Wonderla Holidays Limited (WONDERLA) Q2 FY23 Earnings Concall Transcript

Wonderla Holidays Limited (NSE:WONDERLA) Q2 FY23 Earnings Concall dated Nov. 10, 2022

Corporate Participants:

Arun K. Chittilappilly — Managing Director

Satheesh Seshadri — Chief Financial Officer

Analysts:

Adhidev Chattopadhyay — ICICI Securities — Analyst

Ashwini Agarwal — Demeter Advisors — Analyst

Jai Shah — ZKB Investments — Analyst

Dave — Respiratory — Analyst

Baris Coke — GB Capital — Analyst

Sachin Kasera — Swan Investments — Analyst

Venkatesh Subramanian — Logic Investments — Analyst

Himanshu Fadia — Oaktree Capital — Analyst

Sara Data — Minerva India underserved — Analyst

Mani Manju Patia — Tree Capital — Analyst

Presentation:

Operator

Ladies and gentlemen, good day, and welcome to Wonderla Holidays Limited Q2 FY ’23 Results Conference Call, hosted by ICICI Securities. [Operator Instructions]

I now hand the conference over to Mr. Adhidev Chatpati from ICICI Securities Limited. Thank you, and over to you, sir.

Adhidev Chattopadhyay — ICICI Securities — Analyst

Good afternoon, everyone. On behalf of ICICI Securities, I’d like to welcome everyone today to the Wanda Holidays Limited Q2 FY 2023 Results Call. Today from the management, we have with us Mr. Arun KitilaPilli, the Managing Director; and Mr. Satish Seshadri, the Chief Financial Officer.

I’d now like to hand the call over to the management for their opening remarks. Over to gentlemen. Thank you.

Arun K. Chittilappilly — Managing Director

Hi. Good afternoon, everyone. This is Arun K. Chittilappilly, Managing Director of Mandala Holidays. Welcome to our phone call.

Adhidev Chattopadhyay — ICICI Securities — Analyst

Mr. Arun, you may go ahead, sir.

Arun K. Chittilappilly — Managing Director

Hi. So welcome to our Q2 and H1 FY ’20 earnings call. Joining me on this call is Satish Seshadri, our CFO. I hope everyone had a great time over the recent set with you. I’m very proud to share that we’ve been consistently raising the bar with our performance and telling new heights. We had a blockbuster results in Q1 FY 2023 and as well as Q2, building on the strong momentum that we have registered the best ever revenue performance in our second quarter as well. We have been at the forefront of the experience in industry in India, and people are increasingly exploring their adventure side and looking for Hypers.And that’s what you have seen a result Historically, Q2 has been seasonally challenging and a weak quarter marked a torrential rains in Southern India. This year as well, we’ve had unseasonal range in many parts of our including Bangalore, Kochi and Hyderabad.

Our strategic efforts are to drive footfall has yielded a good response. Initiatives like add-on porta event enhanced digital marketing, reaching the young audiences and judicious pricing strategy have enabled us to effectively pull out audience. We also ran very innovative marketing campaign. — like during the net of during naming the outer day, an parent Day, Independence Day, etc, etc. This has led to a significant rights in footfall. — an improvement of 58% in the — sorry, an improvement of 1,800 basis points from 58% in the corresponding quarter in Q2 FY ’23. Our footfalls have gone from INR3.5 lakh to INR4.7 lakhs in this quarter, a growth of 3%. Year-to-date, for the first half, the growth of footfall is 26%.

It’s hardening to see that our first and our team have made us a tremendous response. All our parks have witnessed double-digit growth in footfall. Bangalore, 35%, Hyderabad 18% and 8% part for destination of fund drills for all ages. We are taking this to the next level and positioning our past brand market with brand alive. The Cote Park hosted offers have a sunburn festival in the city, an electronic music festival headline by globally famous called Nuclear — 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 independency Agrati, Pasar, special decorations and exclusive SMB offerings are also tune the Latavisitors.. We have A widely recognized and build brand, which we are now living 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 the calibrated hike in ticket prices, we have recorded a 22% increase in ARPU. Coming to our financial performance of the quarter. We have closed a robust growth over the pre-corrunrate from FY ’20. Revenue has increased by 62% from 40% to 65%. EBITDA has more than doubled from INR8 crores to INR2 crores. up 1% to 9%. We also saw EBITDA margin expand by 1,300 basis points from 20% to 33%. I’m happy to report that the strong growth has got increased profitability — we have registered a PAT of INR10.5 crores with a PAT PAT margin of 15% for the first half of FY 2023 compared to the corresponding period Revenue is at INR215 crores with a growth of 36%. EBITDA has increased from INR81 crores to INR117 crores, a growth of 5% EBITDA margin has expanded from 49% to 53%.

