Waterways Leisure Tourism Limited, which operates Cordelia Cruises, reported a net profit of ₹54.4 crore for the quarter ended September 30, against a net loss of ₹8.9 crore in the same quarter last year.
Revenue from operations rose 30.9% year-on-year to ₹133 crore, from ₹102 crore in the corresponding quarter of the previous year. EBITDA turned positive at ₹9.7 crore, compared with an EBITDA loss of ₹6.5 crore a year earlier.
The quarter’s profit included an exceptional gain of ₹49.5 crore ($5.2 million), recorded by subsidiary Bay Cruise Investments Inc. as compensation received without obligation for the early delivery of the vessel “Sky,” which arrived on September 10, ahead of its original scheduled date of September 30.
For the half year ended September 30, the company reported a consolidated net profit of ₹81.3 crore, against ₹25.8 crore in the same period last year, on revenue of ₹323 crore, up from ₹277.9 crore.
Waterways Leisure Tourism listed on the BSE and NSE on July 1, following its initial public offering of 72,40,099 fresh equity shares at ₹808 apiece. The company said IPO proceeds are earmarked for vessel lease payments and general corporate purposes, and remain parked in fixed deposits until utilised.
During the quarter, the company advanced an interest-bearing loan of ₹429 crore to a third party for acquiring a new vessel, and advanced lease rentals of $24.8 million toward upcoming vessels “Sky” and “Sun” to the cruise owner.
The board had earlier, on July 10, approved a sub-division of the company’s equity shares from a face value of ₹10 each into 10 shares of ₹1 each, a move subsequently cleared by shareholders via postal ballot on August 12.
The shares of the company ended 0.65% lower in the session on Friday, October 9. The stock has climbed 53% in the year so far.