Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Dani from Monarch Networth Capital. Thank you, and over to you, sir.
Yeah, thank you, Darwin. Good afternoon on behalf of Monarch Networth Capital. We're delighted to host the senior management of Wonderla Holidays. We have with us today Mr. Arun, the Managing Director of the company, Mr. Saji, CFO, and Mr. Dheeran, Chief Operating Officer. We will begin the call with opening remarks from management and then move to questions and answers. Thank you, and over to you, sir.
Hi. Good afternoon, everyone. This is Arun, MD of Wonderla Holidays. Thanks to everyone for joining the call. I extend a warm welcome to all of you to discuss the Q3 and nine months of FY 2024 results. Along with me is our CFO, Mr. Saji K. Louiz, and our COO, Mr. Dheeran Choudhary. We continue to strengthen our management team, and I'm happy to announce that the appointment of Saji K. Louiz as CFO of Wonderla. Saji is a chartered accountant and brings with him a rich experience of over 15 years spearheading internal finance and account functions, entailing business partnerships, business control, and compliances, etc. On behalf of Wonderla, I extend a warm welcome to him. We also have Mr. Dheeran Choudhary, our COO, who's joined us since June last year. He has a strong background in operations from companies like Zomato and Red Bull.
He's also an INSEAD MBA alumni. Pleased to have these two colleagues with me. I'm pleased to share the results that we have had in the quarter, marked by several key achievements and positive financial results. Our revenue from operations for the quarter stood at INR 123.6 crore, representing a 9.2% growth over last year's quarter. We are consistently growing in terms of both volume and value. Our marketing efforts have played a pivotal role in driving awareness and is reflected in footfall in our parks during the quarter. We have successfully executed different formats of marketing campaigns during festive seasons for Diwali, Christmas, and New Year, along with concerts like Sunburn at Kochi and New Year event at Hyderabad Park, contributing to overall footfall during the quarter. Footfall for the quarter stood at 9.45 lakh, an increase of 3% YoY.
For the nine months FY 2024, footfall stood at 25.43 lakhs, an increase of 1% YoY. This reflects the growing popularity of our attraction and effectiveness of our marketing efforts. ARPU for the quarter stood at INR 1,256, an increase of 6% YoY. For nine months FY 2024, the ARPU was INR 1,452, registering a growth of 15% YoY. The increase in ARPU is mainly driven by healthy growth in non-ticket revenue, along with encouraging response from walk-in groups and all aspects of our customer base. We have seen an approximately 35% contribution of non-ticket revenue for the quarter against 25% in the last year. In line with our commitment to innovation and growth, we have successfully launched a new ride during this quarter in Hyderabad, which has been very well received by visitors. Additionally, our expansion plans remain on track of opening parks in Odisha and Chennai.
We have signed an MOU recently with the Gujarat Government to establish Wonderla as a visit destination in Gujarat. This strategic move is aimed at tapping into new markets and further diversifying our revenue stream. Looking ahead, we remain optimistic about future growth. We believe our continued focus on guest experience, innovation, and expansion will drive sustained growth. We appreciate the dedication of our team members, our loyalty of our customers, and support of our shareholders. Now, I request our CFO, Mr. Saji Louiz, to delve into the financial results of the quarter.
Thank you, Arun, for introducing me and giving me an opportunity to be part of Wonderla family. Looking forward to build the company's growth journey together. Good afternoon, everyone, and thank you for joining us for Q3 FY 2024 earnings call. I will provide a brief overview of the financial performance of the quarter.
On quarterly performance, the revenue, including other income, for the quarter stood at INR 129.5 crores against INR 117.7 crores, up by 10% YoY. EBITDA for the quarter stood at INR 60.4 crores against INR 61 crores, marginally degrew by 1% YoY basis. EBITDA margin stood at 46.7%. Profit after tax for the quarter stood at INR 37.3 crores, down by 4%, and tax margin stood at 28.8%. Moving to nine-month financial performance, our revenue, including other income, for nine-months FY 2024 stood at INR 401.1 crores against INR 339.7 crores, an increase of 18% YoY. EBITDA stood at INR 209.5 crores, up by 18% YoY. Our EBITDA margin stood at 52.2%. Profit after tax for nine-months FY 2024 stood at INR 135.3 crores versus INR 113.8 crores, same period last year, up by 19% YoY. Tax margins for nine months stood at 33.7%, up by 20 bps YoY.
