 years is a payback period and breakeven you target about 3 years. Would that be fair to say like your earlier projects? Yes. I know that project for example we had a break even in 3 years. EBITDA positive. Okay. Okay. Got it. Thank you. Thank you. The next question is from the line of Anuj from M3 Investment. Sir, go ahead. Yes. Thank you for this opportunity. My first question is, the Gujarat opportunity, I think, has been on hand for some time, But we have not taken any So, I understand so much. Sir, there's a disturbance coming from your line because you do mute your line so that management can answer your question. Yes. I'm not just completing my question. Just on Bijarat, any particular reason why we are delaying it or we have too much our hands off at the moment? So that's one Yes. So I mean we have just been talking to them, and there has been interest I'm the bad government for us to set up a path, but it's still early days. We're still in the negotiating table on what to do, how to do it. Yes. These things are like that it takes time for us to finalize on a budget. Sure. All right. All right. My second question is, Colombo, pardon me, Selma, it's not only but this is this name I have heard for the first time. Is it That we have got an invitation or any more specifics on the Colombo opportunity? Once we have right now it's a very It's a new invitation that we've got to set up and turn a path there. Once we have more clarity on that, we will definitely Keep all of you. But I'm just saying, you said it because that's the kind of lot of people do keep asking us to invest in New geographies and build parks or take over existing parks, for example, the Colombo opportunities for us to take over A semi finished part and to complete it and then run it. So like that, there are different opportunities which Keep coming from time to time. And so we will look at the suitability for our brand and whether we do it goes with our We thought and then we take a decision on that. The management contract types. Sorry? The management contract. Thanks. Sure. Sure. And my third and my final question is, we have all 3 existing parks In a similar model, both make sure it was slightly different in terms of lease plan. But these are the 2 or 3 models we are looking at Or beyond that we are exploring. So management contract is something we have explored but not rectified till now. But Yes. Are these 2 or 3 models around or we have something more than ours? Yes. I think mostly we'll be we would like to build our own path. That's the ideal situation, but that is very time consuming and slow in a country like India. So the other next best would be to take over and run other parks For a management contract. So that also we are exploring. We have a few opportunities. In fact, we have at least 4 or 5 opportunities at ADN India. And we have this opportunity and it come from Colombo as well and many other countries. But we are just restricting ourselves to the Indian Subcontinent for now. Okay. So if you permit me one more, what is the key reason we are being slow in taking off? Because I think these opportunities in management contract have been there for some time. Is it the financial consideration or is it our Inability to visualize how parks will be, I mean, what is delaying so I understand one in Bombay that you have clearly said it's out of consideration, but others, What could be the reasons? Different talks have different issues because usually when they come to us, Maybe it's a half finished project, maybe some projects have run out of money, maybe some projects were planned, but maybe it never took off. So there are various reasons for why various projects don't take off properly. So we have to Assess it and then see whether we want to jump into it. So we usually take our own time with it because we don't want to hurry into something like this because it's a long term commitment. Sure, sure. I really appreciate. Thank you for the answers. Thank you. We would like to remind participants that you may press star 1 to ask a question. The next question is from the line of Saurabh Arora. Please go ahead. Good evening, sir. I have 2 questions. Number 1 is, Most of the corporate companies have extended work from home culture for their employees and they are saying it is a great opportunity How do you think this would affect our business in Bangalore and Hyderabad as these are both notations for such corporate companies? I think work from home, I think it's here to stay in some form and even I'm working from home for the last year or so. So I think there is some comfort in that, but at the same time, I think that cannot go on forever. Maybe for a Tech related company, it makes no sense to do it. But a company like ours, we will definitely we have For our past and we run them and with the physical infrastructure, so remote working may not so But will it I think it will be better for us because people it would definitely be decunged in some of our cities. Traffic might traffic times will improve and I think people will find it easier to commute, which is always a good thing for a company like us. Ease of commute is one of the main factors that decide how many people come to the park. Yes, but employees of corporate companies, private tech companies, maybe new customer base for our parts too, If they are not in Hyderabad. Just because they work from home doesn't mean that they'll never go out of the house, right? Yes. But they will work from other states in their hometowns. I have a firm with other But that is I mean, that's not going to be I mean, I don't see the populations of our cities going down. As long as our cities are thriving and the populations of our cities are growing, I think we'll also be growing. Okay. My second question is, in last phone calls, you discussed about sensor cuts as cost cutting measures. I want to ask what was such stress in case of direct terms? What's the remuneration and commissions that I can receive during FY 'twenty one? You will see more of it on the annual report, please. Hello? Sorry? Got it. Those disclosures you will see more of it in annual reports. Okay, sir. Thank you. The next question is from the line of Rajesh Ranganathan from Doric Atil, please go ahead. Thanks for this opportunity again. Through this pandemic and even before that, things were slow in India. So we've lost some top management, I guess, some voluntarily, some otherwise. What's our plan going ahead in terms of how do we recruit and retain talent given how difficult the industry is right now? I think the difficulty in the industry is there everywhere right now, and I don't think it's unique to our industry. I think it's therefore out there, it's 40%, Because now the businesses in India or anywhere in the world suffering right now. So it's not unique to us. So And I don't think it's not a perennial problem. It's going to go away at some point. We don't know when. So we are just getting ready for That day when we feel like we can open the pass and welcome visitors. So whatever changes and improvements to our products and service that we can do, we are doing it now. That's the way we look at it. We continue to hire people, especially in the digital and marketing field because