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11 announcements match the current filters (relevance ≥ 5).
Cordelia Takes Delivery of 'Sky', Boosting Cruise Capacity by ~126%
Waterways Leisure Tourism Limited (Cordelia Cruises) released its Q2 FY27 earnings call transcript highlighting the early delivery of its new cruise vessel, Cordelia Sky. The ship arrived in Mumbai on October 9, 2026, and is scheduled to begin commercial sailings on October 23, 2026. Cordelia Sky features 1,002 staterooms with a capacity of 2,400 guests, representing an approximate 126% increase in overall passenger capacity. Management indicated that commercial revenue from Sky will start flowing in H2 FY27, with its next planned vessel 'SUN' remaining on schedule for delivery in roughly 11 months.
Confidence: HIGH
What changedCordelia received delivery of Cordelia Sky ahead of schedule in Mumbai, preparing to launch sailings from October 23, 2026.
Why it mattersThe new vessel more than doubles existing operational capacity (+126%), allowing the company to expand itinerary offerings and drive significant revenue scale from H2 FY27 onwards.
Capacity expansion: ~126%Cordelia Sky capacity: 2,400 guestsCordelia Sky staterooms: 1,002Existing vessel staterooms: 796 roomsNext vessel delivery timeline: 11 months
📅 Short termCommercial sailing commencement on October 23, 2026 will start generating operational revenue and test demand during the upcoming peak winter tourism season.
📈 Long termDoubling fleet capacity supports aggressive growth in the nascent Indian cruise market, though sustained execution will rely on maintaining high load factors across new itineraries.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk regarding load factor ramp-up on newly added capacity
- Geopolitical or macroeconomic disruption to travel demand
- High operating leverage and debt servicing requirements
Key Highlights
Delivered 'Cordelia Sky' with 2,400 guest capacity across 1,002 staterooms, expanding total capacity by ~126%
Commercial operations for Cordelia Sky commence on October 23, 2026, contributing revenue from H2 FY27
Next vessel 'SUN' scheduled for arrival in approximately 11 months, with further fleet expansions being explored
Current operating baseline stands at 796 rooms, regularly achieving 115%-116% passenger load factors
👀 What to Watch
Monitor occupancy rates and revenue contribution from Cordelia Sky during Q3 FY27 results, alongside progress towards delivery of the vessel SUN in late 2027.
Waterways Leisure Reports Q2 FY27 PAT Turnaround of ₹58.50 Cr; Adds 126% Fleet Capacity
Waterways Leisure Tourism Limited reported a sharp turnaround in Q2 FY27, with consolidated revenue rising 31% YoY to ₹132.90 Cr (₹1,329.00 Mn) and net profit swinging to ₹58.50 Cr (₹584.96 Mn) from a loss of ₹8.93 Cr in Q2 FY26. For H1 FY27, revenue reached ₹323.01 Cr while PAT surged 215% YoY to ₹81.27 Cr with an average load factor of 91.23%. The company also took early delivery of 'Cordelia Sky', expanding its operating fleet capacity by approximately 126%, with commercial sailings starting on October 23, 2026.
Confidence: HIGH
What changedWaterways Leisure delivered a strong financial turnaround in Q2 FY27 and expanded total operating capacity by ~126% through the delivery of its cruise ship Cordelia Sky.
Why it mattersDoubling fleet capacity significantly increases potential revenue scale, while high operational leverage enabled the business to generate ₹58.50 Cr in quarterly net profit versus a net loss in the prior year.
Q2 FY27 Revenue: ₹1329.00 MnQ2 FY27 PAT: ₹584.96 MnCapacity expansion: ~126%H1 FY27 Load Factor: 91.23%Total Debt: ₹4125.28 Mn
📅 Short termMarket sentiment should react positively to the profitability turnaround and the imminent launch of Cordelia Sky sailings on October 23, 2026.