I now request the moderator to open the forum for question-and-answer session.
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to withdraw 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. The first question is from the line of Angad Katdare from Sameeksha Capital. Please go ahead.
Good afternoon, sir. My first question is related to your comments on the Bhubaneswar Park. You are guiding it to open in Q1 three months earlier. Can you just tell us, will it be in the first half of Q1, or will it be in the second half? Will we utilize the full Q1 as the first? And the follow-up for that is, can you give us the timeline for the Chennai Park as well? How's the progress going on?
Thank you for the question. We are hoping to open Bhubaneswar Park in the later half of May, so we will definitely not get most of Q1. We expect to get all of June and maybe a little bit of May. Towards the end of May is when we are planning to open it. Earlier, we had planned that we might open only in the third quarter, but we are happy that we are able to open in the first quarter. Now, regarding Chennai, we hope to open the park in the third quarter, second or third quarter of FY 2026.
Okay. Sir, what is the overall CapEx that we have spent on the upcoming two parks, and how much is still pending?
For the Bhubaneswar Park, our plan is to spend about some INR 189 crore, and we have already spent about INR 140 crore with respect to the Bhubaneswar Park. Chennai Park, we are starting only the land and other things we already procured. Other than that, other expenses are yet to begin, which was about somewhere close to INR 80 crore.
Okay. Sir, we are seeing one of our competitors getting aggressive in expanding operations with their recent announcements to expand to Indore and other states, where we are also planning to put up a park in the near future. Any comments on the development of the new park planned in MP?
I mean, I don't know what is their plan currently. I'm not aware of. I mean, I think they have a couple of parks, which they already had. They've integrated into one company. But they are much smaller parks than ours, and I don't know whether we'll be directly competing with them. Our offering in Indore will be large-format amusement parks, not small parks. So we'll have to wait and see, but we are not really worried about that.
Thank you so much. I'll get back in the queue.
Thank you. The next question is from the line of Jaiveer Shekhawat from Ambit Capital. Please go ahead.
Sure. Thanks for taking my question. My first question is relating to Odisha Park. Given that you're near commissioning, could you talk about your pricing and marketing strategy here?
Pricing, roughly, we are looking at an ARPU of roughly INR 1,000. And marketing, because it's a new park, I'm sure we will be spending a lot on that, and we will make sure that it gets the proper reception it deserves. Also, the government of Odisha has been very I mean, they have literally championed our project, so I'm expecting a lot of synergies to unlock with Odisha tourism as well. We hope to capitalize on a little bit of the summer season, even though we may not be able to get all of it. We will hope to get the last bits of May and then all of June onwards. I think our park should be open. That's the current planning. We will keep you updated as more information becomes available.
Sure, Arun. That helps. Secondly, if I look at performance of footfalls at Kochi and Bangalore, there's a clear divergence. So one, what's driving 10%-ish+ growth in footfalls in Bangalore, and what's the reason behind the decline in footfalls at Kochi, if you can explain that?
So Bangalore is trending as expected in terms of footfall growth. Kochi, we didn't have good footfall growth in Q3, mainly because towards the end of December, we had a slight COVID scare in Kerala, and I think the public in Kerala reacted to these kinds of adverse news a little more than other two markets. So if you look at the footfalls in Bangalore and Hyderabad, they've grown, but Kochi has degrown. So mainly, it happened in December. Saji, you can give some more details, anything?
Yeah. Kochi, there is a slight dip in the footfall for the quarter ended. But if you see the nine-months ended also, there is only a slight -4% dip in the footfall. This is whatever our MD has indicated. This COVID scare that has actually resulted in a dip in the footfall.
So assuming that it was largely because of, say, one-off events, there were bomb blasts as well, plus the COVID scare as well. I mean, how do you see the revival of footfalls from next year onwards at Kochi and then what's your expectation for Bangalore and Hyderabad as well?
See, these are all mature parks, so we are not expecting huge growth in footfall term, but we should be able to manage 3%-5% footfall growth if you look at the whole year. Bangalore is outperforming right now, and the hope is that we can outperform even in Hyderabad. Hyderabad footfalls are actually lower than compared to Kochi and Bangalore, which we feel is an anomaly. We hope to correct it in the next year.
