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.
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