📈 Long termThe 126% capacity addition combined with high domestic cruise demand offers a structural pathway for multi-quarter revenue scale, provided utilization and pricing yield remain healthy.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Load factor dilution risk as capacity increases by ~126%
- Elevated debt balance of ₹412.53 Cr (₹4,125.28 Mn)
- Sensitivity to seasonal demand and fuel cost fluctuations
Key Highlights
Q2 FY27 revenue rose 31% YoY to ₹1,329.00 Mn with a load factor of 75.53%
Q2 FY27 PAT reversed sharply to ₹584.96 Mn compared to a net loss of ₹89.34 Mn in Q2 FY26
H1 FY27 PAT surged 215% YoY to ₹812.69 Mn on revenue of ₹3,230.12 Mn
Fleet capacity expanded by ~126% following early delivery of Cordelia Sky, scheduled for operations on October 23, 2026
Total debt stood at ₹4,125.28 Mn against a net worth of ₹7,315.07 Mn as of September 30, 2026
👀 What to Watch
Track occupancy levels and ticket yields on the newly delivered Cordelia Sky after commercial sailings commence on October 23, 2026, as well as delivery timelines for the upcoming Cordelia Sun.
Waterways Leisure Q2 Revenue Up 31% YoY to ₹132.9 Cr; EBITDA Swings to ₹77.7 Cr
Waterways Leisure Tourism Limited released its investor presentation for Q2 and H1 FY27, reporting strong turnaround performance. For Q2 FY27, revenue from operations grew 31% YoY to ₹1,329 million (₹132.9 crore), while EBITDA jumped sharply to ₹776.82 million with a margin of 58.45%. PAT turned positive to ₹584.96 million compared to a loss of ₹89.34 million in Q2 FY26, boosted by ₹494.89 million in exceptional items. For H1 FY27, revenue reached ₹3,230 million (₹323 crore) with a PAT of ₹812.69 million.
Confidence: HIGH
What changedWaterways Leisure Tourism reported its Q2 and H1 FY27 financial performance via an investor presentation following its recent listing.
Why it mattersDemonstrates robust operating leverage and expanding profitability in the nascent Indian cruise tourism sector, despite high fuel cost inflation.
Q2 FY27 Revenue: ₹1,329 MnQ2 FY27 EBITDA: ₹776.82 MnQ2 FY27 Exceptional Items: ₹494.89 MnQ2 FY27 PAT: ₹584.96 MnH1 FY27 Fuel Cost / APCD: ₹2,481
📅 Short termMarket sentiment should react positively to the strong operational turnaround and high EBITDA margins, though normalized PAT without exceptional items will be closely scrutinized.
📈 Long termAs India's primary ocean cruise brand, fleet expansion (Norwegian Sky/Sun additions) and rising market penetration (~0.01% in India vs ~5.7% in North America) offer multi-year growth runway.
⚠ Risk flags
- Fuel cost inflation (up 69% YoY per APCD in H1 FY27)
- Short-term borrowings jumped to ₹3,442 million as of September 30, 2026
- Reported PAT heavily supported by a ₹494.89 million exceptional item
Key Highlights
Q2 FY27 revenue from operations grew 31% YoY to ₹1,329 million.
Q2 FY27 EBITDA reached ₹776.82 million with an EBITDA margin of 58.45%.
Q2 FY27 PAT swung to ₹584.96 million from a loss of ₹89.34 million in Q2 FY26, including an exceptional gain of ₹494.89 million.
H1 FY27 revenue stood at ₹3,230 million (+16% YoY) with PAT at ₹813 million (+215% YoY).
Fuel cost per APCD rose 69% YoY to ₹2,481 in H1 FY27 from ₹1,472 in H1 FY26.
👀 What to Watch
Track whether operational margins remain sustainable excluding the ₹494.89 million exceptional gain and watch the impact of rising fuel costs per APCD on profitability.
Cordelia Q2 PAT Jumps to Rs 58.50 Cr; Advances Rs 423.7 Cr Loan for Vessel Acquisition
Waterways Leisure Tourism Limited reported consolidated Q2 FY27 revenue from operations of Rs 185.00 crore (Rs 1,850.00 million) compared to Rs 190.11 crore in Q1. Profit after tax surged to Rs 58.50 crore (Rs 584.96 million) from Rs 22.77 crore in Q1, aided by an exceptional item of Rs 49.49 crore. The company granted an unsecured loan of Rs 423.74 crore (repayable after 5 years) to an overseas subsidiary to acquire a new vessel, alongside advancing USD 24.83 million in lease rentals for upcoming vessels 'SKY' and 'SUN'. Basic EPS for the quarter was reported at Re 0.81 (post a 1:10 stock split).