PAT has grown at 78% increase from INR42 crores to INR75 crores. — our parks provide an excellent avenue for families and friends to bond together as wonderful outdoor environment while making metric. Customer centricity is at the core of our reports — we are undertaking an ambitious project to enhance our customer engagement and experience by extending personalized offering to age. We thank you for your engraving support and try to deliver value in the long term.

We can now proceed to Q&A.

Questions and Answers:

Operator

Thank you very much. [Operator Instruction] — We take the first question from the line of Ashwini Agarwal from Demeter Advisors. Please go ahead.

Ashwini Agarwal — Demeter Advisors — Analyst

So I have two questions. During the COVID years, you had taken a lot of sets to cut costs. Now as business comes back, some of these costs will need to be restored. So I was just wondering that the margins that we are seeing in Q1 and Q2, have the costs normalized? Or will the cost normalize going ahead? So that’s question number one. And question number two is, if you can give us a granular update on Chennai. Maybe I’m reading it wrong. But in the footnote, the way at least I read it, I suspect there was some progress in China, but I could be wrong. So if could help me understand that.

Arun K. Chittilappilly — Managing Director

Adhidev, do you want to take the call? — the question?

Satheesh Seshadri — Chief Financial Officer

Yes, sure. See, yes, during core levels, we were — the priority was to cut the cost. And we brought down the cost to about INR30 crores per month. Okay. Majorly, there was cutting the — all the fixed cost and also a reduction in the labor force and other things. But as we open the park, the resources are back, and we are working as a full one operation. In which case, the cost is back to the original situation plus the inflation of two years has improved in that. And all the cost in terms of labor, maintenance, advertisement, — and if the cost of goods for F&B is buy back on rate levels Okay. This is number one. And on the Chennai project, — we are closely following up with the government of Tamil Nadu to help us to waive that LBT issue. And we are hopeful it is at a critical stage now. And I think we are positive the government will eat to our requirement, and we will be getting some good news in the close future is what we anticipate.

Ashwini Agarwal — Demeter Advisors — Analyst

All right.

Operator

The next question from the line of Mr. Jai Shah from ZKB Investments. Please go ahead.

Jai Shah — ZKB Investments — Analyst

Congratulations on an excellent result in Q2, sir, which is usually quite challenging due to the rains. Mr. my question is for you. I recently read an interview wherein you mentioned and it’s even there in your presentation about the caltechnological upgrade and enhancement that we are providing at the Bengaluru Park — so just with regard to that, if you could elaborate on the time line and the cost involved and when would we be looking at it for all the amusement parks also.

Satheesh Seshadri — Chief Financial Officer

Sir, I will give you a preload of this. We are working on upgrading our variables. See, whenever a guest is coming, you want.

Arun K. Chittilappilly — Managing Director

I’ll take that question. I’ll take that question. It’s Yes. So what we feel is to how the impact with our park and our staff in the past, we want to make that more efficient. Right now, a lot of our power process are manner, and we have very limited visibility on how they spend inside the park, and we don’t have too much data on that. So what we are planning to do is, one is to use like Adhish use variables to collect more data. The other part is also to try and build some software, which will help us also understand how people crowd inside and how — which are the areas where people spend more time which are the areas which are non-ticket areas where these people — what are the kind of things to spend on in terms of not ticket or how people — what are the people ordering behavior, how people spend time on right queuing a lot of things.

