• Q2 performance: Revenue rose nearly 31% year-on-year to 133 crore, and EBITDA turned positive at 9.7 crore versus an EBITDA loss of 6.5 crore last year. Net profit was 54.4 crore, including a 49.5 crore exceptional gain.
• Fleet growth: Cordelia Skye arrived early and management cited a 126% increase in capacity; its revenue potential is 100% higher than Empress, while Cordelia Sun’s is 150% higher. Skye’s 260 more suites and balconies support higher revenue, with costs expected to be shared across three ships.
• Outlook and fuel: Management expects Q3 and Q4 to be strong, with cruises booked well in advance. Higher fuel prices reduced Q2 profit by 30 crore versus last year’s fuel prices; the company is using fuel surcharges and can now hedge fuel.
• Funding and acquisitions: The 429 crore interest-bearing loan is a placeholder while the company negotiates another acquisition, with growth planned over the next 1 and 1/2 years. Advance lease rentals of 24.8 million dollars for Skye and Sun were paid from internal accruals, while IPO proceeds are earmarked for growth.
• Routes and ports: The company plans to add another 27 ports over the next 2 years, including itineraries from Kochi with the Maldives and Colombo, and two new Lakshadweep islands. With Sun, it plans a 34 days itinerary from Mumbai to Sydney covering seven countries and 16 stops.