Confidence: HIGH
What changedWaterways Leisure Tourism reported its Q2 and H1 FY27 financial results following its July 2026 IPO listing, and announced substantial capital allocation toward fleet expansion.
Why it mattersThe company is scaling its cruise fleet substantially using IPO proceeds and internal resources, which will drive capacity and top-line growth over the medium term.
Consolidated Q2 Revenue: Rs 1,850.00 millionConsolidated Q2 PAT: Rs 584.96 millionExceptional Item (Q2): Rs 494.89 millionLoan to subsidiary for new vessel: Rs 4,237.42 millionAdvance lease rentals for 'SKY' & 'SUN': USD 24.828 million
📅 Short termMarket sentiment should react positively to strong reported net profits and clear fleet expansion steps, though investors will discount the one-off exceptional gain of Rs 49.49 crore.
📈 Long termAdding new vessels ('SKY' and 'SUN') will structurally expand passenger capacity and support long-term revenue growth in the Indian cruise tourism market.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- A significant portion of Q2 net profit is driven by a one-off exceptional gain of Rs 49.49 crore
- Significant capital deployment (Rs 423.74 crore unsecured loan and USD 24.83 million advances) introduces delivery and execution risks for new vessels
Key Highlights
Q2 consolidated revenue from operations stood at Rs 185.00 crore (Rs 1,850.00 million)
Net profit after tax rose to Rs 58.50 crore (Rs 584.96 million), supported by an exceptional gain of Rs 49.49 crore
Extended unsecured loan of Rs 423.74 crore to overseas subsidiary for vessel acquisition
Advanced USD 24.83 million for upcoming vessels 'SKY' and 'SUN'
Share capital adjusted following 1:10 stock split approved via postal ballot on August 12, 2026
👀 What to Watch
Track the deployment timeline and delivery of the upcoming cruise vessels 'SKY' and 'SUN', as well as operational earnings stripping out the one-time exceptional gain.
Cordelia Cruises Adds 'Cordelia Sky' to Fleet, 2,004-Guest Ship Sailing From Oct 23, 2026
Waterways Leisure Tourism Limited announced details regarding the launch of its newest fleet addition, 'Cordelia Sky', which will commence sailing from Mumbai on October 23, 2026. The ship measures 258 metres in length, weighs 77,104 gross tonnes, and can accommodate 2,004 guests across 1,002 staterooms. Planned itineraries cover domestic routes including Mumbai, Goa, and Lakshadweep, as well as 7-night international Southeast Asia sailings connecting Chennai to Phuket, Langkawi, Kuala Lumpur, and Singapore. The addition substantially scales the company's guest capacity beyond its single-quarter base revenue of ₹190.11 crore reported in June 2026.
Confidence: HIGH
What changedWaterways Leisure Tourism announced the fleet addition and detailed specifications of 'Cordelia Sky', scheduled to commence commercial operations from Mumbai on October 23, 2026.
Why it mattersThe addition of a 2,004-passenger vessel provides substantial capacity expansion for the company, supporting domestic market deepening and international route diversification.
Guest capacity (double occupancy): 2,004 guestsTotal staterooms: 1,002Gross tonnage: 77,104 gross tonnesSailing launch date: 23rd October 2026
📅 Short termMarketing and bookings for the inaugural season launching October 23, 2026, will be the immediate operational focus.
📈 Long termDoubling down on cruise inventory allows the company to scale revenues materially from the Q1 FY27 run rate of ₹190.11 crore, provided vessel occupancy remains healthy.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk on international itineraries and geopolitical/regulatory permits
- High operating leverage and fixed costs if passenger occupancy fails to meet break-even levels
Key Highlights
Ship capacity of 2,004 guests at double occupancy across 1,002 staterooms
Ship specifications include 77,104 gross tonnes and 258 metres in length
Onboard amenities feature 10 dining venues, 11 bars and lounges, and a 930-seat Marquee Theatre
Inaugural sailing scheduled to begin from Mumbai on October 23, 2026
👀 What to Watch
Track occupancy rates, booking traction, and ticket yields during the inaugural Q3 FY27 season, alongside operational execution on international Southeast Asia routes.