So wearables is a big part of it, but there is also a lot of other things that we have to do. So — right now, it’s a pilot we are just working on it because we don’t have a current — I think it’s going to cost us maybe in the region of maybe INR5 crores, the whole thing. And this will take maybe a year 15 years. And of course, once we have the pilot cost for us is about INR2 crores. Once we ready the whole venture of, what do you call it, once we are happy with the pilot and we see some results in that and that we will only then at that point and the remaining amount.

Jai Shah — ZKB Investments — Analyst

This INR5 crores is only for the Bangalore amusement park, right?

Arun K. Chittilappilly — Managing Director

No, yes, INR5 crores, I think, has been for Bangalore.

Jai Shah — ZKB Investments — Analyst

So basically, what we’re trying to do is we’re trying to figure out the cluster formation, which are going to happen at the park. And then how you can optimize and make it efficient.

Arun K. Chittilappilly — Managing Director

If I’m not inerting.

Satheesh Seshadri — Chief Financial Officer

Yes, yes, yes.

Arun K. Chittilappilly — Managing Director

Yes, something like that. Yes. So that’s the way we are going to do it.

Jai Shah — ZKB Investments — Analyst

Yes. And these variables would have payables also, if I’m not wrong. So this.

Arun K. Chittilappilly — Managing Director

Yes. So the variable is it has two components. One part is we can use it for payment. One is it’s got a dual C20 bank, so we can actually accurately track the person how they’re using — I mean where they are exactly inside the park and stuff like that. So yes, it has two chips, which will help us both the payment and also tracking the person.

Jai Shah — ZKB Investments — Analyst

Okay. Okay. And we’re looking at the time line is around one year sort of Q2 of next year. Sorry. We are looking to implement this by Q2 of next year, right?

Arun K. Chittilappilly — Managing Director

Yes. So we hope to have more clarity on this within — we should be able to do the final testing by within other six months. And after that, we will see how we can roll out — so the whole process, yes, by Q2 of next year.

Jai Shah — ZKB Investments — Analyst

Yes. Back in queue.

Operator

Thank you very much. [Operator Instructions] we’ll take the next question from the line of Mr. Dave [Phonetic] from respiratory. Please go ahead.

Dave — Respiratory — Analyst

I missed the comments on Chennai project. The two parts that are ongoing. If you can elaborate what is the capex, which is already spent? And — looking at the cash flows now, don’t you get the confidence and urgency to be wired with slightly more speed in achieving both the parks, including China?

Arun K. Chittilappilly — Managing Director

Or are you properly.

Dave — Respiratory — Analyst

Am I audible? Should I repeat?

Arun K. Chittilappilly — Managing Director

Yes. Yes. Just can you give us a repeated I said last year a little bit.

Dave — Respiratory — Analyst

Right. So 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 12 months, the Orsan.

Arun K. Chittilappilly — Managing Director

Satheesh can answer that question.

Dave — Respiratory — Analyst

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 INR250 crores of cash flow this year. Is there a sense of urgency to probably get the China thing or some other internment done so that we can see the fruits in the next three, four years or other two, three packs?

Arun K. Chittilappilly — Managing Director

Yes, of course, I mean, we are trying to get Chennai and Budenofground. 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 Orissa, not next month, it we already started work there. So I think in Orissa, we don’t have too many delays. Kenai is still — we don’t — we haven’t heard final the thing about the tax extension yet. So until that happens, we can’t do anything concrete on that. But what we are hearing is it should be done in the next — I mean, hopefully, very soon. And — but that’s the government matter, right? So who could be one month, it could be one year. So we are hoping that it should be done in one month and maybe less than one year. That’s what — that’s all I can say at this point.

Satheesh Seshadri — Chief Financial Officer

No one — of course, we’ll start.

Dave — Respiratory — Analyst

Yes. Is it not making you think that, okay, now things have stabilized bounce like so sharply, let’s move ahead with another two projects because things.

Arun K. Chittilappilly — Managing Director

Because we also have invested money already there, right? So we want to see that also to a logical concision. — can take my life of that is a big market for us, so we want to finish that and reasonably so that it will get done.

Dave — Respiratory — Analyst

And the.

Arun K. Chittilappilly — Managing Director

And we are looking at other opportunities also, but we don’t want to do more than two projects simultaneously. So — we are talking to other players other states and something we could be looking at another project also in case we feel that Chennai doesn’t come to definitely, we will look at another one. We start working on that

Dave — Respiratory — Analyst

Sure. And the numbers you were asking somebody to answer that.

