Cordelia Cruises operator Waterways Leisure Tourism posted a Rs 54.4 crore profit for Q2, rebounding from a loss a year earlier.

Revenue grew 30.9% to Rs 133 crore, up from Rs 102 crore a year earlier. The company also made money from running its business, with operating profit (EBITDA) of Rs 9.7 crore against a loss of Rs 6.5 crore in the same quarter last year.

Its subsidiary, Bay Cruise Investments Inc, booked Rs 49.5 crore, or about $5.2 million, as compensation for the early delivery of a new ship named Sky.

The vessel arrived on 10 September, 20 days before its scheduled date of 30 September. That gain makes up most of the Rs 54.4 crore profit.

Over the full April to September half, net profit stood at Rs 81.3 crore, compared with Rs 25.8 crore a year earlier. Revenue for the six months came in at Rs 323 crore, up from Rs 277.9 crore.

The company only listed on the BSE and NSE on 1 July, after selling 72,40,099 fresh shares at Rs 808 each in its IPO.

It plans to use that money for ship lease payments and general business needs, and the cash is sitting in fixed deposits until then. Ships are where the money is going.

During the quarter, the company gave an interest-bearing loan of Rs 429 crore to a third party for buying a new vessel, and paid $24.8 million in advance lease rentals for two upcoming ships, Sky and Sun.

There was a share split too. The board approved it on 10 July, turning each Rs 10 share into ten Re 1 shares, and shareholders cleared it by postal ballot on 12 August.

Looking ahead, the company said in September that Cordelia Sky will start its first voyage from Mumbai on 23 October.

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