1:10 Share Split: CORDELIA Sets August 26 as Record Date for Face Value Sub-division
Waterways Leisure Tourism (Cordelia Cruises) has received shareholder approval for a 1:10 share split, reducing the face value from ₹10 to ₹1 per share. The record date is fixed for August 26, 2026, to determine eligibility for the additional shares. While the total paid-up capital remains unchanged at ₹723.95 million, the total share count will increase from 7.23 crore to 72.39 crore. The company also reiterated its expansion plans, with two new vessels, 'Sky' and 'Sun', scheduled for delivery in October 2026 and November 2027 respectively.
Confidence: HIGH
What changedThe company is sub-dividing its equity shares from a face value of ₹10 to ₹1, increasing the total number of shares by 10 times.
Why it mattersThis is a liquidity-enhancing move intended to make the shares more accessible to retail investors. It does not change the company's market capitalization or fundamental value.
Split Ratio: 1:10Record Date: August 26, 2026Post-split Share Count: 72,39,45,430Paid-up Share Capital: ₹723.95 MillionCurrent Guest Count: 7.8 lakh+
📅 Short termExpect a proportional adjustment in the share price around the record date (August 26) with a potential increase in trading liquidity due to the lower unit price.
📈 Long termThe split is administrative; the long-term value depends on the successful execution of the fleet expansion plan, which aims to triple the current fleet by late 2027.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High promoter holding (89.3%) may result in low free float even after the split
- Execution risk associated with the delivery and commissioning of two new cruise ships
Key Highlights
Shareholders approved 1:10 sub-division of equity shares via postal ballot
Record date for the split is fixed as August 26, 2026
Total number of equity shares will increase from 7,23,94,543 to 72,39,45,430
Fleet expansion confirmed with 'Sky' arriving in October 2026 and 'Sun' in November 2027
Cumulative guest count reported at over 7.8 lakh since the start of operations
👀 What to Watch
Investors should note the stock price will adjust downward by a factor of 10 on the ex-split date. The primary operational focus should remain on the successful induction of the 'Sky' vessel in October 2026.
99.99% Majority: Shareholders Approve Stock Split for Waterways Leisure Tourism
Shareholders of Waterways Leisure Tourism Limited (Cordelia Cruises) have approved the proposal for a sub-division (stock split) of equity shares through a postal ballot. The resolution received overwhelming support with 99.99% of the valid votes cast in favor. This corporate action will involve a consequent alteration of the Capital Clause in the company's Memorandum of Association. The e-voting process concluded on August 12, 2026, with high participation from the promoter group.
Confidence: HIGH
What changedShareholders have officially authorized the company to proceed with a stock split and update its Memorandum of Association to reflect the new capital structure.
Why it mattersA stock split typically increases the liquidity of a company's shares by making them more affordable for retail investors, though it does not change the company's underlying market capitalization or fundamentals.
Votes in Favour: 69,836,595Votes Against: 102Approval Percentage: 99.99%Promoter Votes Cast: 64,681,980Split Ratio: not disclosed
📅 Short termThe stock may experience increased trading activity and positive sentiment as the market anticipates the improved liquidity from the upcoming split.
📈 Long termLimited structural impact on the business; the move is primarily aimed at capital market positioning and retail accessibility.
Key Highlights
99.99% of total valid votes (69,836,595 votes) were cast in favor of the stock split
Only 102 votes were cast against the resolution, representing approximately 0.0001% of the total
Promoter and Promoter Group cast 64,681,980 votes, representing 100% of their participating interest
Public Non-Institutions cast 408,082 votes, with 99.975% in favor
The resolution was passed as an Ordinary Resolution on August 12, 2026
👀 What to Watch
Investors should watch for the announcement of the 'Record Date' and the specific split ratio, which will determine the adjustment in the share price and the number of shares held.