Arun K. Chittilappilly — Managing Director

Satish given the feat.

Satheesh Seshadri — Chief Financial Officer

Yes. So we have got about INR330 crores for Chennai. — of which we have already invested close to INR115 crores. And Orissa is about INR120 crores, and we have already invested about INR7 crore crores on Otis.

Operator

We take the next question from the line of Mr. Baris Coke from GB Capital. Please go ahead.

Baris Coke — GB Capital — Analyst

Yes. And congratulations on a good set of numbers. So what I wanted to ask was with respect to cash flows, — so I noticed about an investment of INR8 crores spend on the investing activities. So

Arun K. Chittilappilly — Managing Director

Please give you some light on that.

Satheesh Seshadri — Chief Financial Officer

It’s more of a sustaining capex, which we have taken during the quarter.

Baris Coke — GB Capital — Analyst

Okay. And the next question is with respect to like we have registered good growth in footfalls — but we are here to see a significant uptake on the Hyderabad footfalls, Hyderabad Park footfall. So like could you give us like how are you planning to scale it?

Arun K. Chittilappilly — Managing Director

Hello, could you please repeat that again? Is I’m moving a little bit of.

Satheesh Seshadri — Chief Financial Officer

Mr. Lavesh

Operator

Actually, sir, sorry to interrupt, but there is some background noise from your line.

Arun K. Chittilappilly — Managing Director

Okay. So — you said profit now.

Baris Coke — GB Capital — Analyst

Yes, yes. Yes. So my question was that we have registered a good growth in footfalls but we have had to see a significant upside of footfalls in the Hyderabad park. So can you like help us like how you are planning to scale it up?

Arun K. Chittilappilly — Managing Director

Drama has been one of our top performers. If you look at our first half, Hypebae outperformed, I think Adababefore Covet Hyderabad used to do less than 20% of our revenue — now as I understand it, it’s almost 27% of my total revenue. So Hyderabad is definitely performing better. But yes, I think there is definitely more to be unlocked in Hyderabad, especially in the group segment. That, again, is something that we have to work — we are working on. It’s not going to bounce back immediately because we are still building our sales thing in Telangana in both markets.

I think next year, we will probably have better group visibility this year because you are coming out of COVID, I think group footfalls are very erratic. So 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 football, but yes, it can be better. I think it will — in the next one year, we can see either while contributing even better. That’s what we are.

Satheesh Seshadri — Chief Financial Officer

That also for you. For the current two quarters, if you see compared to the precore levels, we are 33% up, okay, on nitrates. — there is still scope to improve. We are working on it, as MD told.

Baris Coke — GB Capital — Analyst

Yes. So this question was purely that just because the Cote park is older, right, but still it is outperforming. So that is.

Satheesh Seshadri — Chief Financial Officer

Yes, yes. Got it. He has answered you.

Baris Coke — GB Capital — Analyst

Yes, yes. Okay. Sure. So that’s it from my side.

Operator

We take the next question from the line of Mr. Sachin Kasera from Swan Investments. Please go ahead.

Sachin Kasera — Swan Investments — Analyst

I had first question on Chennai. So how fast can we try to reduce the time line as we receive the approval. Is it that Simonton a lot of preparator — and hence in a normal scenario at the time taken is 100, we’ll be able to finish the project in a 60%, 70% of the time line.

Arun K. Chittilappilly — Managing Director

Chennai, I think once we get our approval, we need roughly about 18 to 24 months to finish the part we are hoping to finish in ’18, but it could take maximum two does you will not take up more than that. So 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 what era

Sachin Kasera — Swan Investments — Analyst

Sure. Secondly, I think you even talked about increase in 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 Clay revenues in the overall revenues

Arun K. Chittilappilly — Managing Director

Yes, we have done a lot of things. I think it will be there in the presentation also that we are doing a lot of non-ticket revenue. We want to improve our on a lot of things. We are revamping our restaurants, we are revamping our report also actually because the going given a lot of room nights and play we are investing more in each of those verticals so that we can get more in Yes. So you will see that coming to fruition in the next few quarters, yes.