we feel that there is a that is the area where there's Excellent change happening, as you are all aware. So we continue to hire people. And So that's an ongoing process. I don't think that will be impacted because of the pandemic. Okay. For my second question, you had mentioned a few times already that one of the things you're focusing on is the digital transformation of the firm. Could you give us some specific examples on what are the most impactful projects in this? Because you look at mainly mostly to do with I mean, We will start off with something like marketing automation, which I think we need to it's an overview for us. We need to do that. So we are working on that, automating our whole marketing system. And consequently, what happens with that is also How we interacted with our customer in the parks, a lot of that can be digitized. Knowing our customer better, like how often is somebody coming to the park? Is there an opportunity for me to give offers to him? We're already doing it, but we have just started doing it. So I think in a year or year and a half, I think we'll have that completed. It's still in a work in progress right now. One of the areas, say, globally people have worked on is something you mentioned in terms of digitally interacting With the visitors when they are in the park or even when they are at the park or Yes. That's what I'm saying. Yes. So there are 2, 3 aspects. 1 is the whole marketing aspect of it. Then the other is the whole customer aspect, customer service or Customer interaction part of it, that also can be digitized. And also the customer life cycle, like whether how do we make sure that people come back to us at a certain point? Can we say we give them sweeping deals? Or how can we stay relevant in their lives Even after they come and visit us and reduce the lag between one visit and the next. So a lot of things are available in that whole realm. Management park industry generally has been a little slow Internationally to embrace the whole digital culture because it is expensive to do an amusement park. It is digitizing park is also an extensive process. So we are looking into that. So but we will once the plans are more final, we will be sharing with everyone. Okay. But this doesn't include digitizing the ride itself, right? You're not looking at digital rides or digital experiences In terms of B. Balaji:] Yes, that also will be part of it for sure. Having virtual ride. But at this stage, you're not able Share anything? Yes. No, we can't. I mean, we'll just started work on that. Okay. Thank you. Thank The next question is from the line of Aditya Chittopadhyay from ICCA Securities, please go ahead. Yes. Thank you for the opportunity. Just a housekeeping question. What is the breakup of ticketing and non ticketing revenue for the quarter? And on that, on our F and B pricing strategy, how are we looking to get customers to spend more on that I think this quarter we had about 75%, 25%, 75% was ticket and 25% non ticket, which is higher than what we used to have in Q4 in previous years. The reason for that is we had higher percentage of retail footfalls as against group footfalls. Like pre COVID, we used to get a lot of schools and colleges during Jan, February March. But in this last Jan, February March, we got mostly retail football, people who came Saw the tickets directly from us and came to the park. Because of that, they are higher spending people. They are higher Potentially, the spend is higher, and that is why our non ticket revenue is better. I think Satish can maybe add something to that. Yes, sir. I think you covered it very well. Okay. And as I said, when things eventually get back to normal, how are you looking at If we get back to where it was, the robust breakup or is there some strategic shift to see to get the margins up in terms of getting more out of the I think our strategy is definitely to improve our non ticket spend because I think non ticket revenue is something that we can Again, going back to the whole digital transformation part of it, there's something that goes very well with that also. We will be able to sell, Upsell and cross sell SMB and merchandise to our customers better once we have those opportunities. We're already doing it, but It's such a very we are at 75%, 25%, but we want to obviously bring non ticket revenue to at least about 30%, 30%, 30%, 30%. Okay. And just a second question, when obviously the parks eventually reopen hopefully pretty soon, Do you expect the number of rides you can open like something similar to the trancheros happened last year, Like the water rights will not be active and they may get active later on? Yes. I think, yes, it's hard to predict how it will be, but there could be Every district and every state has a different way of handling this. So some states, they will allow you to open the water path first. Some people Some states they don't allow you to do it. So I think it's a bit of a mess. But eventually they do allow all aspects of the rights to be opened. Okay. And if I just squeeze in a last question on the salaries and lastly we have taken some takeouts obviously during the shutdown period. So this year, are we now again looking at a fresh round of salary cuts? Or are we like reinstated the salaries and plan to continue with We had reinstated salaries whenever we were open and especially open every day and people had to come to work and things like that. But during the last month, there is a salary cut again, not as deep as what we did last year, but we are definitely looking at some salary cuts that we can maintain our cash flows. Okay. So there will be some cost rationalization, [SPEAKER UNIDENTIFIED COMPANY REPRESENTATIVE:] But we don't anticipate the lockdown period extended like last year. Last year, we had about 7 to 8 months closed, fast close. We don't expect that type of a long lockdown on account of 2nd day. There will be cost rationalization growth. Yes. So that's from actually, I think last year it was around INR 4 crores a month, right, was our running cost, if I believe in front of us. Yes. So it will be a similar Okay, okay. Fine. Yes, that's very helpful. I'll take some questions. Thank you. The The next question is from the line of Manoj Dua, an individual investor. Please go ahead. Sir, is it possible can we have No, we give our results for quarterly, but what do you want to know the footfalls or What exactly you want to note? Anything. I want to understand how These are all very working figures. And whether you want to go to that details? No, I actually want to understand the math. You can send it to him later on or all classes. Yes, you can share it with you separately. Okay. Thank you. Thank you. Ladies and gentlemen, this was the last question for today. I would now like to hand the conference over to Mr. Adhadev Mr. Padia from IKC Securities for closing comments. Yes. Thank you everyone for joining us on the call today. I'd like to hand it back to the management for their closing remarks. Thank you all for attending the Vandala Holidays Q4 FY '21 result update. All of you please stay safe and take care, and we'll see you soon. Thank you. Thank you. On behalf of ICC Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.