Sure. And if I see your ticketing revenue growth and non-ticketing revenue growth, again, there is a good divergence there. So one, what's behind the muted growth in ticketing revenue? And secondly, I mean, what's really driving the mid-teens kind of a growth in your non-ticketing revenue, and what's your outlook here?
So if you compare to look at ATP growth, we have grown by, I think, 6% in ATP. The reason is this year, I think during Q3, we had a higher contribution of groups as against retail footfall in FY 2023. So that's the main reason. The reason for better performance in NTR is because we've been focusing on that, and I think our NTR now comprises almost 35% of our revenue if you look at Q3 compared to 25%-26% in the corresponding period of last year. So there is a clear 10% improvement in terms of contribution from NTR, and this is something that we've been talking about before as well. We hope to continue in this part.
Sure. My last question to you, Saji, is can you explain the reason for substantially higher OpEx during this quarter on both YoY and quarter-on-quarter basis in the other expenses?
Yeah. The variance in the expenses, mainly because of the salary as well as for the overall employees' cost, there is about a 20% hike in the employee costs with respect to the outsourced employees, where we have about 10% of salary rate hike, and then 10% of count hike also happened in the current year. If you see the total hike, some 36% of my hike has happened in the operational cost, which is mainly because of reasons, whatever I already told. And the other one is 20% hike happened with respect to the employee cost. This is mainly we have recruited about a net of 60 people in the company, which has resulted in an increased expenses in the current quarter and even in the nine-month ended period.
Other than that, we have done an additional advertisement and then sales promotion activities, especially during the festival season, which has resulted in little and even we have made some; we have performed certain events also in the parks, which has resulted in certain additional expenses for the marketing activities as well. Other than that, there are no other surprises in the expenses. Nine months also almost similar reasons. Other than that, there are no other exceptional reasons for the quarter as well as for the nine months.
Sure. Understood. Team, wish you all the best for the Odisha Park.
Thank you.
Thank you. Ladies and gentlemen, if you wish to ask a question, you may please press star and one. The next question is from the line of Prakash Soni from Value Research. Please go ahead.
Yeah. Hi. Thank you for taking my question. One is regarding, as you said, the new events and all you have conducted in the park, and due to that, expenses have gone higher. So are these events particularly profitable, or have they not contributed to overall profitability of the parks? Hello?
Ladies and gentlemen, please stay with us. The management line seems to have disconnected. We will reconnect with the management. Ladies and gentlemen, we thank you for your patience. We have the line for the management reconnected. Prakash, we request you to please repeat your question.
Yeah. Hi. My question was related to the events you said that have been organized as a park. So just because they have contributed to higher expenses. Am I clear now?
No, sir. It's not clear. Yeah.
I'm not able to hear you clearly.
Is it better?
Yeah. Yes. Yeah.
Yeah. So my question is related to the events which you said have been organized at the parks. So just to understand, have they contributed to overall profitability, or because they have contributed certainly to the expenses, as you said, they have gone high because of the marketing and you know?
They contribute to footfalls for us. You've seen growth in footfalls, right?
Yeah. So that is due to the events what have been organized. Is that?
It's actually the sum total not just events. It's all the marketing effort that we have done. So there are two parts to our marketing costs. One part is all events and all that, and then there is advertisement costs, and then there is also commissions that we pay out to our agents for group footfalls. All those things have gone up in line with the footfalls. And we had a higher percentage of people coming from groups, which has led to a higher payout for ad commissions. So all these things are put together in that cost.
Okay. Going forward, any guidance you can give us on the margin side? Will they continue to stay in this?
We are already at peak margin last year, so it will be slightly lower as we have new parks coming into play and we'll be adding employees to our posts. So margins, like I said, it's come down by 3%-4% this quarter. That may continue for the next few years because we will be adding further people into the system, and also marketing and promotion costs also will be in line. I mean, it will only be going up as we have new parks to be launched, etc. But on a steady-state basis, the kind of margins that we are seeing, I mean, we hope to maintain are a bit north of 50%.