Sachin Kasera — Swan Investments — Analyst

Sure. And 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 franchisee model? And second was the — some of the surplus land that we may even after assuming the planned expansion for the existing parks, you were looking at some sort of.

Arun K. Chittilappilly — Managing Director

We’ve never said that we are going to sell land and existing costs. And I think you have the wrong into

Sachin Kasera — Swan Investments — Analyst

No, no, I said that. you had mentioned that you could look at options of how to unlock

Arun K. Chittilappilly — Managing Director

Monetize.

Sachin Kasera — Swan Investments — Analyst

Yes, monetize.

Arun K. Chittilappilly — Managing Director

So we are looking at that, yes. So we want to do more maybe adventure-based at. Because that’s what I already told you this is the resort and which we will be using some of that land for expanding our sort activity doing an effector having more into the resort or resorted handling capacity now. So I think it’s time for us to add capacity to our resorts and then make it a slightly more larger business and so that let we can think about replicating in our other parts also. So — we will be doing more experiments on that in our Bangla in the next one year. And then once that comes through, we will do that in the part.

Sachin Kasera — Swan Investments — Analyst

This would — this thing that you’re doing and would help you handle more visitors on a daily basis? Or if you could give us some more details on that?

Arun K. Chittilappilly — Managing Director

Yes, yes. So we don’t have too much detail on it, I will once it’s ready, we will let you know.

Sachin Kasera — Swan Investments — Analyst

Sure. And are we also looking to extrapolate anything on the franchisee side in terms of opening new parts?

Arun K. Chittilappilly — Managing Director

Automotive we have been focusing more on doing projects in the last quarter. So we’ve not really looked at franchisee because honestly, we’ve had too much to do. once we do you want to get canine ground and that’s what we’ve been working on. Franchisee models are there, but it’s not really actually honestly, actively we’ve not been able to follow it up, especially in the last quarter

Sachin Kasera — Swan Investments — Analyst

Sure. Thank you.

Operator

Thank you. [Operator Instructions] Next question from the line of Mr. Venkatesh Subramanian from Logic Investments. Please go ahead.

Venkatesh Subramanian — Logic Investments — Analyst

Mr. Arun and team, congratulations on a very nice performance. I have two questions. So one is a big picture question, which is, I think in your last call and in your presentation, you had highlighted it, broadly, can you give us an idea, say, over a three-year time line, three, 3.5 year time line, considering that by then, hopefully, Chennai would be commissioned, you would have made progress on Orissa. And last call, you had mentioned of some interest in Gujarat as well. Over a trend of period year period were to just watch and be a very passive participant in the growth of the company. where do you think we could be, a, in terms of footfalls be in terms of number of parks and see in terms of ARPU at that point of time. I know that this could be — I’m just asking, I’m not going to 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.

Arun K. Chittilappilly — Managing Director

Yes. I think in three years from now, we will definitely have two more parts up and running. So obviously, our number of footfalls would have a gone up by a factor of 1.5 times of where we are right now or 1.8%. And ARPU also would have three years, you can compound, let’s say, about 7% per year — we’re planning to take about 5% to 7% price hike every year. So in that.

Venkatesh Subramanian — Logic Investments — Analyst

Right. And apart from the two more parts, are you planning to initiate anything across other states and places.

Arun K. Chittilappilly — Managing Director

Yes, we will do that. But then again, like 2.5 years, if you want to see where revenue is coming in from, I don’t — I don’t think it will be more than two parts in the next two to three years. Two more parts we content revenue year but we will be definitely working on more projects also.

Venkatesh Subramanian — Logic Investments — Analyst

So anything on Gujarat since I specifically.

Arun K. Chittilappilly — Managing Director

Gujarat also, we have — we’ve been talked with the government, but we have not initiated any solid plan for Gujarat yet. Most likely, Adabas is the place that we want to do something. We have been talking to the government and they’ve been proactive but it’s just that we are not sure whether we will invest directly or like somebody has mentioned, we want to do it at a fantasmodel — so we’re exploring those kinds of things right now.

