Shares of Waterways Leisure Tourism fell 0.65% on Friday as the company reported a Q2 net profit of ₹54.4 crore, reversing a ₹8.9 crore loss from the same period last year. The turnaround was driven by a 30.9% revenue lift to ₹133 crore and a swing to positive EBITDA at ₹9.7 crore.
An exceptional ₹49.5 crore gain recorded by subsidiary Bay Cruise Investments Inc.—compensation for the early delivery of the vessel "Sky"—was the single largest contributor to the quarter’s profit, offsetting operating losses that would have otherwise kept earnings negative.
Half‑year figures paint a broader picture: consolidated net profit climbed to ₹81.3 crore, up 216% from ₹25.8 crore, while revenue edged to ₹323 crore against ₹277.9 crore in the prior half‑year, signalling a sustained upside in the cruise portfolio.
The company’s IPO, priced at ₹808 per share, raised ₹72.4 crore and the proceeds remain parked in fixed deposits until they are earmarked for vessel lease payments or general corporate purposes. In addition, a ₹429 crore interest‑bearing loan was advanced to a third party to acquire a new vessel, and lease rentals of $24.8 million were advanced toward upcoming ships "Sky" and "Sun".
Despite the 53% year‑to‑date upside, the daily dip reflects market caution over the company’s heavy reliance on debt‑backed expansion. Analysts noted that the recent loan and lease commitments could pressure cash flow if new vessel deliveries stall.
Looking ahead, Waterways Leisure Tourism plans to roll out two additional vessels by Q4 2026, with a projected revenue increase of 15‑20% year‑on‑year. The board has signalled confidence in the cruise segment’s resilience, but investors will watch for how the company manages its debt‑to‑equity ratio in the coming quarters.