Okay. And just one question related to the Odisha Park. As you said that it will be functional in first quarter, second half of the first quarter. So are we already when do we look for the stabilization of the park and good revenue churn from there?
The first six months of the park will obviously be in the launch phase. After that, we can see stabilization.
Okay. Thank you.
Thank you. The next question is from the line of Chandresh Malpani from Niveshaay Investment Advisors. Please go ahead.
Hi, sir. Thank you for the opportunity. So, sir, my first question is on our expansion strategy. So we are expanding into Bhubaneswar and Chennai, but what would be your outlook on this government's thrust to promote these religious places? So are we looking to expand in those regions as well? And secondly, sir, on the Gujarat MOU which we have signed, where would the park be set up?
We have been approached by UP Government to set up parks in the religious centers which are upcoming, like Ayodhya and Varanasi. But we are still considering it, not yet decided, because our parks are large-format parks. We need to make sure that there is enough catchment for us to make sure that it's worth the investment. The Gujarat investment will come between Ahmedabad and Gandhinagar. They may be close to GIFT City, what we are looking at.
Okay. And, sir, our expansion would be asset-light only going forward?
It will be a mix of asset-light and asset-heavy, depending on the geography and what kind of land parcels are available. Some state governments are very proactive, and they're giving us land practically free like in Bhubaneswar and Indore. But other places, for example, NCR, we are looking at this project as well. There, we will have to invest in land. So it just depends on the geography. I think Tier 1 cities will be hard to find land on lease, but if it's available, then we are also open to doing that.
Okay. Sir, and lastly, what would be your target footfalls in ARPU for FY 2025 considering Bhubaneswar plant coming in early? So any guidance on that part?
Yeah. For the existing park, you can consider about some 5% of growth we are expecting. And then for the Bhubaneswar park, maybe around some 5 lakhs-6 lakhs.
5 lakhs-6 lakhs ?
Yeah, in a year.
Okay. Okay, sir. Thank you, sir.
Thank you. The next question is from the line of Richa from Equitymaste r. Please go ahead.
Sir, thank you for the opportunity. I'm actually new to the company, so kindly bear with me. You had in the earlier calls perhaps mentioned the plan for resort expansion as well in Hyderabad and Bangalore. So, I mean, could you just give an update on that?
We are in the process of expanding our resort in Bangalore. We are adding 40 rooms to the resort, and we are also adding an adventure park and a MICE and convention center. This will take about a year to complete. So only in FY 2026 we can expect the effects of this. We are going to use the next one year for construction. Total investment we are looking at between INR 70 crore and INR 80 crore all put together. And then with this, we will also have a large convention center in Bangalore, which we don't have currently, and also an adventure park, which is something new that we are doing. Once these projects are stabilized, then we will look at replicating them in Hyderabad, which is our next candidate to do a resort project. But we will do it only after FY 2026.
Okay. And, sir, your Chennai park is, I think, almost like Bangalore when it comes to size and rides. So, I mean, going by historical experience, once you launch a park, how much time does it take for it to get the kind of footfall that a mature park gets?
The full footfall ramp-up for a new park will take about two to three years. But, I mean, we are expecting all our projects to be a bit positive from year one itself thanks to our very efficient way of constructing and also because we manufacture a lot of the rides and technologies ourselves. It's our own we are vertically integrated to an extent where we actually design the park and make rides in-house. So because of that, I think our CapEx cost will be much lower than competition, and this is why you are seeing high EBITDA margins in Wonderla. So that will continue, and that will help us reduce any potential losses. And also the fact that we are using an asset-like model. But in Chennai, we have actually bought land, and we have built it as a greenfield project.
But we do expect Chennai to give good Bangalore levels of performance after the ramp-up period. So we should be able to cross 1 million-plus footfalls within three years or maybe even earlier than that. And also, ARPU will be comparable or even slightly higher than Bangalore.
Okay. Okay. And, sir, my last question is, these event-based revenues like Sunburn and all, are they getting captured in your metrics that you share for footfall and ticket? And if yes, where exactly do they get captured in those metrics?
This will come in non-ticket revenue because ticket revenue, if tickets are being sold, it will be done in it will be added as tickets. But otherwise, it's mostly come in non-ticket revenue for most of the events.