Venkatesh Subramanian — Logic Investments — Analyst

Okay. So just to summarize what you’re saying is over the next three years, the realistic doable thing is two parks and 1.5 times the number of footfalls that we have. That’s probably a goal.

Arun K. Chittilappilly — Managing Director

That’s something like that is possible, yes.

Venkatesh Subramanian — Logic Investments — Analyst

Okay. And anything — any update on the gaming part, I think you had mentioned something in the last year’s annual report.

Arun K. Chittilappilly — Managing Director

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. So again, it is at a very experimental stage. It’s probably going to take some time for us before we can have a concrete plan on that front. And because also, we don’t want to do what other people are doing in gaming, like we get into some gambling or dose in again. So I think it’s also an evolving kind of deal. 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. So we are in the proLumeeting different companies than you were doing. It’s more like a learning phase for us right now?

Venkatesh Subramanian — Logic Investments — Analyst

Yes. Okay. And then last one, it is the Q1 and Q2, considering that pre-COVID cost and during COVID, we cut costs, — the current EBITDA margins and net profit margins broadly are sustainable over the next few quarters?

Arun K. Chittilappilly — Managing Director

I think so. We should be able to — of course, it will keep fluctuating a little bit. It will not be exactly the same. Every quarter, tele different numbers. But yes, I think this year, after the end of this year, I think we can probably a new baseline on to how our numbers will be because this is still only two quarters of this post Pantai, right I’m also eager to know how Q3 and Q4 will perform. Honestly, they’re doing well. We are doing very well — but finally, the numbers and ratios you’d like to wait and see. But I think we should definitely do far better than what was done pre.

Venkatesh Subramanian — Logic Investments — Analyst

Okay. So currently, in October number, we acquired doing quite well in the third quarter, broadly, yes.

Arun K. Chittilappilly — Managing Director

Yes, yes. We’re doing like we did better than ARPU EBITDA margin. All that is.

Venkatesh Subramanian — Logic Investments — Analyst

Up. I mean, very nice. I mean, I wish you the best.

Operator

Thank you, sir. [Operator Instructions] What is the next question from the line of Himanshu Fadia from Oaktree Capital. Please go ahead.

Himanshu Fadia — Oaktree Capital — Analyst

My question is on the group as the group bookings, okay. So what growth we are seeing, is the mix changed dramatically in versus Q2 FY ’20, the group bookings remain the same proportion of footfalls what they were pre covid, some idea on that. And what can be the sustainability of this growth in full fall means or how do we understand that thing.

Satheesh Seshadri — Chief Financial Officer

Can I take this in, sir?

Arun K. Chittilappilly — Managing Director

Yes, yes, sure, sure. Okay.

Satheesh Seshadri — Chief Financial Officer

Yes, your observation is good. Compared to — during the pre-coat we were — grew to 42% and walk-in was 58% in Q2 — and now it is 23% and 77%. We walk in — the retail footfall actually increased in Q2 of this year. But if you take an H1 scenario, Okay, you take the complete H1. The scenario is 21% was groups and 79% was walk-in and 23% was groups and some was working in current year. So in H1 scenario, it is almost evened out, okay? But in Q2, yes, your observation is correct. The retail football war, not just up. And going forward, these two quarters, if you take Q3 and Q4 is normally a group quarter for Q3, and we can expect bigger groups for coming during this quarter. And the end of the year, we have the seasons. So we will have a good walk in during the season time, that is starting from 15th of December.

Himanshu Fadia — Oaktree Capital — Analyst

And one thing, we had a lot of focus on group activities through schools and colleges and our offices. So have all our channels started focusing — and are we back to record level in terms of activations and everything on the.

Satheesh Seshadri — Chief Financial Officer

On the activations on the ground work on the like on the road, everything is happening. And we have got a good traction of colleges and corporates in Q1 and Q2, which was which was really good. And Q3 is normally the school group. So we are hoping that this cool group comes back to us.

Himanshu Fadia — Oaktree Capital — Analyst

And the realizations, how different are the means let’s say, group versus foot.

Satheesh Seshadri — Chief Financial Officer

It’s like a retail was us wholesale because the retail footfall is almost full ticket. And the group footfall, the discount starts for anywhere between more than 30% plus the commissions also also.