₹22.77 Cr PAT in Q1; 105% Load Factor and Fleet Expansion to 3 Ships by 2027
Cordelia (Waterways Leisure) reported a consolidated net profit of ₹22.77 Crores for Q1 FY2027, maintaining a 12% net profit margin despite a ₹14 Crore headwind from rising fuel costs. The company achieved a high load factor of 105% and a 4.3% increase in average ticket prices compared to the previous year. Management confirmed the delivery of a second ship, 'Cordelia Sky', in September 2026, which will expand capacity to 1,000 cabins and significantly increase premium inventory. A third ship, 'Cordelia Sun', is also planned to follow, transitioning the company into a multi-ship fleet operator.
Confidence: HIGH
What changedThe company has provided detailed Q1 FY27 financial performance and a concrete timeline for its fleet expansion from one ship to three ships.
Why it mattersThe transition to a multi-ship operator is critical for achieving economies of scale in marketing, management, and fuel procurement, while the 105% load factor indicates robust demand for domestic cruising.
Net Profit (Q1 FY27): ₹22.77 CroresLoad Factor: 105%Fuel Cost Increase: ₹14 CroresNew Ship Cabin Capacity (Sky): 1,000 unitsAverage Ticket Price Growth: 4.3%
📅 Short termPositive sentiment is expected as the company demonstrates profitability despite high fuel costs and nears a major capacity expansion in September.
📈 Long termThe expansion into international routes (Maldives, Sri Lanka, Singapore) and a three-ship fleet represents a structural growth phase that could significantly scale revenue.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High sensitivity to global fuel price volatility
- Geopolitical risks affecting cruise routes
- Execution risk in integrating new vessels
Key Highlights
Reported a net profit of ₹22.77 Crores for the quarter ended June 2026 with a 12% margin.
Achieved a load factor of 105% and served over 55,700 guests during the quarter.
Fuel costs increased by approximately ₹14 Crores due to geopolitical headwinds in the Middle East.
Upcoming ship 'Cordelia Sky' (September 2026) will have 1,000 cabins, including 269 balcony/suite cabins compared to 69 in the current vessel.
Staterooms booked grew by 10% year-on-year to 24,245 units.
👀 What to Watch
Watch for the successful delivery and operationalization of 'Cordelia Sky' in September 2026, as management expects margins to improve through shared fixed costs across a larger fleet.
₹227.7M PAT: Cordelia Q1 Profits Drop 34% YoY Despite 105% Load Factor
Cordelia Cruises reported a 7.8% YoY increase in revenue from operations to ₹1,901.12 million for Q1 FY27, supported by a strong load factor of 105%. However, consolidated PAT fell 34.5% YoY to ₹227.73 million, primarily due to a massive 65.2% surge in fuel costs per capacity unit. EBITDA margins contracted significantly from 32% in Q1 FY26 to 24.5% in the current quarter. While demand remains robust with average ticket prices rising 4.3% to ₹11,581, external cost pressures have severely impacted the bottom line.
Confidence: HIGH
What changedThe company experienced a sharp margin contraction despite revenue growth, driven by a 65% spike in fuel expenses and 17% higher crew costs.
Why it mattersThe results highlight the high sensitivity of the cruise business model to global energy prices and geopolitical stability, despite strong consumer demand in the Indian market.
Revenue from Operations (Q1 FY27): ₹1,901.12 millionConsolidated PAT (Q1 FY27): ₹227.73 millionEBITDA Margin: 24.5%Load Factor: 105%Fuel Cost Increase per APCD: 65.2%Average Ticket Price: ₹11,581
📅 Short termThe stock may face pressure as the market digests the 34% drop in net profit and the significant compression in EBITDA margins.
📈 Long termThe 105% load factor demonstrates a strong structural demand for cruising in India; long-term value depends on scaling the fleet and stabilizing operating margins.
⚠ Risk flags
- High sensitivity to global fuel price volatility
- Geopolitical risks affecting maritime routes and costs
- Rising crew costs due to international maritime standards
Key Highlights
Load factor reached 105%, indicating high demand and utilization of triple/quad occupancy cabins.
Fuel costs per Available Passenger Cruise Day (APCD) surged 65.2% YoY to ₹2,489 due to geopolitical tensions.
Consolidated PAT declined to ₹227.73 million from ₹347.68 million in the previous year's quarter.
Average ticket price improved by 4.3% YoY to ₹11,581, helping offset some operational costs.
