Wonderla Holidays Ltd Stock Surges 4% as TN Government Waives Local Body Tax

Wonderla Holidays Ltd experienced a 4% jump in its shares during early trade on June 5, following the announcement of the Tamil Nadu government waiving off the Local Body Tax (LBT) for the company.

Tax waiver for Wonderla Holidays:

The waiver of the 10 % LBT will be in effect for 10 years from the commencement of commercial operations, as stated in the company’s filing to the exchanges. The condition for the waiver requires the commencement of commercial operations within two years from June 2, 2023, indicating Wonderla’s plan to start operations at the Chennai project at the earliest.

Wonderla Holiday’s performance and Q4 results: 

The Wonderla Holidays Ltd stock has delivered a return of 62.15% over the past five years. In its recent Q4 results, Wonderla Holidays reported impressive figures. On a standalone quarterly basis, net sales for March 2023 stood at Rs.98.60 crore, reflecting a substantial 70.92% increase from Rs.57.69 crore in the previous year. The company’s net profit for the same period soared to Rs.35.05 crore, marking a remarkable 311.97% rise from Rs.8.51 crore in March 2022.

At the time of writing the news, Shares of Wonderla holidays were trading at Rs.542.05 in NSE, which is a 4.35% surge from the previous day’s close. 

For feedback and suggestions, write to us at editorial@iifl.com