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Cruise Operator Swims in Profit After Loss
9 Oct
Summary
- Waterways Leisure Tourism posted ₹54.4 crore net profit in Q2.
- Revenue surged 30.9% to ₹133 crore, aided by an exceptional gain.
- The company completed an IPO and operates Cordelia Cruises.
Waterways Leisure Tourism Limited, the operator of Cordelia Cruises, has achieved a notable financial recovery, reporting a net profit of ₹54.4 crore for the quarter ending September 30. This marks a significant improvement from the ₹8.9 crore net loss recorded during the same period last year.
Revenue from operations saw a substantial year-on-year increase of 30.9%, reaching ₹133 crore, up from ₹102 crore. This growth was partly attributed to an exceptional gain of ₹49.5 crore, realized by its subsidiary Bay Cruise Investments Inc. as compensation for the early delivery of the vessel "Sky."
Further enhancing its financial standing, the company reported a half-year consolidated net profit of ₹81.3 crore on revenues of ₹323 crore. Waterways Leisure Tourism, which listed on the BSE and NSE on July 1 following its IPO, has earmarked the proceeds for vessel lease payments and general corporate purposes.
In strategic moves, the company advanced an interest-bearing loan of ₹429 crore for a new vessel acquisition and made lease rental payments for upcoming vessels. The board also approved a sub-division of its equity shares, a move later cleared by shareholders.