Footfall is also capturing these event-based footfalls that are there?
Only if it's a unique footfall. Sometimes we do get people who buy the tickets for the park and event together, so we don't duplicate that footfall. It will be shown as a unique footfall.
Okay. Okay. Thank you so much in all honesty.
Thank you.
Thank you. Ladies and gentlemen, to ask a question, you may please press star and one. The next question is from the line of Angad Katdare from Sameeksha Capital. Please go ahead.
Sir, what will be the split of group and walk-ins for the quarter and also the ARPU split for this quarter between ticket and non-ticket? That will be helpful, sir.
The 66% is the group, and then balance is the general in the quarter.
For the ARPU, sir, ticket and non-ticket?
ARPU is generally INR 1,256 for the quarter, which is ticket revenue will be somewhere close to INR 890. Balance INR 366 will be the SPH. Yeah. Non-ticket revenue INR 360.
Okay. Okay. Thank you, sir.
Thank you. The next question is from the line of Monish Ghodke from HDFC Mutual Fund. Please go ahead.
Hello. Thank you for the opportunity. Sir, whenever we plan a new park, what kind of payback period do we target, payback period and return ratios?
Yeah. Our payback period is between seven to eight years, full payback. That's the kind of rough estimate. It could vary a little bit depending on how quickly the footfalls ramp up in the park. A asset-light model, we will have a lesser payback period. If you are purchasing land and then constructing a park, it will have, like our MD said, some eight to nine years it may take. But if it's a asset-light , maybe some four years or something like that, you will be able to break even. I mean, payback will be within three , four maximum of four years or something like that.
Okay. Sir, what would be the replacement of rides which we have to do? What would be the typical maintenance CapEx which we have to do on an annual basis? Or let's say per park, if you can share. I mean, typically, in a park, there will be a replacement introduction of new yeah.
We will roughly spend about 10% of our top line. But next financial year, it will be slightly higher because I think we're spending about INR 30 crore in Bangalore and I think INR 15 crore in Kochi, right? Yeah. So I think about INR 45 crore is roughly the INR 45 crore-INR 50 crore we will be spending.
So this will be spent on an annual basis, right, just to maintain the rides or to introduce new rides?
All the existing parks will get 10% of CapEx to add new rides. Yeah. Yeah. And replace maintenance. Not replace, but any addition to the park in terms of restaurants or new rides, anything new, new facilities.
Okay. Sir, what is our medium- to long-term strategies? We will be expanding this park. What are the plans? And getting into adjacencies like maybe a water park or theme park. What is your thought process overall, if you can share?
We are already doing water parks and resorts and everything. Our immediate goal is to do geographical expansion because right now, we only have three parks operational and two under construction. We want to be in about 10 cities by we should have concrete plans of being in 10 cities within the next few years. That's the plan. Of course, then we are also looking at how we can leverage technology. We are investing a lot into that in terms of how to use the data that we collect and how to improve customer experience and revenues for us. These are the two kind of broad strategies from our side.
Okay. Sir, I recently started tracking this, so I'm not very much knowledgeable on this industry. But if you see, let's say, a tie-up with some foreign company, let's say Disney or something, just to have those technology of rides and all, have you explored it?
We are not looking to see. Disney usually doesn't tie up with any other company. They will do their own parks, and those are very, very expensive, not workable for a country like India. So, I mean, if there are other IPs in terms of technology, if we feel there is a need that we can leverage on it, we'll definitely be open to it.
Okay. Okay. Thank you, sir.
Thank you. The next question is from the line of Ranodip S from MAS Capital. Please go ahead.
Thank you for the opportunity. So, Arun, wanted to understand. You mentioned the near-term aspiration is to be in 10 cities. So wanted to understand, do we have some thought around how many will be Tier 1 and how many will be Tier 2? I understand Tier 1, you look at INR 400 crore-INR 500 crore CapEx, and Tier 2, you look at around INR 150-INR 200 crore CapEx. So in split of the 10 cities that you're looking at,
we would like to do more Tier 1 cities wherever possible. So, for example, we are looking at NCR. We would like to do something between Bombay and Pune also, in Maharashtra. And we are looking at other big cities, maybe like Kolkata. But we have not really finalized the places yet. Depends on what we find in terms of land acquisition and government support.