Himanshu Fadia — Oaktree Capital — Analyst

So my question was, is it similar to precoorare we able to reduce the discounts in comparison to cover the.

Satheesh Seshadri — Chief Financial Officer

We have reduced the — we have — what we have done is we have increased the group size. Precor, the group’s size was 10 plus. Now we have made it 20-plus — so we have put a barrier has been increased for the group.

Himanshu Fadia — Oaktree Capital — Analyst

Okay. So what we are trying to do is you come in a large number than you are for a discount. We don’t want to entertain a smaller number. Smaller number will be still the retail ticket and full blown ticket.

Operator

We take the next question from the line of Sara Data from Minerva India underserved. Please go ahead.

Sara Data — Minerva India underserved — Analyst

Just wanted to know if you can provide me the park wise mix of walk-ins versus groups.

Satheesh Seshadri — Chief Financial Officer

For the H1 or Q2?

Sara Data — Minerva India underserved — Analyst

For both possibly.

Satheesh Seshadri — Chief Financial Officer

Okay. I will just share it with you. Okay. Part-wise Mix Group for H1 was like this, okay, Bangalore Park for H1 is about 30.

Sara Data — Minerva India underserved — Analyst

Once again just H1 is Okay. I got it, yes.

Satheesh Seshadri — Chief Financial Officer

I’m reading on Okay. H1 is like a consolidated level was and Bangalore is 83-17. Okochi is 70-30, and drab is 846 — or sorry, yes, 88%, 12% idea, Kochi was 58-42. Bangalore was 85-15 and overall was about 77%, 23. That is the H1 numbers. I repeat it, demand was 864. Kochi was 58-42 and Bangalore was 85-15 and overall is 3723in-versus group percentage.

Sara Data — Minerva India underserved — Analyst

One.

Satheesh Seshadri — Chief Financial Officer

For Yes, Q2, Hyderabad was 81-19. Kochi was 68-32. Bangaloon was 819 and overall was 76.

Sara Data — Minerva India underserved — Analyst

All noted. Thanks a lot.

Operator

Thank you, sir. We day the next question from the line of Ashwani Agarwal, Demeter Advisors. Please go ahead.

Ashwini Agarwal — Demeter Advisors — Analyst

This is a follow-up to the opening remarks about second half or rather the current quarter also looking quite strong. So obviously, 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 portfolio will continue into fiscal ’24? And connected question is that over the next four to six quarters still Bones and Chennai start kicking in maybe four to eight quarters from now, what’s going to be driving the growth? Or is it going to be a record fiscal ’23 and then probably consolidation in fiscal ’24?

Arun K. Chittilappilly — Managing Director

Yes. I think so 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, you have to look at a crystal ball for that and even that may not give you. But 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 will be a dip next year that’s what we are counting on. And also, I think, like I said, our group footfall will not have rebounded to record levels. figuring more retail footfall. So now will that pattern change next year? Again, we don’t know. But I think we want to definitely improve our goods segment. So we do expect more upside there next year. So yes, I think next year would be more consolidation, but I think we’ll see some growth also. That’s what we are hoping for. And then, of course, the further growth would happen from maybe new path, which will happen in two years from now and onwards.

Ashwini Agarwal — Demeter Advisors — Analyst

So one question that I didn’t ask, but I implied and I was wondering, is there any way for you to increase footfall at your current parks? Are there capacity issues especially during weekends or during the holiday season that you can address? Is there something that you could share with us?

Arun K. Chittilappilly — Managing Director

We are doing — we do have capacity. I mean, of course, we don’t get even footfalls at any point in time. So they are highly fluctuating and volatile depending on many, many factors. So remember, we’ll 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 presales. So that’s what’s happening now more on the online sales and more retail. That ratio is growing, it is due to be 5% for and now it’s more like 15% to 20% of my total also That, I think, is a good indicator for us to — so that we want to grow and then hopefully that will help us say that, okay, this is the kind of people we’ll have sure. I mean it still is going to be this business will always have an element of unpredictability to it. I don’t think you can completely wipe that out Yes, I hope that answers

