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Key Points

Waterways Leisure Tourism, operator of Cordelia Cruises, reported a sharp reversal in fortunes with a Rs 120 crore loss in FY24. The company's revenue declined 8% while expenses jumped 29%, casting shadows ahead of its Rs 727 crore IPO. Interestingly, the cruise operator showed resilience with Rs 139 crore profit in the first nine months of FY24. Proceeds from the IPO will primarily fund lease payments to its subsidiary and corporate needs.

Key Points: Waterways Leisure Tourism Posts Rs 120 Crore Loss Ahead of Rs 727 Crore IPO

  • FY24 net loss at Rs 119.9 crore vs FY23 profit of Rs 55.3 crore
  • Revenue declines 8.26% to Rs 442.1 crore
  • Expenses surge 29% to Rs 555.6 crore
  • Strong 9-month performance with Rs 139.25 crore profit
2 min read

IPO-bound Waterways Leisure Tourism swings to Rs 120 crore loss in FY24, revenue slides

Cordelia Cruises operator swings to Rs 120 crore loss in FY24 despite strong 9-month performance as it prepares for Rs 727 crore IPO.

"Revenue from operations dropped to Rs 442.1 crore in FY24 from Rs 481.9 crore in FY23 - DRHP Filing"

Mumbai, June 16

IPO-bound Cordelia Cruises operator Waterways Leisure Tourism has reported a sharp reversal in its financial performance for the financial year ended March 31, 2024 (FY24) as the company posted a net loss of Rs 119.9 crore, compared to a profit of Rs 55.3 crore in previous fiscal (FY23).

The significant decline comes ahead of its planned Initial Public Offering (IPO) worth Rs 727 crore.

According to its Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), revenue from operations dropped to Rs 442.1 crore in FY24 from Rs 481.9 crore in FY23 -- a decline of around 8.26 per cent.

Total income also fell by approximately 7.41 per cent to Rs 450.2 crore during the same period.

Expenses also surged by nearly 29 per cent, reaching Rs 555.6 crore in FY24 as compared to Rs 430.9 crore the year before.

However, the Mumbai-based luxury cruise company delivered a strong performance for the nine months ended December 31, 2024.

During this period, it reported a profit after tax of Rs 139.25 crore on revenue of Rs 409.45 crore. Total expenses for the nine-month period stood at Rs 351.9 crore.

The company is now aiming to raise Rs 727 crore through a fresh issue of shares. There is no offer-for-sale (OFS) component in the IPO.

The proceeds will be used primarily for lease payments to its subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited and for general corporate purposes.

The IPO will be conducted through a book-building process, with 75 per cent of the shares reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors.

Centrum Capital Limited, Intensive Fiscal Services Private Limited and Motilal Oswal Investment Advisors Limited are acting as the book-running lead managers, while MUFG Intime India Private Limited is the registrar.

The shares are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), as per its DRHP.

- IANS

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Reader Comments

R
Rahul K.
This is concerning timing for an IPO. Investors should be cautious - from ₹55cr profit to ₹120cr loss in one year is a huge red flag. The cruise industry is still recovering post-pandemic, maybe they should wait for more stable numbers. 🚩
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Priya M.
Cordelia Cruises are really luxurious but too expensive for middle class Indians. Maybe that's why revenues are down? They should introduce more affordable packages to attract domestic tourists. The 9-month profit shows potential though!
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Amit S.
️‍♂️ 29% expense increase is shocking! Where is all this money going? As someone who tracks IPOs regularly, I'd want detailed break-up of costs before considering investment. The cruise business has high operational costs but this seems excessive.
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Neha T.
Took Cordelia cruise last year - amazing experience but felt they were cutting corners in service quality. Maybe cost-cutting affecting customer experience? They need balance between profits and service standards. IPO might help them improve if funds used wisely.
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Vikram J.
Interesting that 75% is reserved for institutional investors. Retail investors only get 10% - typical case of big fish getting priority. But with these financials, maybe it's better to wait and watch how it performs post-listing. #InvestorBeware
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Sanjay P.
India's cruise tourism has huge potential but needs govt support like China gave to their industry. Better ports, tax benefits etc. This IPO could be good long-term bet if sector grows, but risky right now. Maybe wait for 2-3 quarters of consistent profits.

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