But we also want to go to Tier 2 cities because for us, it's a very easy entry into some of these geographies, and we find that we can dominate the market very easily. So it will be a mix of both. I can't give you the exact numbers, but I would say we will still focus on Tier 1, but we will also be open to Tier 2.
Sure. Sure. And just an add-on question to that, there's been an immense focus towards Ayodhya. And UP Government has already mentioned about something like Rama Land, right, which is like a theme park. So any thoughts around that? Will we be pitching for that?
Yeah. Yeah. We've been approached by the UP Government to do something like this. We are evaluating it. We have not yet frozen on anything because we are already close to doing something in the NCR region in Noida through the UP Government itself. So we don't want to do multiple projects in one state currently. Our philosophy is we want to be in one large city in one state, preferably the largest. So for us, NCR makes the most sense. But we are open to evaluating proposals from the UP Government. I mean, but I think it's still early days. But eventually, yes, we are open to it.
Sure. One last question. In a 1.4 billion nation FY 2023, we saw 33 lakhs footfalls, right? What are your projections from, let's say, two, three years down the line? Where do you see this number heading? Do we see a doubler in the next three years?
Yeah. I think once we have Chennai and Bhubaneswar stable, we easily will add another 1.5 million to it. But this would take about three to four years. By that time, of course, we will have other projects also in the pipeline. But again, it depends on how quickly we are able to ramp up footfalls in the new projects. But we are hoping that we should be able to do it in two to three years.
Great. Great. Thank you so much, and wishing you good luck for the next quarter. Thank you.
Thank you. Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Madhur Rathi from Counter Cyclical Investments. Please go ahead.
Thank you for the pleasure. Sir, please, one question.
Sorry, you're not here. I can't hear you.
Am I audible right now?
Not really. Sir, this is not clear enough.
Is it better?
Sir, we request you to please use the handset mode.
I will join back in a queue.
Thank you. Ladies and gentlemen, if you wish to ask a question, you may please press star and one. To ask a question, ladies and gentlemen, please press star and one. The next question is from the line of Prakash Soni from Value Research. Please go ahead.
Just one follow-up question on the expansion plans. How are we looking to fund this? Any plan for debt and equity? What exactly are we looking forward to?
Yeah. It's a little too early to take a call on this. So we will be evaluating both the plans, maybe a mix of it or something like that, maybe after the next year, not immediately.
Currently, our cash flows will be able to manage the current two projects with existing cash flows and cash accruals. But as and when we look at new projects and we sign on any new project, at that point, we will be looking at some debt because we are currently debt-free. We have no debt in the books. So we are open to taking some debt on. And then if we are able to handle more execution simultaneously, at that point, we might even look at equity dilution. But like Saji said, we don't see that happening for at least the next one year.
Yeah.
Okay. Thank you.
Thank you. The next question is from the line of Vinay Nadkarni from Hathway Investments. Please go ahead.
Yeah. Just wanted to check out, all the Wonderla parks are exactly the same, or do you change based on the customer profile in each location?
Yeah. All our parks are different. We usually tailor to our current I mean, our host city. For example, in Bangalore, we have heated pools. Whereas in Kochi, where the weather is much warmer, there is no need for heated pools. So accordingly, we'll change depending on the weather patterns and the climate and the local pace. We will change our parks. And we try not to I mean, our current three parks, there are commonalities between rides and experiences. But for example, in Chennai and Bhubaneswar, the rides and experiences are going to be different.
Okay. And that would impact the ARPUs also?
Not really. Our pools will be, I mean. I think it's just a mix of rides that we are going to do will be different.
How do you then increase your ARPUs going forward?
In fact, it should help us improve ARPU because we feel that we want to create more differentiation between our projects. So that if somebody has visited already a park in Kochi, he should still feel like going to a park in Chennai only because the experiences are going to be different. So that is what we will be looking at.
Yeah. Precisely my question. What I wanted to check out was, what are the things that you people are looking for? How do you improve your ARPU going forward? Because footfalls are, of course, your marketing will drive. But for ARPUs, what is it that effort you are putting in?