Crew-related expenses per APCD increased by 17% to ₹1,040 following international maritime standard revisions.
👀 What to Watch
Monitor the company's ability to sustain ticket price hikes to offset volatile fuel costs and track any announcements regarding fleet expansion beyond the single ship currently in service.
₹21.7 Cr Consolidated PAT in Q1; USD 8M Advanced for New Vessel 'SUN'
Waterways Leisure Tourism (Cordelia Cruises) reported its first quarterly results post-listing, with consolidated revenue of ₹190.11 cr and PAT of ₹21.71 cr for Q1 FY27. The company demonstrated sequential growth, with standalone Profit Before Tax rising 29.5% from ₹29.06 cr in the preceding quarter to ₹37.64 cr. A significant capital commitment was highlighted with an additional USD 8 million advanced for the upcoming vessel 'SUN', expected to join the fleet after March 2027. Additionally, the board has proposed a 1:10 stock split to enhance retail participation.
Confidence: HIGH
What changedThis is the company's first financial disclosure as a listed entity, confirming a profitable start to the fiscal year and active fleet expansion.
Why it mattersAs a niche player in the Indian cruise industry, Cordelia's ability to generate consistent profits and invest in new capacity (Vessel SUN) is critical for long-term valuation re-rating.
Consolidated Revenue (Q1): ₹1,901.12 millionConsolidated PAT (Q1): ₹217.13 millionAdvance for Vessel SUN: USD 8 millionIPO Issue Price: ₹808Stock Split Ratio: 1:10
📅 Short termThe stock is likely to react positively to the sequential profit growth and the clarity provided on the new vessel's delivery timeline.
📈 Long termStructural growth depends on the successful induction of the 'SUN' vessel in 2027, which will significantly expand capacity beyond the current single-ship operation.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High capital intensity
- Single-vessel concentration risk until 2027
- Exposure to global fuel price volatility
Key Highlights
Consolidated Revenue from operations stood at ₹1,901.12 million for the quarter ended June 30, 2026.
Consolidated Profit After Tax (PAT) reached ₹217.13 million, up from ₹152.14 million in the preceding quarter.
Advanced USD 8 million for the new cruise vessel 'SUN', with delivery expected after March 31, 2027.
Standalone Profit Before Tax (PBT) grew to ₹376.36 million, a 29.5% increase over the March 2026 quarter.
Operating expenses for the quarter were managed at ₹1,028.27 million against total income of ₹1,924.09 million.
👀 What to Watch
Investors should track the progress of the 'SUN' vessel acquisition and the upcoming shareholder vote on the 1:10 stock split.
1:10 Stock Split: Cordelia to Sub-divide Shares from ₹10 to ₹1 Face Value
Waterways Leisure Tourism Limited (Cordelia) has issued a postal ballot notice to seek shareholder approval for a 1:10 stock split. The proposal involves sub-dividing each equity share of face value ₹10 into ten equity shares of face value ₹1 each. The remote e-voting period is scheduled from July 14, 2026, to August 12, 2026. This corporate action is intended to enhance market liquidity and make the shares more affordable for retail investors.
Confidence: HIGH
What changedThe company is changing its share capital structure by reducing the face value of its equity shares from ₹10 to ₹1.
Why it mattersThis is a standard corporate action to improve trading liquidity and broaden the retail investor base by lowering the per-share market price.
Current Face Value: ₹10Proposed Face Value: ₹1Split Ratio: 1:10Voting End Date: August 12, 2026
📅 Short termThe announcement may lead to increased trading interest as investors anticipate improved liquidity post-split.
📈 Long termLimited; while it improves accessibility, a stock split is an arithmetic change and does not impact the company's fundamental business operations or valuation.
Key Highlights
Sub-division of 1 equity share of face value ₹10 into 10 equity shares of face value ₹1 each
Remote e-voting period runs from 9:00 AM on July 14, 2026, to 5:00 PM on August 12, 2026
Cut-off date for determining shareholder eligibility for voting was July 10, 2026
The Board of Directors recommended the split during their meeting held on July 10, 2026
👀 What to Watch
Shareholders should monitor the voting results after August 12, 2026, and wait for the company to announce the specific Record Date for the split.
