Mumbai— Waterways Leisure Tourism, the operator of Cordelia Cruises and an upcoming IPO candidate, reported a significant financial setback for the fiscal year ending March 31, 2024 (FY24), posting a net loss of ₹119.9 crore. This marks a stark reversal from its ₹55.3 crore profit in FY23, according to its Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).
The financial downturn comes just as the Mumbai-based luxury cruise company prepares to launch a ₹727 crore initial public offering (IPO).
Operational revenue declined to ₹442.1 crore in FY24, down from ₹481.9 crore in the previous year—an 8.26% drop. Total income also slipped by 7.41% to ₹450.2 crore. Meanwhile, total expenses surged by nearly 29%, climbing to ₹555.6 crore from ₹430.9 crore in FY23, placing pressure on margins.
Despite the weak annual performance, the company reported a turnaround during the first nine months of FY24 (ending December 31, 2023), posting a profit after tax of ₹139.25 crore on revenue of ₹409.45 crore. Expenses for the period stood at ₹351.9 crore, indicating improved operational efficiency during that stretch.
The upcoming IPO will consist solely of a fresh issue of shares, with no offer-for-sale (OFS) component. The company plans to use the proceeds primarily for lease payments to its wholly owned subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited, as well as for general corporate purposes.
The public issue will be conducted via a book-building process, with 75% of the shares reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 10% for retail investors.
Centrum Capital Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited are serving as the book-running lead managers. MUFG Intime India Private Limited has been appointed as the registrar to the issue.
Shares of Waterways Leisure Tourism are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), according to the DRHP. (Source: IANS)
