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Shares of Wonderla Holidays extended their gains to the fifth session and scaled a 52-week high in early trade on June 5. Sentiment for the stock has been running high, especially after the Tamil Nadu government waived off the Local Body Tax (LBT) for the company.
The company has announced that the 10 percent Local Body Tax (LBT) will be waived off for a duration of 10 years starting from the commencement of commercial operations. However, it is important to note that this waiver is contingent upon the condition that commercial operations must begin within two years from June 2, 2023. The company anticipates initiating operations at the Chennai project as soon as possible, in order to maximise the benefits of the tax waiver.
In five straight sessions, the stock has notched 15.5 percent gains. At 10:50 am, shares of Wonderla Holidays were trading at Rs 553.95, around 2 percent higher on the National Stock Exchange. The stock also hit a 52-week high of Rs 569.85 earlier in the session.
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The financials
The company has a market capitalisation of Rs 3,129 crore.
Wonderla Holidays also released a stellar set of quarterly numbers, which saw net sales jump 70.92 percent to Rs 98.60 crore in the March quarter. The quarterly net profit was at Rs 35.05 crore, reflecting a surge of 311.97 percent from Rs 8.51 crore in the same period a year ago.
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