ARPU, like I said, new attractions, one, new F&B and non-ticket revenue options, new retail, addition of adventure parks and nice facilities, resorts. These are all, for us, ARPU-enhancing. Non-ticket revenue for us has always been a focus, especially post-COVID. These are all methods to improve ARPU.
Okay. Last question. Is there any upper resistance on ticket prices?
So far, no. In fact, we've taken almost 30% improvement in our ARPUs if you look at FY 2021 and FY 2023 or FY 2020 and FY 2024 right now. There will be almost a 35% difference in our ARPU. So we've not seen a huge actually, we have not seen any impact of ticket prices. But it's also because I think people's preferences for nearby entertainment have changed post-COVID. I think there is more focus on frequent but less expensive vacations for Indians. I think that is helping us as well.
Thank you. Thank you, Arun.
Thank you. The next question is from the line of Mrigank Balakrishnan from Alchemy Capital Management. Please go ahead.
Hi. A couple of questions. Just wanted to get a sense from you on you had mentioned that the capacity utilization is sort of high in some of the places such as Bangalore.
Sorry. Ladies and gentlemen, the line for the current participants seems to have dropped. We will proceed to the next question, which will be from the line of Madhur Rathi from Counter Cyclical Investments. Before we take your question, if anybody would like to ask a question, you may press star and one. Madhur Rathi, you may proceed with your question.
Yeah. I hope I'm audible right now.
It's slightly better, sir. Please go ahead.
Yeah. Sir, I just wanted to clarify. You said 5% footfall growth in our existing parks and 5% from Kochi for the FY 2025. What will be the value growth for FY 2025?
I'm not able to answer.
Not clear. Could you please repeat?
Yes, sure. Sir, we divided 5% footfall growth from our existing parks and 5% from the Bhubaneswar park. So what will be the value gr owth in FY 2025?
No. If you could see our ARPU rate, it's about some INR 1,000-INR 1,056 for the quarter. And if you see for the nine months, summer to summer, it's about INR 1,400. So existing park, maybe within that, you can just do calculation. And for the Bhubaneswar park, we may be looking at about an ARPU of about some INR 1,000 or something like that.
Okay. And sir, what is the average ARPU increase that we see increasing every year?
ARPU increase is this time, it is about some 15% for the nine months and third.
So when we do a lot of mix in our non-ticket revenue, when introduction of new products in our F&B as well as in the retail segment, this can improve a lot. And then we are trying to improve the non-ticket revenue almost maybe up to 40% of my total ARPU level. Personally, it is about some 25%-30%, which eventually will improve my total ARPU.
And sir-
That is enough for the time being.
Okay. And sir, one last question. Sir, what will be the ticket price increase that you will see increasing every year? Ticket price will be some 10%-15% may increase on a year-to-year basis. Depends on our final decision on the cost of inflation and other things. Okay. Thank you, sir. And I'll do that.
Yeah. Between 5% and 10% every year ARPU improvement you can expect.
Thank you, sir.
Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Vinay Nadkarni from Hathaway Investments. Please go ahead.
Yeah. Upon getting that resort in your Bangalore plot, what is the kind of revenue growth you can anticipate in Bangalore? And would that also get captured in the ARPU, or will it be captured separately?
Yeah. So the resort will come as other end, I mean. Some of it will come as yeah, it will be captured separately. We hope to double revenue from our resort once the new, at least double or even more than that. We'll give you more details as the investment is right now. The investment is only being planned. It's not yet completed. The projections for revenue will be given once the investment, the plan is complete.
Yeah. But that would be kept separate from.
Even more than that.
Yeah. That metric should be different, right? Footfall ARPU will not apply there. There will be something else that could apply. Maybe the.
It's called ARR, Annual. I mean, Average Room Rental, which will have an impact.
Yeah. Yeah. That would be different also. Okay. Thanks a lot.
Thank you. Ladies and gentlemen, we have no further questions. I would now like to hand the conference over to the management for closing comments. Over to you, sir.
Thank you, everyone, for joining this con call for discussing the Q3 FY 2024 earnings. We hope to continue on this momentum that we have created in the last two years. We are excited to showcase our expansion plans and revenue potential of this sector. We remain confident and bullish of investing further into this segment and hope to see you at the next call soon. Thank you. Thank you.
Thank you. Thank you. On behalf of Monarch Networth Capital, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.