Ashwini Agarwal — Demeter Advisors — Analyst

And another thing is that on sort of F&B or FNB and other products that you sell in the park. I mean two, three 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 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 the headroom there I mean you must have done an analysis that some people spend, let’s say, INR500 other spend nothing — and how do you activate

Arun K. Chittilappilly — Managing Director

I don’t 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 — we don’t have too much intelligence there. We do know what the people are spending in certain numbers of these restaurants are doing so much in. But I don’t have behavior patterns of how people spend. So — that will take, like I said, once we have our system and all in place, it’s going to take us more time to understand how people spend. But what we are doing in the meanwhile is to make sure that we have better offerings, we are seeing more non-ticket revenue spend and that means we are getting higher paying customers compared to pre-Covid. — ticket prices also way higher if you look at our ticket prices has gone up by almost 20%, 25% compared to three COVID — so that — so that obviously is changing the profile of non-ticket spend also.

So now according to that spend, we have to up the game in terms of non-ticket revenue. So that is what we’re doing right now. Now what ratio, what we is possible in India, but the global this thing is about 60-40, but we may not get there because I think for that, the result also in a lot of non-ticket spend have to grow. It will grow eventually, but I think right now, we are at 70, 75, 25, that can become a or maybe 70-30 first and then go to 3, so that’s the way you look at it.

Ashwini Agarwal — Demeter Advisors — Analyst

Thank you, Arun, for all your answers and all the best.

Operator

We take the next question from the line of Mani Manju Patia from tree Capital. Please go ahead.

Mani Manju Patia — Tree Capital — Analyst

See, we have seen a significant growth in non-ticket revenue, okay? So 311 has become INR364 over last three years, okay? But can you give some an idea of what percentage of this growth in non-ticket revenue is from volume and value and more number of customers buying more.

Arun K. Chittilappilly — Managing Director

Some we’ll be able to give you more details on that.

Satheesh Seshadri — Chief Financial Officer

Yes, you are — there is an impact on inflation also in this account, and we are now about a 10% price increase, okay? The balance is on account of volume there. And coming to the offering, 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 have been very well welcomed by the visitors. So value, there has been a 10% decrease on account of inflation and the remaining also on volume.

Mani Manju Patia — Tree Capital — Analyst

Okay. And any — so the median — so this is 364 is mean, okay? — and 311 was me. But how is the median moved, let’s say, how many people are spending more on — some more clarity on that? Or what we are doing has been helpful as our people are appreciating those services? How do we get a better understanding of that?

Satheesh Seshadri — Chief Financial Officer

Our NPS is more than 90% — we are continuously clocking in despite this good visitor improvement and growth. Our NPS has been consistently above 90%. And we are closely watching our service levels. We are focused on the customer experience. So it has been very consistent.

Mani Manju Patia — Tree Capital — Analyst

So my question was on the non-ticket revenue let’s say, x percentage of people were spending about 300 11. And now what is the number of people who would be — so the percentage of people who are coming to the means our space would be spending more. And one more thing. When the retail people are more

Satheesh Seshadri — Chief Financial Officer

Difficult, it is difficult to answer because we are not talking about one segment of people, okay? We are talking about a collage group. We have got a whole group, we are talking about the corporate, okay? And also the walk-ins. — the walk-ins normally spent that is 60% of the cloud do a good spend, okay? But if you take as a crow walk in — if you take it 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 INR300 crore and the remaining 40 million will spend 250 million sub 300 rather.

Mani Manju Patia — Tree Capital — Analyst

So because what you stated earlier was the retail and the walk-ins versus this has increased and in this quarter versus Q2 FY ’20. So again, this footfall or the change in the footfall it also helps in better

Satheesh Seshadri — Chief Financial Officer

It will — one of the — if you go back, Arun has been insisting that currently, our group was walking we want to slowly move towards 75% to open and 25% growth. So that is what our approach. The more the retail, the ARPU will be better.

Operator

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.

Arun K. Chittilappilly — Managing Director

Thank you all for attending our Q2 investor call. We hope to do better in the coming quarters. And like I said, I’m really looking forward to this year being a spectacular year for us. And yes, I hope to see you all soon. Thank you very much.

Operator

[Operator Closing Remarks]