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Cordelia Cruises operator Waterways Leisure posts ₹54.4 crore Q2 profit, but ₹49.5 crore is a one-off gain
Waterways Leisure Tourism, which operates Cordelia Cruises, reported a Q2 net profit of ₹54.4 crore against a net loss of ₹8.9 crore a year earlier. Revenue rose 30.9% to ₹133 crore, and profit included an exceptional gain of ₹49.5 crore.
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The numbers
Figures from CNBC-TV18,
| Q2 EBITDA: | ₹9.7 crore |
|---|---|
| Half-year consolidated net profit: | ₹81.3 crore |
| Half-year revenue: | ₹323 crore |
| IPO issue price per share: | ₹808 |
Why it matters to operators and investors
Half-year net profit of ₹81.3 crore on ₹323 crore revenue overstates recurring earnings power, so any partnership, benchmarking or deal work on the Cordelia Cruises operator should be anchored on operating EBITDA, not reported profit.
What to watch next
- Q3 EBITDA compared with the ₹9.7 crore reported for Q2
- Disclosure in the filing or notes of what the ₹49.5 crore one-off gain is and whether more is due
- Revenue growth holding near the 30.9% rate against the ₹133 crore Q2 base
- Second-half profit compared with the ₹81.3 crore half-year consolidated profit
- Any change in sailing schedules, pricing or port access announced for the coming season
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Waterways Leisure is likely to point to the 30.9% revenue growth and the ₹81.3 crore half-year profit in investor communication, and to say less about the ₹49.5 crore one-off.
- Analysts and rating agencies are likely to value the company on EBITDA of ₹9.7 crore rather than on net profit, and to ask for a clearer split between recurring and exceptional income.
- Expect Waterways Leisure to keep adding sailings and promotions into the festive and winter season to defend revenue growth, which may cost it some margin.
- Rival cruise and holiday operators may respond with discounts and new itineraries as Cordelia shows it can grow revenue quickly.
- Lenders and investors are likely to read the swing to profit cautiously and to wait for operating cash flow and EBITDA before treating the balance sheet as stronger.